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Canadian mortgage math
Mortgage calculators that use the right formula
Canadian fixed mortgages compound semi-annually, not monthly. Most online calculators use the American formula and quietly overstate your payment. These do not.
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The formula. For a Canadian fixed-rate mortgage the periodic rate is (1 + annual rate ÷ 2)2÷n − 1 where n is payments per year, and the payment is P × r ÷ (1 − (1 + r)−N). Every calculator on this site uses it.
Numbers look promising? Let's confirm them.
A calculator uses assumptions. A broker uses your actual credit, income and property — and comes back with a real rate from a real lender.