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Your Monthly Payment
$3,036
Total Interest
$410,751
Total Cost
$910,751
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Uses the same amortization formulas as Canadian banks and lenders.
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Amortization is the total length of time it takes to pay off your mortgage. In Canada, typical amortization periods range from 15 to 30 years. A longer amortization means lower monthly payments but more interest paid over time.
Fixed rates stay the same throughout your term, providing payment stability. Variable rates fluctuate with the market, potentially saving you money but with some uncertainty.
Switching to bi-weekly payments means you make 26 half-payments per year (equivalent to 13 monthly payments). This can shave years off your mortgage and save thousands in interest.
A larger down payment reduces your mortgage amount and monthly payments. Putting down 20% or more also eliminates the need for CMHC mortgage insurance.
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Canadian mortgages use semi-annual compounding (not monthly like in the US). The annual rate is converted to a semi-annual effective rate, then to a monthly rate. This means your effective interest rate is slightly higher than the posted rate. Our calculator handles this automatically.
Amortization is the total time to pay off the mortgage (typically 25 or 30 years). The term is how long your rate is locked in (usually 1-5 years). At the end of each term, you renew at current rates. A longer amortization lowers monthly payments but increases total interest.
Accelerated biweekly payments (your monthly payment divided by 2, paid every two weeks) result in 26 half-payments per year — equivalent to 13 monthly payments instead of 12. This typically saves 3-4 years on a 25-year amortization and tens of thousands in interest.
The stress test requires you to qualify at the higher of 5.25% or your contract rate plus 2%. This means even if you get a 4.5% rate, you must prove you can afford payments at 6.5%. It applies to all insured and uninsured mortgages from federally regulated lenders.
Fixed rates offer payment certainty — ideal if you prefer predictability. Variable rates are typically lower initially and have historically cost less over time, but payments can fluctuate with prime rate changes. Variable mortgages also have lower prepayment penalties (3 months' interest vs. IRD).
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