How is a Canadian mortgage payment calculated?
Canadian mortgages compound semi-annually by law. We convert your contract rate to an effective monthly rate, then amortize principal plus CMHC premium if applicable.
Behavioral lens: Anchoring
Mortgage Payment Calculator
Monthly payment, total interest, and CMHC premium with Canadian semi-annual compounding. Plus a behavioral lens on anchoring so the math matches your mindset.
Educational estimates only. Not personalized advice. Data targets 2026 Canadian rules.
Mortgage inputs
$
$
%
Payment breakdown
Monthly payment$3,542/mo
Total interest paid$459,548
Total paid over life$1,062,683
CMHC premium$18,135
Interest share of total43%
Behavioral lens: Anchoring
Anchoring on the monthly payment
Your brain locks onto the monthly number because it fits a mental slot in your budget. Total interest is abstract until you see it beside the payment. That is anchoring, and it costs Canadians years of wealth.
Anchor on total cost, not just the monthly line item
PsyFi tracks housing against your spending personality so the payment you commit to still leaves room to live.
Build a housing-aware budgetFAQ
Why show total interest separately?
Most buyers anchor on the monthly payment. Showing total interest reveals the true cost of borrowing and supports better trade-off decisions.
Is this PsyFi calculator free?
Yes. Every PsyFi free tool runs in your browser with no signup. We built them to pair accurate Canadian math with behavioral science, not to gate basic estimates behind an account.
Does PsyFi store what I type?
No. Inputs stay on your device. Nothing you enter is sent to PsyFi servers.
Is this personalized financial advice?
No. These are educational estimates using published Canadian rules for 2026. They are not tax, legal, mortgage, or immigration advice. Confirm current rates and your situation with qualified professionals before acting.
Estimates for education only. Not financial, tax, mortgage, immigration, or legal advice. Canadian rules and rates change. Verify current figures with qualified professionals before making decisions. PsyFi tools add behavioral context; they do not replace personalized planning.