The Canadian Mortgage Calculator is mainly intended for Canadian residents and uses the Canadian dollar as currency, with interest rate compounded semi-annually.
Monthly Pay: $3,722.27
Monthly
Total
Mortgage Payment
$3,722.27
$1,116,681.57
Property Tax
$200.00
$60,000.00
Home Insurance
$208.33
$62,500.00
Other Costs
$500.00
$150,000.00
Total Out-of-Pocket
$4,630.61
$1,389,181.57
House Price
$800,000.00
Loan Amount
$640,000.00
Down Payment
$160,000.00
Total of 300 Mortgage Payments
$1,116,681.57
Total Interest
$476,681.57
Mortgage Payoff Date
Mar. 2050
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
03/2025
$2,639
$1,083
$638,917
2
4/2025
$2,635
$1,087
$637,830
3
5/2025
$2,630
$1,092
$636,738
4
6/2025
$2,626
$1,096
$635,641
5
7/2025
$2,621
$1,101
$634,540
6
8/2025
$2,617
$1,105
$633,435
7
9/2025
$2,612
$1,110
$632,325
8
10/2025
$2,608
$1,115
$631,210
9
11/2025
$2,603
$1,119
$630,091
10
12/2025
$2,598
$1,124
$628,967
11
1/2026
$2,594
$1,128
$627,839
12
2/2026
$2,589
$1,133
$626,706
End of year 1
13
3/2026
$2,584
$1,138
$625,568
14
4/2026
$2,580
$1,142
$624,425
15
5/2026
$2,575
$1,147
$623,278
16
6/2026
$2,570
$1,152
$622,126
17
7/2026
$2,566
$1,157
$620,969
18
8/2026
$2,561
$1,161
$619,808
19
9/2026
$2,556
$1,166
$618,642
20
10/2026
$2,551
$1,171
$617,471
21
11/2026
$2,546
$1,176
$616,295
22
12/2026
$2,542
$1,181
$615,114
23
1/2027
$2,537
$1,186
$613,929
24
2/2027
$2,532
$1,190
$612,738
End of year 2
25
3/2027
$2,527
$1,195
$611,543
26
4/2027
$2,522
$1,200
$610,342
27
5/2027
$2,517
$1,205
$609,137
28
6/2027
$2,512
$1,210
$607,927
29
7/2027
$2,507
$1,215
$606,712
30
8/2027
$2,502
$1,220
$605,491
31
9/2027
$2,497
$1,225
$604,266
32
10/2027
$2,492
$1,230
$603,036
33
11/2027
$2,487
$1,235
$601,800
34
12/2027
$2,482
$1,240
$600,560
35
1/2028
$2,477
$1,246
$599,314
36
2/2028
$2,472
$1,251
$598,064
End of year 3
37
3/2028
$2,466
$1,256
$596,808
38
4/2028
$2,461
$1,261
$595,547
39
5/2028
$2,456
$1,266
$594,280
40
6/2028
$2,451
$1,272
$593,009
41
7/2028
$2,446
$1,277
$591,732
42
8/2028
$2,440
$1,282
$590,450
43
9/2028
$2,435
$1,287
$589,163
44
10/2028
$2,430
$1,293
$587,870
45
11/2028
$2,424
$1,298
$586,572
46
12/2028
$2,419
$1,303
$585,269
47
1/2029
$2,414
$1,309
$583,960
48
2/2029
$2,408
$1,314
$582,646
End of year 4
49
3/2029
$2,403
$1,319
$581,327
50
4/2029
$2,397
$1,325
$580,002
51
5/2029
$2,392
$1,330
$578,671
52
6/2029
$2,386
$1,336
$577,335
53
7/2029
$2,381
$1,341
$575,994
54
8/2029
$2,375
$1,347
$574,647
55
9/2029
$2,370
$1,352
$573,295
56
10/2029
$2,364
$1,358
$571,936
57
11/2029
$2,359
$1,364
$570,573
58
12/2029
$2,353
$1,369
$569,204
59
1/2030
$2,347
$1,375
$567,829
60
2/2030
$2,342
$1,381
$566,448
End of year 5
61
3/2030
$2,336
$1,386
$565,062
62
4/2030
$2,330
$1,392
$563,670
63
5/2030
$2,325
$1,398
$562,272
64
6/2030
$2,319
$1,404
$560,868
65
7/2030
$2,313
$1,409
$559,459
66
8/2030
$2,307
$1,415
$558,044
67
9/2030
$2,301
$1,421
$556,623
68
10/2030
$2,295
$1,427
$555,196
69
11/2030
$2,290
$1,433
$553,764
70
12/2030
$2,284
