1. Choose a country
Select United States or Canada so the correct locked calculation engine is used.
Calculator
Mortgage Calculator
Estimate mortgage payments for the United States and Canada using the locked V1 fixed-rate calculation engine. Actual lender payments, insurance, taxes, fees, rates, and qualification terms may differ.
Trust and methodology
How this calculator is reviewed
- Calculation type
- Fixed-rate mortgage payment and amortization estimate
- Jurisdiction
- United States and Canada
- Applicable rule year
- 2026
- Calculation rules
- US V1 methodology; CA_MORTGAGE_RULES_2026_V1
- Engine version
- Mortgage Engine V1
- Last reviewed
- 2026-07-22
This is an informational mortgage estimate, not a lender quote, approval decision, or financial advice.
Primary sources
- How much you need for a down paymentFinancial Consumer Agency of Canada - Canada - 2026
- CMHC mortgage loan insurance costsCanada Mortgage and Housing Corporation - Canada - 2026
- Mortgage Loan Insurance: Premium Information for Homeowner and Small Rental LoansCanada Mortgage and Housing Corporation - Canada - 2026
Known limitations
- United States PMI is user-entered only and is not estimated automatically.
- FHA, VA, USDA, ARM, refinance, points, closing costs, and tax deductions are outside V1.
- Canada CMHC provincial premium tax is not calculated.
- Insured Canadian amortizations over 25 years require eligibility details this calculator does not evaluate.
- Actual lender qualification, escrow, fees, rates, insurance, and closing terms may differ.
Found a calculation issue, outdated source, accessibility problem, or unclear assumption? Contact us.
Enter mortgage details
Choose a country first. The form and calculation method change between US and Canada.
Guide
How to Use the Mortgage Calculator
2. Enter loan details
Add home price, down payment, rate, term or amortization, and payment frequency where applicable.
3. Review the result
Compare principal and interest with the broader estimated housing cost and amortization schedule.
How Mortgage Payments Are Calculated
The calculator estimates principal and interest for fixed-rate mortgages. United States mode uses a standard monthly fixed-rate calculation. Canada mode uses the V1 Canadian fixed-rate methodology with quoted rates converted using the Canadian semi-annual compounding convention.
Property tax, home insurance, HOA, PMI, and condo fees are shown as separate housing-cost estimates where entered. They do not change the principal and interest amortization unless the locked engine explicitly finances a Canadian CMHC premium.
Monthly fixed-rate payment
For a positive monthly rate, principal and interest payment equals:
payment = principal x monthlyRate / (1 - (1 + monthlyRate)^(-numberOfPayments))
For Canada, the monthly rate is derived from the quoted annual rate using semi-annual compounding before the amortization schedule is generated.
United States and Canada Methodology
United States
Supports conventional fixed-rate monthly mortgages. Optional taxes, insurance, HOA, and user-entered PMI are kept separate from principal and interest.
Canada
Supports fixed-rate mortgages using the Canadian semi-annual compounding convention, multiple payment frequencies, minimum down payment validation, and the supported V1 CMHC premium path.
Rounding and final payment
The engine keeps internal amortization values precise and adjusts the final payment to clear the remaining balance without creating a negative closing balance.
Mortgage Payment vs Total Housing Cost
Principal and interest is the mortgage loan payment. Estimated total housing cost adds optional monthly-equivalent costs such as taxes, insurance, HOA, PMI, or condo fees. Keeping those numbers separate helps avoid mistaking an expense estimate for the loan payment itself.
Mortgage Insurance: PMI vs CMHC
United States PMI
PMI is not estimated automatically. Enter a monthly PMI amount if you have one from a lender or insurer.
Canada CMHC
Canada mode estimates the supported V1 CMHC base premium when it applies. Premiums may be financed or paid upfront according to your selection.
Provincial tax
Provincial sales tax on a CMHC premium may apply separately in some provinces. It is not included in this V1 estimate.
Mortgage Calculator FAQ
What is included in a mortgage payment?
The principal and interest payment is the loan payment itself. This calculator separately shows optional tax, insurance, HOA, PMI, or condo-fee estimates as total housing cost items.
Does this calculator estimate PMI automatically?
No. For United States mortgages, PMI is a user-entered monthly amount because actual PMI depends on borrower, loan, and insurer details not available from home price and down payment alone.
How are Canadian mortgage payments calculated?
The Canada mode uses the locked V1 Canadian fixed-rate methodology, including the semi-annual compounding convention for quoted mortgage rates.
What is CMHC mortgage insurance?
CMHC mortgage loan insurance may apply to high-ratio Canadian mortgages. This calculator estimates the V1 CMHC base premium where supported and does not include provincial premium tax.
What is the difference between biweekly and accelerated biweekly?
Regular biweekly divides the annual monthly-payment total across 26 payments. Accelerated biweekly uses half of the monthly payment every two weeks, which can pay down the mortgage faster.
Why might my lender's payment differ?
Lenders may use different product terms, qualification details, insurance decisions, closing dates, fees, escrow handling, or rounding practices. Treat this as an estimate for planning.
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This calculator provides estimates for informational purposes only. Actual mortgage payments, qualification, insurance, taxes, fees, rates, closing costs, and lender terms may differ. It is not financial, legal, tax, or lending advice. Read the full disclaimer.