Calculator
Mortgage payment calculator
Enter a price, a rate and an amortization to see your payment. You'll also see the split between your term and your full amortization, which American calculators don't show. Every result is free, with no email required.
Your numbers
Edmonton's average residential sale is around $470,000.
Seeded with our published 5-year fixed, as of September 21, 2026 at 9:00 a.m. MT.
Accelerated options add up to 13 monthly payments a year instead of 12.
Advanced options(10)
The mortgage
Canadian fixed rates compound semi-annually. Variable rates compound monthly.
Where the property is
Sets the property tax estimate and the local notes.
Carrying costs
Estimated at 1.00% of the price. Your bill is based on the City's assessed value, not your purchase price.
$100/month is the common lender convention, not a regulation.
Edmonton apartment condo fees commonly run $350–$600.
About you
Opens up the 30-year insured amortization and the federal rebates.
Also opens up 30 years, and the federal GST rebate on new construction.
Prepayments
Extra money against the principal, on top of your regular payment.
Rate taken from the RateLens published table, current as of September 21, 2026 at 9:00 a.m. MT. Rules, premium tiers and fee schedules current as of September 16, 2026.
Your estimated payment
$1,996.23every month
300 payments of $1,996.23.
- Total monthly cost
- $2,488Payment, property tax, heat and condo fees
- Mortgage amount
- $376,000No premium financed
- Default insurance premium
- $0Not required at this down payment
- Effective annual rate
- 4.132%Semi-annual compounding
Your term compared with the full amortization
A Canadian mortgage is a short contract inside a long loan. The left column covers the term you sign for. The right column shows the whole loan if nothing changes.
| Measure | Over your 5-year term | Over the full 25 years |
|---|---|---|
| Number of payments | 60 | 300 |
| Payment | $1,996.23 | $1,996.23 |
| Prepayments | $0.00 | $0.00 |
| Principal paid | $48,166.48 | $376,000.00 |
| Interest paid | $71,607.32 | $222,865.56 |
| Total cost | $119,773.80 | $598,865.56 |
| Balance remainingWhat you renew | $327,833.52 | $0.00 |
- Compounding
- Semi-annual
- Amortization
- 25 years
- Frequency
- every month
- Rules as of
- September 16, 2026
- First payment
- 1 Oct 2026
Monthly, before any prepayment. Your default insurance premium is financed into the mortgage, so it's part of the principal and interest.
- Principal$725
- Interest$1,271
- Property tax$392
- Heating$100
| Component | Amount | Share |
|---|---|---|
| Principal | $725.48 | 29.2% |
| Interest | $1,270.75 | 51.1% |
| Property tax | $391.67 | 15.7% |
| Heating | $100.00 | 4.0% |
Early payments are mostly interest. The crossover is the year more of each payment goes to principal than to interest.
- Principal (paying the mortgage down)
- Interest (the cost of borrowing)
| Year | Principal | Interest |
|---|---|---|
| 1 | $8,869 | $15,085 |
| 2 | $9,236 | $14,719 |
| 3 | $9,618 | $14,337 |
| 4 | $10,015 | $13,940 |
| 5 | $10,429 | $13,526 |
| 6 | $10,860 | $13,095 |
| 7 | $11,308 | $12,646 |
| 8 | $11,776 | $12,179 |
| 9 | $12,262 | $11,693 |
| 10 | $12,769 | $11,186 |
| 11 | $13,296 | $10,658 |
| 12 | $13,846 | $10,109 |
| 13 | $14,418 | $9,537 |
| 14 | $15,013 | $8,941 |
| 15 | $15,634 | $8,321 |
| 16 | $16,280 | $7,675 |
| 17 | $16,952 | $7,002 |
| 18 | $17,653 | $6,302 |
| 19 | $18,382 | $5,573 |
| 20 | $19,142 | $4,813 |
| 21 | $19,933 | $4,022 |
| 22 | $20,756 | $3,198 |
| 23 | $21,614 | $2,341 |
| 24 | $22,507 | $1,448 |
| 25 | $23,433 | $518 |
Your balance from today to the last payment, with the end of your term marked.
