Question 1

How is Canadian mortgage interest calculated?

Accepted Answer

Canadian law requires lenders to compound interest semi-annually, not simple interest. Your quoted annual rate is compounded twice per year, then converted to your payment frequency. Learn more about compound vs simple interest.

Question 2

What is the difference between biweekly and accelerated biweekly?

Accepted Answer

This calculator uses standard biweekly payments (26 per year). Accelerated biweekly divides your monthly payment in half and pays it every two weeks, resulting in one extra monthly payment per year.

Question 3

Do I need CMHC insurance?

Accepted Answer

If your down payment is less than 20% of the home price, you typically need mortgage default insurance from CMHC or another provider.

Question 4

Can I get a 30-year amortization in Canada?

Accepted Answer

30-year amortization is generally only available with 20%+ down payment. Insured mortgages (less than 20% down) are typically capped at 25 years.

#	Payment	Principal	Interest	Balance
1	$3,217.96	$880.89	$2,337.07	$539,119
2	$3,217.96	$884.70	$2,333.25	$538,234
3	$3,217.96	$888.53	$2,329.43	$537,346
4	$3,217.96	$892.38	$2,325.58	$536,453
5	$3,217.96	$896.24	$2,321.72	$535,557
6	$3,217.96	$900.12	$2,317.84	$534,657
7	$3,217.96	$904.01	$2,313.94	$533,753
8	$3,217.96	$907.93	$2,310.03	$532,845
9	$3,217.96	$911.86	$2,306.10	$531,933
10	$3,217.96	$915.80	$2,302.16	$531,018
11	$3,217.96	$919.77	$2,298.19	$530,098
12	$3,217.96	$923.75	$2,294.21	$529,174

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