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Mortgage Payment on $350,000 in Canada
Monthly and bi-weekly payments on a $350,000 mortgage, calculated the Canadian way, with total interest.
1. Your home and mortgage
Payment frequency
Your mortgage payment
$1,937.16 / month
on a mortgage of $350,000
💡 Good to know
- To qualify, lenders test you at the higher of your rate + 2% or 5.25% (the stress test).
- Accelerated bi-weekly payments add about one extra monthly payment a year and cut years off your mortgage.
- Your rate is usually fixed for a 5-year term, then renewed at the rate of the day.
- First-time buyers can use the FHSA and the RRSP Home Buyers' Plan towards the down payment.
Estimate for a fixed rate over the whole amortization. Taxes, fees and rate changes aren't included. Not financial advice. 🔒 Everything stays on your device.
✅ Rules last checked:
📚 Official sources: CMHC mortgage loan insurance · Financial Consumer Agency of Canada
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Payments at different rates
A $350,000 mortgage at 4.5% amortized over 25 years costs about $1,937 a month and $231,147 in total interest. Over 30 years the payment drops to $1,765, but you pay $54,165 more in interest. Canadian fixed rates compound semi-annually, as used here.
| Rate | Monthly (25 yrs) | Bi-weekly | Total interest |
|---|---|---|---|
| 3.50% | $1,747 | $806 | $174,234 |
| 4.00% | $1,841 | $849 | $202,321 |
| 4.50% | $1,937 | $893 | $231,147 |
| 5.00% | $2,036 | $938 | $260,685 |
| 5.50% | $2,136 | $985 | $290,911 |
Principal and interest only. With less than 20% down, mortgage default insurance (CMHC) is added to the loan.
Questions people ask
Why are Canadian mortgage payments calculated differently?+
By law, fixed-rate mortgage rates in Canada are quoted compounded half-yearly, not monthly. That makes the real monthly rate slightly lower than the posted rate ÷ 12. This calculator uses the Canadian method.
What is the minimum down payment in Canada?+
5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. Homes of $1.5 million or more need 20%.
How much is CMHC insurance?+
With less than 20% down, a premium of 2.80% to 4.00% of the loan is added to your mortgage, depending on your down payment (plus 0.20% for a 30-year amortization).
What is accelerated bi-weekly?+
You pay half of your monthly payment every two weeks. With 26 payments a year, that's one extra monthly payment yearly, so the mortgage is paid off years sooner.