Mortgage Payment Calculator for Calgary and Alberta
Enter your mortgage amount, interest rate and amortization to estimate your monthly principal and interest payment. Example: a $500,000 mortgage at 4.5% over 25 years is about $2,770 a month. The calculator uses Canadian semi-annual compounding. Property tax, insurance and condo fees are extra.
Mortgage Payment Calculator
Estimate your monthly payment
Estimated monthly payment
$0
Principal and interest
For illustration only. Actual payments depend on your approved rate, property taxes and insurance.
Questions About This Calculator
How is a mortgage payment calculated in Canada?
Canadian fixed rate mortgages compound semi-annually by law, so the monthly payment uses an effective monthly rate of (1 + rate/2)^(1/6) minus 1, applied over the amortization. This calculator uses that method, which gives a slightly lower payment than US style monthly compounding.
What is the monthly payment on a $500,000 mortgage?
At 4.5% over 25 years it is about $2,770 a month for principal and interest. At 30 years it is about $2,520. Property tax, insurance and any condo fees are extra.
What amortization can I choose in Canada?
Up to 25 years on an insured mortgage (less than 20% down), or 30 years if you are a first time buyer or buying a new build. With 20% or more down, most lenders allow up to 30 years.
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