Mortgage Calculator
See your monthly payment, total interest, and the real cost of your home over time.
Mortgage Details
Monthly Payment
$2,878
Total Paid (excl. Down Payment)
$863,418
Principal
$520,000
Interest
$343,418
Paid Off In
25y
Canadian mortgages compound semi-annually (twice per year) by law — not monthly like US mortgages. This means the effective monthly rate is slightly lower than simply dividing the annual rate by 12.
The formula converts the semi-annual rate to an equivalent monthly rate, then applies the standard amortization formula:
P × [r(1+r)^n] / [(1+r)^n − 1]
Where P is the principal, r is the effective monthly rate, and n is the total number of monthly payments.