APR Calculator Canada
See your true cost of borrowing — the note rate plus every lender fee rolled into a single Annual Percentage Rate, the way Canadian cost-of-borrowing rules compare it.
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Formula
APRannual percentage rateMmonthly paymentLloan amountFfeesnnumber of monthstmonth indexCanadian fixed mortgage rates are quoted as nominal rates compounded semi-annually, so the quoted note rate already differs from US-style monthly compounding. This APR solve uses the standard monthly convention found on most disclosure sheets — use the note-rate figure for payment math and APR for comparing offers. Estimates only — not financial advice.
Estimates only — not financial advice.
Frequently Asked Questions
How is APR different from my mortgage interest rate?
Your interest rate is the note rate on the loan. APR folds in lender fees — origination charges, points and similar costs — so it runs higher whenever fees apply. It is the fairest number for comparing offers.
Why do Canadian lenders have to disclose APR?
Canadian cost-of-borrowing rules require lenders to disclose the true cost of credit, which is why APR appears on disclosure sheets. Compare APRs, not just headline rates.
Do all fees count toward APR?
Lender fees and discount points are usually included. Third-party charges such as appraisals or legal fees may be excluded — check the fine print on your disclosure.
How does Canadian mortgage compounding affect APR?
Canadian fixed rates compound semi-annually rather than monthly. The APR calculation here uses the standard monthly convention, so use APR for cost comparison and the note rate for payment math.