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.

As of December 15, 2024, if your down payment is less than 20% of your home’s price, your maximum amortization period is:

30 years if you’re:

a first-time homebuyer or
purchasing a new build

25 years in all other cases

If your down payment is more than 20% of your home’s price, your lender sets your maximum amortization period.

Payment Plan

Mortgage Amount:

Interest Rate:

Amortization Period:

Payment Frequency:

Term:

Prepayment Plan

Prepayment Amount:

Prepayment Frequency:

Start With Payment:

Calculation Summary
Category	Term	Amortization Period
Number of Payments The number of payments made during the Term and Amoritization period respectively.	60	300
Mortgage Payment The amount you will pay per period during the Term and Amoritization respectively, which include a portion for the principal payment and a portion for the interest payment.	$581.60	$581.60
Prepayment The amount of prepayment made during the Term and Amoritization period respectively.	$0.00	$0.00
Principal Payments The total amount of principal payment made during the Term and Amoritization period respectively.	$11,492.50	$100,000.00
Interest Payments Total of all interest paid during the Term and Amoritization period respectively, assuming that the conditions of your loan (e.g. interest rate, amortization period, term, etc.) will not change during these periods. This total interest amount also assumes that there are no prepayments of principal.	$23,403.80	$74,481.50
Total Cost Total of all payments made during the Term and Amoritization period respectively, assuming that the conditions of your loan (e.g. interest rate, amortization period, term, etc.) will not change during these periods. It is also assumed that there are no prepayments of principal.	$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).

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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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Date modified:: 2019-03-01