- Your balance
| Year | Your balance |
|---|---|
| 0 | $376,000 |
| 1 | $367,131 |
| 2 | $357,895 |
| 3 | $348,277 |
| 4 | $338,262 |
| 5 | $327,834 |
| 6 | $316,974 |
| 7 | $305,666 |
| 8 | $293,890 |
| 9 | $281,628 |
| 10 | $268,859 |
| 11 | $255,563 |
| 12 | $241,717 |
| 13 | $227,300 |
| 14 | $212,286 |
| 15 | $196,652 |
| 16 | $180,372 |
| 17 | $163,420 |
| 18 | $145,767 |
| 19 | $127,385 |
| 20 | $108,243 |
| 21 | $88,311 |
| 22 | $67,554 |
| 23 | $45,940 |
| 24 | $23,433 |
| 25 | $0 |
Every payment
Grouped by year. Open a year to see each payment, or switch to the full list. The CSV is free, with no email needed.
| Year | Date | Payment | Principal | Interest | Prepayment | Total interest to date | Balance |
|---|---|---|---|---|---|---|---|
| September 1, 2027 | 12 | $8,869 | $15,085 | $0 | $15,085 | $367,131 | |
| September 1, 2028 | 12 | $9,236 | $14,719 | $0 | $29,804 | $357,895 | |
| September 1, 2029 | 12 | $9,618 | $14,337 | $0 | $44,141 | $348,277 | |
| September 1, 2030 | 12 | $10,015 | $13,940 | $0 | $58,081 | $338,262 | |
| September 1, 2031 | 12 | $10,429 | $13,526 | $0 | $71,607 | $327,834 | |
| September 1, 2032 | 12 | $10,860 | $13,095 | $0 | $84,702 | $316,974 | |
| September 1, 2033 | 12 | $11,308 | $12,646 | $0 | $97,349 | $305,666 | |
| September 1, 2034 | 12 | $11,776 | $12,179 | $0 | $109,528 | $293,890 | |
| September 1, 2035 | 12 | $12,262 | $11,693 | $0 | $121,221 | $281,628 | |
| September 1, 2036 | 12 | $12,769 | $11,186 | $0 | $132,407 | $268,859 | |
| September 1, 2037 | 12 | $13,296 | $10,658 | $0 | $143,065 | $255,563 | |
| September 1, 2038 | 12 | $13,846 | $10,109 | $0 | $153,174 | $241,717 |
Keep a summary of these results. For every payment row, use the CSV export above.
No email address needed. The PDF records the displayed estimate and key inputs.
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Get my rateYour payment /mo
$1,996.23
How this is calculated
Every figure on this page comes from one tested calculation engine. Here’s what it does.
The payment
The payment comes from the standard annuity formula, with one Canadian rule that affects the result more than anything else on this page. Section 6 of the federal Interest Act requires interest on a fixed-rate mortgage to be calculated semi-annually, not in advance. A quoted 4.89% isn’t 4.89% ÷ 12 each month. The periodic rate is (1 + j/2)^(2/f) − 1, where j is the quoted annual rate and f is the number of payments a year. American calculators divide by 12, which overstates a Canadian payment by a few dollars a month and by thousands across an amortization.
Variable rates compound monthly, so the periodic rate is (1 + j/12)^(12/f) − 1. Switching the rate type in the advanced panel changes which formula is used.
Payment frequencies
Every frequency is worked out from the monthly payment, the same way a lender does it. Bi-weekly is the monthly payment × 12 ÷ 26. Accelerated bi-weekly is the monthly payment ÷ 2. That’s slightly more, paid 26 times a year, and it adds up to 13 monthly payments instead of 12. The extra payment is why accelerated frequencies shorten an amortization. It’s also why the “number of payments” column in the result panel can come in lower than the schedule implies.
Rounding
Payments round up to the next cent, because lenders round up and rounding down would make the final payment negative. Interest in each period rounds to the nearest cent before principal is worked out from it. Nothing else rounds until it’s displayed. That’s why the last payment in the schedule is smaller than the others. Lenders may round differently, so your schedule from the lender can differ.
Default insurance
With less than 20% down, mortgage default insurance is mandatory. The premium is a percentage of the mortgage based on your loan-to-value band: 4.00% at 5–9.99% down, 3.10% at 10–14.99% and 2.80% at 15–19.99%, plus 0.20% if the amortization runs past 25 years. It’s added to your mortgage instead of paid in cash. That’s why the mortgage amount in the result panel is larger than the price minus your down payment.
Alberta has no provincial sales tax on the premium, so you don’t need extra cash at closing for it. In Ontario, Quebec and Saskatchewan, the sales tax on the premium can’t be financed and is paid in cash. See the full premium table.
Property tax, heat and condo fees
The property tax estimate defaults to 1.00% of the purchase price in Edmonton. That’s the approximate 2026 all-in residential rate, combining the municipal mill rate and the provincial education requisition. Where no municipal rate is set, it defaults to 0.90%. Your bill is calculated on the City’s assessed value, not on what you paid, so change the figure if you know it. Heating defaults to $100 a month. That’s a lender convention, not a regulation.
What this calculator doesn’t know
It doesn’t know your credit score, your income, the lender’s policy on the property type, or whether you can get the rate you typed. It gives you an estimate, and the disclosure at the bottom of this page says so in the wording the regulator expects. Daniel can quote you a rate that accounts for all of it.
