Mortgage payment

Canadian fixed mortgages compound semi-annually, not monthly. Getting that wrong shifts the payment by about $30 a month.

Your numbers

Purchase price

Down payment

20.0% down

Interest rate

Amortization

yrs

Payment frequency

Your payment

Compounded semi-annually, as the Interest Act requires for Canadian fixed mortgages — not monthly. Most calculators get this wrong by roughly $30 a month on a mortgage this size.

Payment

$2,962.48

Mortgage amount

$520,000

Price less down payment

Total interest

$368,746.06

Over the full amortization

Paid off

September 2051

Total cost

$888,746.06

Principal plus interest