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Natalia HalendaSales Representative, RE/MAX Jazz Inc., Brokerage
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Mortgage payment

What will the mortgage payment be?

Canadian fixed rate mortgages compound twice a year, not monthly. This calculator does it the Canadian way, adds CMHC insurance when the down payment is under 20%, and shows all three payment schedules.

10%

The rate you were quoted. The first number shown is only an example.

Amortization
Payment schedule

You have never owned a home anywhere, and you will live in this one.

Bought from a builder and never lived in.

Monthly payment

$3,851.76

Paid off in 25 years

Mortgage amount

$695,925

Includes the CMHC premium of $20,925.

Total interest

$459,601

CMHC insurance

Premium 3.1% of the loan: $20,925, added to the mortgage. Ontario sales tax of $1,674.00 on the premium is paid in cash at closing.

The three schedules

SchedulePaymentTotal interestYears
Monthly$3,851.76$459,60125
Bi weekly$1,777.73$457,48925
Accelerated bi weekly$1,925.88$389,90021.7
Balance at the end of each year
$0$200k$400k$600k$800kYear 1: balance $680,417, paid to principal $15,508, paid in interest $30,7131Year 2: balance $664,202, paid to principal $16,214, paid in interest $30,007Year 3: balance $647,250, paid to principal $16,952, paid in interest $29,269Year 4: balance $629,527, paid to principal $17,723, paid in interest $28,498Year 5: balance $610,997, paid to principal $18,530, paid in interest $27,6915Year 6: balance $591,624, paid to principal $19,373, paid in interest $26,848Year 7: balance $571,369, paid to principal $20,255, paid in interest $25,966Year 8: balance $550,192, paid to principal $21,177, paid in interest $25,045Year 9: balance $528,052, paid to principal $22,140, paid in interest $24,081Year 10: balance $504,904, paid to principal $23,148, paid in interest $23,07310Year 11: balance $480,703, paid to principal $24,201, paid in interest $22,020Year 12: balance $455,401, paid to principal $25,302, paid in interest $20,919Year 13: balance $428,947, paid to principal $26,454, paid in interest $19,767Year 14: balance $401,289, paid to principal $27,658, paid in interest $18,563Year 15: balance $372,373, paid to principal $28,916, paid in interest $17,30515Year 16: balance $342,141, paid to principal $30,232, paid in interest $15,989Year 17: balance $310,533, paid to principal $31,608, paid in interest $14,613Year 18: balance $277,487, paid to principal $33,046, paid in interest $13,175Year 19: balance $242,937, paid to principal $34,550, paid in interest $11,671Year 20: balance $206,814, paid to principal $36,122, paid in interest $10,09920Year 21: balance $169,048, paid to principal $37,766, paid in interest $8,455Year 22: balance $129,564, paid to principal $39,485, paid in interest $6,736Year 23: balance $88,282, paid to principal $41,281, paid in interest $4,940Year 24: balance $45,122, paid to principal $43,160, paid in interest $3,061Year 25: balance $0, paid to principal $45,122, paid in interest $1,09725
Balance at the end of each year
YearsPaid to principalPaid in interestMortgage amount
1$15,508$30,713$680,417
2$16,214$30,007$664,202
3$16,952$29,269$647,250
4$17,723$28,498$629,527
5$18,530$27,691$610,997
6$19,373$26,848$591,624
7$20,255$25,966$571,369
8$21,177$25,045$550,192
9$22,140$24,081$528,052
10$23,148$23,073$504,904
11$24,201$22,020$480,703
12$25,302$20,919$455,401
13$26,454$19,767$428,947
14$27,658$18,563$401,289
15$28,916$17,305$372,373
16$30,232$15,989$342,141
17$31,608$14,613$310,533
18$33,046$13,175$277,487
19$34,550$11,671$242,937
20$36,122$10,099$206,814
21$37,766$8,455$169,048
22$39,485$6,736$129,564
23$41,281$4,940$88,282
24$43,160$3,061$45,122
25$45,122$1,097$0

An estimate to plan with, not advice. Your lender, lawyer and accountant have the final word.

Ask the assistant about this

Rates and rules last checked October 19, 2026.

Where the rules come from
  • CMHC Home Start page (cmhc-schl.gc.ca, checked 2026-10-19): 30 year amortization for first time homebuyers or a newly built home, insured price below $1,500,000.
  • CMHC premium information page and CMHC Purchase page, cmhc-schl.gc.ca, checked 2026-10-19.

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