Common questions
Why is my payment different from an American calculator?
Canadian fixed-rate mortgages compound semi-annually, not in advance, as required by section 6 of the federal Interest Act. An American calculator divides the annual rate by 12, which produces a slightly higher payment than a Canadian lender would charge. On a $470,000 mortgage, the difference is several dollars a month and thousands over the amortization.
Variable-rate mortgages in Canada do compound monthly, so the rate type selector in the advanced panel changes the answer.
What is the difference between my term and my amortization?
Your amortization is how long it takes to pay the mortgage off completely, usually 25 or 30 years. Your term is the length of the contract you’re signing, usually 1 to 5 years.
At the end of the term, you still owe the balance shown in the term column, and you have to renew it at whatever rates are available then. Most people never see that number, and it’s why shopping your renewal matters more than shopping your purchase.
Does accelerated bi-weekly pay the mortgage off faster?
Yes. An accelerated bi-weekly payment is half the monthly payment, paid 26 times a year. That adds up to 13 monthly payments instead of 12, and the extra payment goes almost entirely to principal.
Regular bi-weekly is the monthly payment × 12 ÷ 26. It’s the same money on a different schedule, so it saves nothing. Switch between the two in the frequency selector to see the amortization column change.
Is the default insurance premium added to my mortgage or paid in cash?
The premium is added to your mortgage and paid off over the amortization, which is why the mortgage amount shown is larger than the price minus your down payment.
The provincial sales tax on the premium works differently. In Ontario, Quebec and Saskatchewan, it can’t be financed and is paid in cash at closing. Alberta charges no sales tax on the premium, so an Alberta buyer doesn’t need extra cash at closing for it.
Can I put a prepayment into this?
Yes. The advanced panel takes a lump sum, an annual amount or an extra amount on every payment, plus the payment number to start from. The balance chart then adds a dashed line showing the same mortgage without the prepayments. The shaded area between the two lines shows what the prepayments save you.
Most Canadian mortgages allow 10–20% of the original principal a year without penalty, but your contract sets the limit. Check yours, or ask us to read it.
Do I have to give you my email to see the result?
No. Every number on this page is free to see without an email, including the full amortization schedule and the CSV download.
You can download a PDF summary of your scenario without an email address. If you want Daniel to follow up with a rate quote, you can ask for that separately.
What to work out next
- AffordabilityWork backward from your income to the price you can afford to offer.
- CMHC insurance premiumWith under 20% down, see your premium tier and the PST you'd owe in cash in some provinces.
- PrepaymentAll 6 frequencies and lump sums, in years and dollars saved.
- Closing costsThe cash you need on closing day, over and above the down payment.
- Payment shockWhat this payment becomes when the term ends and you renew at today's rates.
- 25 vs 30-year amortizationWhat a 30-year amortization saves per month, and what it costs over the loan.
This calculator provides estimates only. Results are based on the information you enter and on assumptions that may not reflect your actual qualification, rate or costs. These include semi-annual, not-in-advance compounding for fixed rates, as required under section 6 of the federal Interest Act, and the mortgage default insurance premium tiers published by CMHC, Sagen and Canada Guaranty. It is not mortgage advice, a quote, a rate hold, a pre-approval or an offer of credit, and RateLens does not guarantee its accuracy or completeness. Your actual rate, payment, default insurance premium and closing costs will depend on your credit profile, income, the property, the lender’s current rates and policies, and other factors confirmed during a full application.
Premiums shown approximate the published premium schedules of CMHC, Sagen and Canada Guaranty and are subject to each insurer’s current rate sheet. They are not guaranteed by RateLens. No provincial sales tax applies to the premium in Alberta. In Ontario, Quebec, Saskatchewan and Manitoba, PST on the premium is payable in cash at closing and cannot be added to the mortgage. Default insurance is not available on properties priced at or above $1,500,000.
If you have a variable-rate mortgage with a fixed payment, rising rates mean more of each payment goes to interest and less to principal. Your trigger rate is the rate at which the entire payment goes to interest. Past that point your balance can increase. This calculator does not model trigger-rate effects. Speak to Daniel De Sousa, Mortgage Associate, about your specific mortgage.
Rules snapshot: September 16, 2026. Rates shown are calculation assumptions, not confirmed offers. Speak with Daniel De Sousa, Mortgage Associate, for a personalized quote. Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a licensed mortgage brokerage licensed by RECA.
Daniel De Sousa, Mortgage Associate, is licensed by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage is a mortgage brokerage licensed by the Real Estate Council of Alberta (RECA). Verify our licence on RECA ProCheck(opens in a new tab)
RateLens is a trade name used by Daniel De Sousa, Mortgage Associate, licensed in Alberta by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
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