Canada calculators

Mortgage term and amortization are different

A mortgage term is the duration of your contract. Amortization is the total period over which the loan is scheduled to be repaid. Our mortgage projection keeps the rate constant over the full amortization; a renewal at a different rate needs a new scenario.

Insured mortgages are not always capped at 25 years

FCAC states that, for a down payment below 20%, the maximum amortization is 30 years for a first-time homebuyer and/or a new build, and 25 years otherwise. Eligibility and lender terms still matter. A calculator input range does not establish loan eligibility.

Use the compounding convention in your contract

The Canadian fixed-rate option converts twice-yearly compounding to an equivalent monthly interest rate. Other products may use another convention. Check the disclosed annual interest rate and how interest is compounded before choosing the setting.

Federal-only pay is not final take-home pay

The Canadian salary tool is explicitly simplified. Provincial or territorial tax is not included, and it omits CPP2 and income-dependent BPA reductions. Use the CRA payroll resources and the relevant provincial rules to establish a complete result. The page should not be used to rank provinces by net salary.