Monthly payments, amortization schedule, and total interest. Canada: semi-annual compounding & 30-yr rule (2024).
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💡 Canada 2024: 30-yr amortization available for first-time buyers on new builds (insured). Standard max is 25 yrs with <20% down.
Results
Monthly Payment
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Loan Amount
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Total Interest
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Total Cost
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Down Payment %
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PITH / Period
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Early Payoff
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Interest Saved
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Amortization Schedule (Annual)
Year
Principal Paid
Interest Paid
Balance
Equity
Canada vs USA Mortgage Differences
Canada
Mortgages compound semi-annually by law. Max 25-yr amortization for insured mortgages (30-yr for first-time buyers on new builds, Aug 2024). Stress test: qualify at contract rate +2% or 5.25%, whichever is higher.
USA
Mortgages compound monthly. 30-year fixed is standard. PMI required if down <20%. Conforming loan limit $806,500 (2025). Mortgage interest often tax-deductible on Schedule A.
The Formula
M = P × [r(1+r)²] / [(1+r)² − 1]
P = principal | r = periodic rate | n = total payments
Canada: r = (1 + annual/2)^(2/freq) − 1 (semi-annual compounding)
Frequently Asked Questions
You must qualify at the higher of: your contracted rate + 2%, or 5.25%. So at 5.49%, you qualify at 7.49%. This applies to all federally regulated lenders. Credit unions may differ by province.
Since August 1, 2024, first-time buyers purchasing newly constructed homes can access insured mortgages with 30-year amortization. On a $500K mortgage at 5.5%, extending from 25 to 30 years saves ~$250/month but adds ~$75,000 in total interest.
Fixed provides payment certainty — ideal when rates are expected to rise. Variable rates (tied to prime) historically save money long-term but carry uncertainty. After Bank of Canada rate cuts in 2024–25, variable rates have become more competitive. Most Canadian variable mortgages let you lock in at any time.
Most Canadian mortgages allow 10–20% annual prepayment of original principal without penalty. An extra $200/month on a $500K mortgage at 5.5% over 25 years can save 4+ years of payments and $80,000+ in interest. US mortgages generally have no prepayment penalties.
Canada: Land transfer tax (1–2%), legal fees ($1,500–$3,000), home inspection ($400–600), title insurance (~$300), HST on CMHC premium (paid at closing). USA: Closing costs typically 2–5% of loan: origination fees, appraisal, title insurance, prepaid escrow.
⚠️ Results are estimates. Canadian rates use semi-annual compounding (Bank Act). Not financial advice — consult a licensed mortgage broker.
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