Offer
Casavo.ca (Mortgages / HELOC / Refinancing)
Available: CA
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Calculator
Mortgage Payment Calculator
Estimate a mortgage payment from the loan amount, rate and amortisation, and compare payment frequencies to see how much interest a faster schedule saves.
Enter your figures above to see the result.
Assumptions
Fixed rate for the whole term; no fees, insurance or taxes unless a field says otherwise. Results are estimates, not offers.
See what you qualify for
You have the numbers. The next step is an actual offer from a licensed lender or partner.
How this calculator works
Canadian mortgages are compounded semi-annually by law, not monthly. Converting a semi-annual nominal rate to an effective monthly rate uses i = (1 + r/2)1/6 − 1 rather than simply dividing the annual rate by twelve. The difference is small per payment but real over an amortisation, so this calculator applies the semi-annual convention.
Accelerated payment frequencies — bi-weekly and accelerated bi-weekly — work by dividing the monthly payment rather than the annual total, which produces one extra monthly payment a year and shortens the amortisation. That is why they reduce total interest despite the same rate.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
loanwolf.ca is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
What this result means
The figures above are arithmetic, not an offer. A lender's actual rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. The lowest rates are only available to the most qualified applicants.
loanwolf.ca is not a lender. We do not make credit decisions or set rates. If you want to see what a lender would offer, you can choose your loan type.
About home equity loans
Home Equity Loans
Borrowing against the equity in your home. Secured debt prices lower than unsecured credit, and your property backs it.
Mortgage Refinancing
Replacing your mortgage to change the rate, term or payment, or to pull equity out. Discharge, appraisal and legal fees apply.
Home Equity Lines of Credit
A revolving facility secured by your home. Interest is charged only on what you draw, usually at a variable rate.
Frequently asked questions
How is Canadian mortgage interest compounded?
By law, fixed-rate mortgages in Canada are compounded semi-annually, not in advance. That convention is why the effective monthly rate is slightly lower than the annual rate divided by twelve.
Are accelerated payments worth it?
Accelerated bi-weekly payments amount to one extra monthly payment per year, which shortens the amortisation and reduces total interest. The trade is a higher total annual outlay, so it depends on your cash flow.
Does this include mortgage default insurance?
No. Federally regulated lenders require default insurance when the down payment is below 20%, and the premium is usually added to the mortgage balance. Add that to the loan amount for a realistic figure.
Is this calculator free to use?
Yes. Every calculator on loanwolf.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette