Calculate your exact Canadian mortgage payment — with the semi-annual compounding lenders actually use. Compare monthly vs. accelerated payments and see the balance you'll renew at the end of your term.
✓ Updated July 17, 2026 · 2026 rates & rulesTip: as of July 2026, well-qualified borrowers are seeing 5-year fixed rates around 3.94–4.3%. Not sure what you'd get? Ask a broker — free.
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Canadian fixed-rate mortgages compound semi-annually, a rule set by the federal Interest Act. A quoted rate of 5.00% is compounded twice a year, which works out to an effective monthly rate of (1 + 0.05 ÷ 2)2/12 − 1 ≈ 0.412% — slightly less than the 0.417% a U.S.-style monthly-compounded loan would charge. This calculator uses the exact Canadian formula, so results match what Alberta lenders will actually quote you.
Only the accelerated versions save you interest. Regular biweekly just splits the same annual total into 26 payments. Accelerated biweekly pays half your monthly payment every two weeks — 26 half-payments equals 13 monthly payments per year instead of 12. That one extra payment typically cuts 3–4 years off a 25-year amortization and saves tens of thousands in interest.
On a $450,000 mortgage at 4.19% amortized over 25 years: monthly payment ≈ $2,414; accelerated biweekly ≈ $1,207 every two weeks, paying the mortgage off about 3.2 years sooner. After a 5-year term you would have paid roughly $87,800 in interest and still owe about $393,000 — which is the balance you shop at renewal.
Using semi-annual compounding required by the Interest Act: the periodic rate is (1 + annual rate ÷ 2)2/n − 1, where n is payments per year. The payment then follows the standard annuity formula over your amortization. Canadian payments are slightly lower than U.S.-style loans at the same quoted rate.
If cash flow allows, accelerated biweekly. It's the equivalent of one extra monthly payment per year and typically shortens a 25-year amortization by 3–4 years. Regular biweekly matches your pay cycle but saves almost nothing in interest.
As of July 2026: best advertised 5-year fixed ~3.94% (insured), typical uninsured 5-year fixed ~4.0–4.3%, variable ~3.25–3.45%. Your actual rate depends on your down payment, credit, and income — a broker can quote your real number for free.
Early payments are interest-heavy: at ~4.2% on a 25-year amortization, roughly 55–60% of your first-year payments go to interest. The balance-at-renewal figure matters because that's the amount you can shop to a new lender — without a stress test since the November 2024 rule change, if you're not increasing the loan.
No — enter your total mortgage including any CMHC premium if your down payment is under 20% (premiums range from 2.80% to 4.00% of the loan and are usually added to the principal). Our affordability calculator handles this automatically.
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