How this calculator works
Canadian fixed-rate mortgages are compounded semi-annually, not in advance, as required by the Interest Act. Variable-rate mortgages are usually compounded monthly. Pick the right rate type for an accurate payment.
Accelerated payments
Accelerated bi-weekly payments are your monthly payment divided by two, paid 26 times a year. That works out to one extra monthly payment per year, which can take years off a 25-year amortization.
Term vs. amortization
Your term (usually 1–5 years) is how long your rate and conditions are locked in. Your amortization (usually 25–30 years) is the total time to pay off the mortgage. At the end of each term you renew, and that’s the best time to shop for a better rate.