VantageVantage

Mortgage Payment Calculator

 

Mortgage Payment Calculator

Use the Mortgage Payment Calculator to help you make a more informed decision about what you can afford. Compare various scenarios to determine what your mortgage payments will be, how much interest you can save and how the frequency of payments can impact your ability to pay down your mortgage even sooner. To learn more about available Canada Guaranty products and their applicable premium rates, please visit the Complete Product Suite page.

Mortgage Payment Frequency Options Explained

MORTGAGE PAYMENT FREQUENCY EXPLANATIONS & EXAMPLES*
Monthly 12 Mortgage Payments per Year
  • Each payment is made once per month, typically on the 1st of every month.
  • E.g., Mortgage Payment = $1,000
Semi-Monthly 24 Mortgage Payments per Year
  • Each payment is one half of the monthly payment amount and is paid twice per month, typically on the 1st and 15th of every month.
  • E.g., Mortgage Payment = $500
Bi-Weekly 26 Mortgage Payments per Year
  • Each payment is determined by multiplying the monthly payment amount by 12 (months) and then dividing by 26 (weeks). Payments are made every two weeks.
  • E.g., Mortgage Payment = $461.54
Weekly 52 Mortgage Payments per Year
  • Each payment is determined by multiplying the monthly payment x 12 (months) and then dividing by 52 (weeks). Payments are made every week.
  • E.g., Mortgage Payment = $230.77
Accelerated Bi-Weekly 26 Mortgage Payments per Year
  • Each payment is determined by dividing the monthly payment amount by 2 and is paid every two weeks.
  • E.g., Mortgage Payment = $500
Accelerated Weekly 52 Mortgage Payments per Year
  • Each payment is determined by dividing the monthly mortgage payment by 4 (weeks) and is paid weekly.
  • E.g., Mortgage Payment = $250

* For simplicity, each mortgage payment example assumes a $1,000 monthly mortgage payment.

DISCLAIMER: The results produced by this calculator are approximate and should be used for illustrative and general information purposes only. Please do not rely exclusively on this information or results when making financial decisions, as actual payment amounts may differ and are determined most accurately at the time of your application. It is advised that you seek the advice of a licensed legal, mortgage or qualified industry professional to ensure all personal circumstances and financial requirements are fully understood and considered. Interest and premium rates may change without notice and could differ as a result of information presented at the time of your application.