Mortgage Payment Calculator

With bi-weekly payments, you pay half your monthly amount every two weeks. This results in 26 payments per year (equivalent to 13 months), helping you pay off your mortgage faster and save on interest. For example, a $2,900/month payment becomes $1,450 bi-weekly, saving you years off your mortgage and thousands in interest.

Choose 25-year if: You can afford higher payments and want to build equity faster while paying less total interest.

Choose 30-year if: You need lower monthly payments for cash flow flexibility, plan to make extra payments when possible, or want to invest the savings elsewhere.

Canadian mortgages are typically structured differently than US mortgages. In Canada, rates are often fixed for shorter terms (5 years is common) within a longer amortization period, while US mortgages usually have fixed rates for the entire 15-30 year term. Additionally, Canadian mortgages compound semi-annually by law, while US mortgages compound monthly.

If you have a fixed-rate mortgage, your rate and payment stay the same for the term. If you have a variable-rate mortgage, your payment will increase when prime rate rises. A 1% rate increase on a $400,000 mortgage can add $200-$250/month to your payment. This is why many choose fixed rates for payment certainty.