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Canadian mortgage calculators
Five calculators for the five decisions that cost Canadian borrowers the most. Each one uses semi-annual compounding, the way Canadian fixed rates are legally quoted, and each comes with a plain-language explanation of the math and a worked example.
- MC-01Mortgage payment calculator Your payment, total interest, and the real difference between monthly, bi-weekly and accelerated bi-weekly. Flags minimum down payment and insurance.
- MC-02Renewal negotiation calculator Compare your renewal letter against a better offer and see the dollar value of the rate gap over your next term.
- MC-03Refinance break-even calculator Estimate your penalty, three months' interest or IRD, and find out whether breaking early pays off before your term ends.
- MC-04Prepayment calculator Extra monthly payments and annual lump sums: how much interest and how many years each one saves.
- MC-05Reverse mortgage calculator Watch the balance compound year by year, and see how much of your home's equity is left.
Why "Canadian" matters
Canadian fixed-rate mortgages compound twice a year. American mortgages, and most calculators built for them, compound monthly. Using an American calculator on a Canadian mortgage gives you a payment that's a little too high and an interest total that's wrong. For a full explanation with numbers, read semi-annual compounding, explained.
Every calculator here is an estimate for education. Your lender's figures are the ones that count, so use these to check their math and to know which questions to ask.