A Canadian mortgage payment calculator with exact semi-annual compounding, every payment frequency, and prepayment savings. See what an extra payment really does to your amortization.
Frequently asked questions
How are Canadian mortgage payments calculated?
Fixed rates in Canada compound semi-annually, not monthly. This calculator uses the exact Interest Act convention, so the payment matches what a lender quotes to the cent.
What difference does payment frequency make?
Accelerated bi-weekly payments sneak in the equivalent of one extra monthly payment a year. On a typical Kelowna mortgage that trims years off the amortization and five figures off lifetime interest.
Do small prepayments really matter?
Yes, because they hit principal directly. An extra amount on every payment or a modest annual lump sum shows up in the chart above as exact years and dollars saved for your numbers.