Image of a pink square with a house and a calculator Mortgage Calculator

From Financial Consumer Agency of Canada

This calculator determines your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.

To help determine whether or not you qualify for a home mortgage based on income and expenses, visit the Mortgage Qualifier Tool.

Note: As of July 9, 2012, the maximum amortization period for mortgages with less than a 20 percent down payment is 25 years.

Payment Plan


Prepayment Plan

Calculation Summary
CategoryTermAmortization Period
Number of Payments60300
Mortgage Payment$581.60$581.60
Principal Payments$11,492.50$100,000.00
Interest Payments$23,403.80$74,481.50
Total Cost$34,896.30$174,481.50

Mortgage Summary

 Over the 25-year amortization period, you will:

  • have made 300 monthly (12x per year) payments of $581.60.
  • have paid $100,000.00 in principal, $74,481.50 in interest, for a total of $174,481.50.

 Over the 5-year term, you will:

  • have made 60 monthly (12x per year) payments of $581.60.
  • have paid $11,492.50 in principal, $23,403.80 in interest, for a total of $34,896.30.

 At the end of your 5-year term, you will:

  • have a balance of $88,507.50.

Payment Diagram

A Summary Report (printable) can be produced based on values you entered into the calculator. This report includes all your data, calculation results and payment schedule (by year and by period).

We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.
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