Why Canadian mortgages are different
By law, Canadian fixed-rate mortgages compound interest semi-annually, not monthly — so the effective monthly rate is slightly lower than a naive calculation. This calculator applies the correct semi-annual conversion, so your payment matches what a Canadian lender quotes.
FAQ
Does bi-weekly really save money?
Accelerated bi-weekly payments (half the monthly amount, 26 times a year) add roughly one extra monthly payment per year, shortening your amortization and cutting total interest. This tool shows standard frequency conversions.
Estimate excludes property tax, insurance, and CMHC premiums.