Confirm the contract’s permitted prepayment amount and how it will be applied.
Payoff and interest calculator
Mortgage amortization calculator for Canada
Build a Canadian mortgage amortization schedule and compare regular, accelerated, extra-payment, and annual lump-sum strategies.
Start calculating
See how each payment changes your balance and payoff date.
STEP 1 OF 2
Where is the property?
Choose a province or territory so taxes, transfer fees, and regional assumptions are tailored before you start.
Understand the result
How amortization changes mortgage cost
- Amortization is the planned time to repay the loan. The mortgage term is the shorter contract period before renewal.
- Accelerated and extra payments reduce principal sooner, which can shorten payoff time and reduce interest.
- Prepayment privileges vary by lender and contract, so compare the scenario with your mortgage agreement.
Formula and assumptions
Calculations are reproducible and use the published rules linked below. Service-cost amounts are planning allowances, not quotes.
Read the calculation methodologyFAQ
Common questions
What is a mortgage amortization schedule?
It shows how each year’s payments are divided between principal and interest and how the remaining mortgage balance changes.
How much interest will I pay over my mortgage?
The estimate depends on the balance, rate, amortization, payment frequency, and prepayments. Future renewal rates are unknown, so lifetime interest is a planning comparison rather than a prediction.
Do accelerated biweekly payments pay off a mortgage faster?
Usually. The common accelerated biweekly amount is half the monthly payment paid 26 times per year, which is equivalent to one extra monthly payment each year.
How do extra payments change my payoff date?
Extra payments reduce principal immediately. The calculator compares the new payoff date and interest with the same mortgage without those extras.