Mortgage Calculator
Canadian specific compounding and accelerated paydown options
Canadian Mortgage Paydown
Accelerate Your Financial Freedom
20.0%
Property Details (PITH)
Property Details (PITH)
Prepayment Options
Prepayment Options
No lump sum payments added.
Select the exact date you plan to make your lump sum prepayment. The engine will accurately apply it to the closest payment cycle.
Use this tool to calculate your mortgage payments and see how prepayments can save you thousands in interest. Canadian specific: Fixed rates compound semi-annually.
Regular Payment (monthly)
Balance Over Time
Yearly Composition
Complete Schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $19,608 | $8,309 | $391,691 |
| 2 | $19,187 | $8,730 | $382,961 |
| 3 | $18,745 | $9,172 | $373,790 |
| 4 | $18,281 | $9,636 | $364,154 |
| 5 | $17,793 | $10,124 | $354,030 |
| 6 | $17,281 | $10,636 | $343,394 |
| 7 | $16,742 | $11,175 | $332,219 |
| 8 | $16,177 | $11,740 | $320,479 |
| 9 | $15,582 | $12,335 | $308,144 |
| 10 | $14,958 | $12,959 | $295,185 |
| 11 | $14,302 | $13,615 | $281,569 |
| 12 | $13,612 | $14,305 | $267,265 |
| 13 | $12,888 | $15,029 | $252,236 |
| 14 | $12,127 | $15,790 | $236,446 |
| 15 | $11,328 | $16,589 | $219,857 |
| 16 | $10,488 | $17,429 | $202,429 |
| 17 | $9,606 | $18,311 | $184,118 |
| 18 | $8,679 | $19,238 | $164,880 |
| 19 | $7,705 | $20,212 | $144,668 |
| 20 | $6,682 | $21,235 | $123,432 |
| 21 | $5,607 | $22,310 | $101,122 |
| 22 | $4,477 | $23,440 | $77,682 |
| 23 | $3,291 | $24,626 | $53,056 |
| 24 | $2,044 | $25,873 | $27,183 |
| 25 | $734 | $27,183 | $0 |
Disclaimer: This calculator is for informational purposes only. Actual mortgage rates, taxes, and fees may vary based on lender, credit score, and location. Land Transfer Tax estimates are based on current provincial and municipal rates but do not account for all possible exemptions or regional variations. Always consult with a mortgage professional or financial advisor before making real estate decisions.
Canadian Mortgage Rules
In Canada, mortgage interest compounding rules differ between fixed and variable rates. Fixed-rate mortgages are legally required to be compounded semi-annually (twice per year), while variable-rate mortgages are typically compounded monthly. This calculator handles these differences automatically.
Accelerated Payments
Choosing "Accelerated Bi-Weekly" or "Accelerated Weekly" payments is one of the easiest ways to pay off your mortgage faster. The "Accelerated" version takes your standard monthly payment and divides it by 2 or 4, respectively. Because there are 26 bi-weekly or 52 weekly periods in a year, you effectively make one extra full monthly payment every year toward your principal.
Prepayment Privileges
Most Canadian mortgage contracts include "prepayment privileges" that allow you to pay a certain percentage (often 15% or 20%) of the original principal or current balance each year without penalty. Even small monthly increases or annual lump sums can drastically reduce the total interest you pay over the life of the loan.
Mortgage Resources
Regional Scenarios
Browse localized mortgage calculations for Toronto, Vancouver, Calgary, and more.