[ES] Traducción de la página: Calculadora de Hipotecas Canadiense
Canadian Mortgage Rules Are Different
If you live in Canada, you cannot use a standard US mortgage calculator. By Canadian law (under the Interest Act), fixed-rate mortgages must be compounded semi-annual, not monthly. This small mathematical difference changes the effective interest rate you actually pay.
The Math Behind Semi-Annual Compounding
In the US, an annual rate of 5% is simply divided by 12 (0.416% per month). In Canada, that 5% rate is compounded twice a year. The formula to figure out the effective monthly rate becomes:
Effective Monthly Rate = ((1 + (Annual Rate / 2)) ^ (2 / 12)) - 1
If you were to plug a 5% rate into both calculators, the Canadian mortgage will actually spit out a slightly lower monthly payment because the compounding happens less frequently against the principal!
Minimum Down Payments in Canada
- Under 500,000: Minimum 5% down payment.
- 500,000 to 999,999: 5% on the first 500k, and 10% on the remainder.
- 1,000,000 or more: Minimum 20% down payment is required.
Use this specialized calculator to ensure your financial modeling matches the real-world legalities of Canadian bank loans.