US and Canada mortgage calculators

Enter a home price, down payment, rate and amortization, and the calculator shows your monthly payment, the first payment’s principal/interest split, total interest, and balance after 5 years. For Canada it also shows the B-20 stress-test qualifying rate.

How the math differs between the US and Canada

• United States: interest compounds monthly. Monthly rate = annual rate ÷ 12.
• Canada, fixed-rate mortgages: interest compounds semi-annually by law (Interest Act). Monthly rate = (1 + annual rate ÷ 2)^(1/6) − 1. This gives a slightly lower monthly payment than the US formula at the same quoted rate.
• Canada, variable-rate mortgages: interest compounds monthly, like the US.
• Canada, mortgage insurance: when the down payment is under 20% and the price is $1,500,000 or less, an insurance premium is added to the loan. The calculator estimates it using the standard bands: 4.00% for 5–9.99% down, 3.10% for 10–14.99% down, 2.80% for 15–19.99% down.
• Canada, stress test (B-20): you must qualify at the higher of your contract rate + 2% or 5.25%. You pay at your contract rate — the stress test only affects how much you qualify for.

Estimates only. Property tax, home insurance, condo fees, PMI (US) and closing costs are not included. This calculator is educational, not a loan offer and not financial advice.