1. Choose a Country
Select United States or Canada so the calculator applies the right payment method for that country.
Calculator
Mortgage Calculator for the US & Canada
Use this mortgage calculator to estimate your monthly mortgage payment for a home in the United States or Canada. Enter the home price, down payment, interest rate and loan term to see your principal and interest payment, your estimated total housing cost with property tax, insurance, HOA and PMI, and a full amortization schedule.
In Canada mode, the calculator applies the semi-annual compounding rule used for Canadian fixed-rate mortgages and estimates CMHC mortgage loan insurance when your down payment is under 20%. Results are planning estimates; your lender's payment, insurance, taxes and fees 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
- Standard US monthly fixed-rate formula; Canadian semi-annual compounding with 2026 CMHC premium rules
- 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 not included.
- 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Found a calculation issue, outdated source, accessibility problem, or unclear assumption?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 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 calculator 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.
Want a step-by-step walkthrough with a full example? Read our guide on how to calculate a mortgage payment.
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 CMHC premium estimates for down payments under 20%.
Rounding and Final Payment
The calculator 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.
For example, a principal and interest payment of $2,022.62 plus $400 a month in property tax and $150 a month in homeowners insurance gives an estimated total housing cost of $2,572.62 a month.
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 CMHC base premium when it applies. Premiums may be financed or paid upfront according to your selection.
CMHC premiums are a percentage of the loan amount and rise as your down payment falls; for example, 3.10% applies when you borrow 85.01% to 90% of the home price. See how much CMHC insurance costs for the full rate table.
Provincial Tax
Provincial sales tax on a CMHC premium may apply separately in some provinces. It is not included in this estimate.
Your Amortization Schedule
After you calculate, the amortization schedule shows how each payment is split between interest and principal and how your balance falls over time. Early payments are mostly interest; later payments pay down more principal.
Use the schedule to see your total interest over the life of the loan, how much principal you will have paid after five or ten years, and how a shorter term or larger down payment changes the result. The final payment may differ by a few cents because it clears the exact remaining balance.
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 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 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.
Can I use this as a mortgage calculator for Canada?
Yes. Choose Canada to use the semi-annual compounding method that Canadian lenders use for fixed-rate mortgages. Canada mode also checks the minimum down payment and estimates the CMHC insurance premium when you put down less than 20%.
Does the calculator include property taxes and insurance?
Yes, if you enter them. Add annual property tax, annual homeowners insurance, monthly HOA dues and monthly PMI under Advanced options to see your estimated total housing cost alongside the principal and interest payment.
What does the amortization schedule show?
It shows each payment split into interest and principal, plus the remaining balance after each payment, so you can see how quickly you build equity and how much interest you pay over the full term.
How much does my down payment change the monthly payment?
A larger down payment lowers the amount you borrow, which lowers the monthly principal and interest payment and total interest. In the United States, a down payment of 20% or more usually avoids PMI. In Canada, a down payment of 20% or more generally avoids the high-ratio mortgage insurance requirement, although a lender may still require insurance. Try different amounts in the calculator to compare.
Mortgage Guides
Related calculators
More Financial Tools
Mortgage planning works best alongside your income and debts. Check your debt-to-income ratio, estimate your take-home pay, or compare auto loan payments. For other fixed-rate installment loans, use the general loan calculator.
Salary / Take-Home Pay CalculatorEstimate 2026 United States federal take-home pay from salary, hourly, or per-pay income.Auto Loan / Car Payment CalculatorEstimate monthly car payments, total interest, trade-in equity, taxes, and fees for US or Canadian vehicle financing.Debt-to-Income Ratio CalculatorEstimate front-end and back-end DTI from gross income, housing costs, and recurring monthly debt payments.Loan CalculatorEstimate fixed-rate installment payments, total interest, withheld origination fees, and monthly amortization in USD.APR CalculatorEstimate fixed-rate installment loan APR with withheld or financed qualifying upfront finance charges.
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.