Calculator
Mortgage payment calculator
Work out the monthly payment on a Canadian mortgage, how much of the term's payments go to interest, and what you will still owe when the term ends — the number your renewal will be priced on.
Monthly payment
$2,513
Interest over 5 yr
$96,462
Balance at renewal
$395,670
$54,330 repaid
| Year | Interest | Principal | Balance at year end |
|---|---|---|---|
| 1 | $20,256 | $9,903 | $440,097 |
| 2 | $19,796 | $10,363 | $429,735 |
| 3 | $19,315 | $10,844 | $418,891 |
| 4 | $18,811 | $11,347 | $407,544 |
| 5 | $18,284 | $11,874 | $395,670 |
Assumes the rate stays the same for the term and monthly payments. A variable rate will change when prime changes.
How it works
- Fixed rates compound semi-annually, as Canadian fixed-rate mortgages are quoted; variable rates compound monthly.
- The payment is set so the mortgage is repaid over the full amortization.
- The table shows interest, principal and balance year by year for the term you choose.
Questions people ask
Why is my payment different from a US calculator?
US calculators usually compound monthly. Canadian fixed-rate mortgages are quoted with semi-annual compounding, which gives a slightly lower payment for the same quoted rate.
What is the balance at renewal?
It is what you still owe when the term ends. Your next rate applies to this balance.
Does this include property tax or insurance?
No. It is principal and interest only.