Canadian semi-annual compounding. Unlike the US, Canadian fixed-rate mortgages compound interest semi-annually, not monthly. This calculator uses the legally mandated formula: the annual rate is divided by two, compounded twice, then converted to an equivalent periodic rate for your chosen payment frequency.

CMHC insurance. If your down payment is less than 20%, mortgage default insurance is automatically added to the principal. Premiums: 4.00% (5% down), 3.10% (10% down), 2.80% (15% down). Properties over $1.5M are not insurable.

Stress test. All federally regulated borrowers must qualify at the higher of 5.25% or their contract rate plus 2%. This qualifying rate is shown in the results.

Land transfer tax. Ontario provincial LTT is calculated on a sliding scale (0.5% to 2.5%). Toggle "Toronto" to add the municipal LTT. Toggle "First-time buyer" to apply available rebates (up to $4,000 provincial + $4,475 Toronto).

Accelerated payments. Accelerated bi-weekly and weekly options take your monthly payment and divide it by 2 or 4 respectively, resulting in the equivalent of one extra monthly payment per year and a faster payoff.