What the payment really looks like
Built on Canadian semi-annual compounding, with payment frequency options and the total interest you'd pay over the full amortization.
Your Estimate
- Mortgage amount
- $647,640
- Payment (Monthly (12/yr))
- $3,616.99
- Monthly equivalent
- $3,616.99
- Total monthly housing cost
- $4,086.99
- Default insurance premium added
- $17,640
- Stress-test payment at 6.59%
- $4,373.44
- GDS / TDS at qualifying rate
- 41.5% / 47.1%
- Total interest over amortization
- $437,456
- Estimated closing costs (~1.5%)
- $10,500
These ratios are above typical insured limits — some lenders allow more, and structure matters.
Insured mortgages are stress-tested at the greater of your rate plus 2% or 5.25%. Half of condo fees are included in the ratio calculation, as most lenders do.
Important: This is an illustration, not a mortgage approval or financial recommendation. Actual results depend on interest rates, penalties, lender guidelines, qualification and your full financial situation.
About this calculator
How are Canadian mortgage payments calculated?
Fixed-rate Canadian mortgages compound semi-annually, not monthly. This calculator converts the annual rate accordingly, which is why the payment differs slightly from a US-style calculator.
What does accelerated biweekly actually do?
It charges half your monthly payment every two weeks, which results in one extra monthly payment per year and shortens your amortization. It increases your annual outflow, so it's a repayment strategy rather than a cash-flow strategy.
Not sure which option fits your situation?
Bring your numbers — mortgage balance, balances you're carrying, and what's stressing you out. I'll walk you through what's realistic, including when doing nothing is the better call.