Mortgage payment and amortization calculator
Canadian fixed-rate mortgage payments use semi-annual compounding, which makes them slightly lower than US-style monthly compounding at the same rate. Accelerated bi-weekly payments (half the monthly payment every two weeks) add the equivalent of one extra monthly payment a year and shorten the amortization.
Mortgage payment and amortization calculator
Canadian semi-annual compounding, any payment frequency, optional yearly prepayment.
- Total interest
- $286,866
- Paid off in
- 25.0 years
- Interest saved vs monthly
- $0
- Monthly equivalent
- $2,556.22
Monthly payment $2,556.22. Total interest $286,866.
Show the numbers
| Year | Principal | Interest |
|---|---|---|
| Yr 1 | $11K | $19K |
| Yr 2 | $12K | $19K |
| Yr 3 | $12K | $18K |
| Yr 4 | $13K | $18K |
| Yr 5 | $13K | $17K |
| Yr 6 | $14K | $17K |
| Yr 7 | $14K | $16K |
| Yr 8 | $15K | $16K |
| Yr 9 | $16K | $15K |
| Yr 10 | $16K | $14K |
| Yr 11 | $17K | $14K |
| Yr 12 | $18K | $13K |
| Yr 13 | $18K | $12K |
| Yr 14 | $19K | $12K |
| Yr 15 | $20K | $11K |
| Yr 16 | $21K | $10K |
| Yr 17 | $22K | $9K |
| Yr 18 | $23K | $8K |
| Yr 19 | $23K | $7K |
| Yr 20 | $24K | $6K |
| Yr 21 | $25K | $5K |
| Yr 22 | $27K | $4K |
| Yr 23 | $28K | $3K |
| Yr 24 | $29K | $2K |
| Yr 25 | $30K | $668 |
| Year | Payments | Interest | Principal | Interest to date | Balance at year end |
|---|---|---|---|---|---|
| 1 | $30,675 | $19,399 | $11,276 | $19,399 | $468,724 |
| 2 | $30,675 | $18,929 | $11,745 | $38,328 | $456,979 |
| 3 | $30,675 | $18,441 | $12,234 | $56,769 | $444,745 |
| 4 | $30,675 | $17,931 | $12,743 | $74,700 | $432,002 |
| 5 (end of term) | $30,675 | $17,401 | $13,274 | $92,101 | $418,728 |
| 6 | $30,675 | $16,848 | $13,826 | $108,949 | $404,902 |
| 7 | $30,675 | $16,273 | $14,402 | $125,222 | $390,500 |
| 8 | $30,675 | $15,673 | $15,001 | $140,896 | $375,499 |
| 9 | $30,675 | $15,049 | $15,626 | $155,945 | $359,873 |
| 10 | $30,675 | $14,399 | $16,276 | $170,343 | $343,597 |
| 11 | $30,675 | $13,721 | $16,954 | $184,064 | $326,643 |
| 12 | $30,675 | $13,015 | $17,659 | $197,080 | $308,984 |
| 13 | $30,675 | $12,280 | $18,394 | $209,360 | $290,590 |
| 14 | $30,675 | $11,515 | $19,160 | $220,875 | $271,430 |
| 15 | $30,675 | $10,717 | $19,957 | $231,592 | $251,473 |
| 16 | $30,675 | $9,886 | $20,788 | $241,479 | $230,685 |
| 17 | $30,675 | $9,021 | $21,653 | $250,500 | $209,031 |
| 18 | $30,675 | $8,120 | $22,555 | $258,620 | $186,476 |
| 19 | $30,675 | $7,181 | $23,494 | $265,801 | $162,983 |
| 20 | $30,675 | $6,203 | $24,471 | $272,004 | $138,511 |
| 21 | $30,675 | $5,185 | $25,490 | $277,188 | $113,021 |
| 22 | $30,675 | $4,124 | $26,551 | $281,312 | $86,470 |
| 23 | $30,675 | $3,018 | $27,656 | $284,330 | $58,814 |
| 24 | $30,675 | $1,867 | $28,807 | $286,198 | $30,007 |
| 25 | $30,675 | $668 | $30,007 | $286,866 | $0 |
| Total | $766,866 | $286,866 | $480,000 | $0 |
Assumptions & sources
Assumptions
- Fixed-rate convention: interest compounded semi-annually, not in advance.
- Accelerated frequencies pay half (bi-weekly) or a quarter (weekly) of the monthly payment.
- The rate is assumed constant for the whole amortization; in reality it resets at each renewal.
Sources
How this calculator works
Enter your mortgage, rate and amortization. The schedule shows interest and principal each year, the balance at the end of a five-year term, and how a yearly lump sum or an accelerated frequency shortens the loan.
Download the full payment-by-payment schedule as CSV from the toolbar.
Frequently asked questions
Why are Canadian mortgage payments different from US calculators?
Canadian fixed-rate mortgages compound interest semi-annually by convention, while US mortgages compound monthly. The same quoted rate gives a slightly lower payment in Canada.
Is accelerated bi-weekly worth it?
It pays half your monthly payment every two weeks, so you make the equivalent of 13 monthly payments a year. That shortens the amortization and cuts total interest, at the cost of a slightly higher annual outlay.
How much can I prepay?
It depends on your contract. Many lenders allow a yearly lump sum and payment increases up to a set percentage; check your mortgage terms.