$1,439
$552,325
71
1/2031
$2,278
$1,445
$550,881
72
2/2031
$2,272
$1,450
$549,430
End of year 6
73
3/2031
$2,266
$1,456
$547,974
74
4/2031
$2,260
$1,462
$546,511
75
5/2031
$2,254
$1,469
$545,043
76
6/2031
$2,248
$1,475
$543,568
77
7/2031
$2,242
$1,481
$542,087
78
8/2031
$2,236
$1,487
$540,601
79
9/2031
$2,229
$1,493
$539,108
80
10/2031
$2,223
$1,499
$537,609
81
11/2031
$2,217
$1,505
$536,103
82
12/2031
$2,211
$1,511
$534,592
83
1/2032
$2,205
$1,518
$533,074
84
2/2032
$2,198
$1,524
$531,550
End of year 7
85
3/2032
$2,192
$1,530
$530,020
86
4/2032
$2,186
$1,537
$528,484
87
5/2032
$2,179
$1,543
$526,941
88
6/2032
$2,173
$1,549
$525,392
89
7/2032
$2,167
$1,556
$523,836
90
8/2032
$2,160
$1,562
$522,274
91
9/2032
$2,154
$1,568
$520,706
92
10/2032
$2,147
$1,575
$519,131
93
11/2032
$2,141
$1,581
$517,549
94
12/2032
$2,134
$1,588
$515,961
95
1/2033
$2,128
$1,594
$514,367
96
2/2033
$2,121
$1,601
$512,766
End of year 8
97
3/2033
$2,115
$1,608
$511,158
98
4/2033
$2,108
$1,614
$509,544
99
5/2033
$2,101
$1,621
$507,923
100
6/2033
$2,095
$1,628
$506,295
101
7/2033
$2,088
$1,634
$504,661
102
8/2033
$2,081
$1,641
$503,020
103
9/2033
$2,074
$1,648
$501,372
104
10/2033
$2,068
$1,655
$499,717
105
11/2033
$2,061
$1,661
$498,056
106
12/2033
$2,054
$1,668
$496,387
107
1/2034
$2,047
$1,675
$494,712
108
2/2034
$2,040
$1,682
$493,030
End of year 9
109
3/2034
$2,033
$1,689
$491,341
110
4/2034
$2,026
$1,696
$489,645
111
5/2034
$2,019
$1,703
$487,942
112
6/2034
$2,012
$1,710
$486,232
113
7/2034
$2,005
$1,717
$484,515
114
8/2034
$1,998
$1,724
$482,791
115
9/2034
$1,991
$1,731
$481,059
116
10/2034
$1,984
$1,738
$479,321
117
11/2034
$1,977
$1,746
$477,575
118
12/2034
$1,969
$1,753
$475,823
119
1/2035
$1,962
$1,760
$474,063
120
2/2035
$1,955
$1,767
$472,295
End of year 10
121
3/2035
$1,948
$1,775
$470,521
122
4/2035
$1,940
$1,782
$468,739
123
5/2035
$1,933
$1,789
$466,950
124
6/2035
$1,926
$1,797
$465,153
125
7/2035
$1,918
$1,804
$463,349
126
8/2035
$1,911
$1,811
$461,538
127
9/2035
$1,903
$1,819
$459,719
128
10/2035
$1,896
$1,826
$457,892
129
11/2035
$1,888
$1,834
$456,058
130
12/2035
$1,881
$1,842
$454,217
131
1/2036
$1,873
$1,849
$452,368
132
2/2036
$1,866
$1,857
$450,511
End of year 11
133
3/2036
$1,858
$1,864
$448,646
134
4/2036
$1,850
$1,872
$446,774
135
5/2036
$1,842
$1,880
$444,895
136
6/2036
$1,835
$1,888
$443,007
137
7/2036
$1,827
$1,895
$441,112
138
8/2036
$1,819
$1,903
$439,208
139
9/2036
$1,811
$1,911
$437,297
140
10/2036
$1,803
$1,919
$435,379
141
11/2036
$1,795
$1,927
$433,452
142
12/2036
$1,788
$1,935
$431,517
143
1/2037
$1,780
$1,943
$429,574
144
2/2037
$1,772
$1,951
$427,624
End of year 12
145
3/2037
$1,763
$1,959
$425,665
146
4/2037
$1,755
$1,967
$423,698
147
5/2037
$1,747
$1,975
$421,723
148
6/2037
$1,739
$1,983
$419,740
149
7/2037
$1,731
$1,991
$417,748
150
8/2037
$1,723
$2,000
$415,749
151
9/2037
$1,715
$2,008
$413,741
152
10/2037
$1,706
$2,016
$411,725
153
11/2037
$1,698
$2,024
$409,701
154
12/2037
$1,690
$2,033
$407,668
155
1/2038
$1,681
$2,041
$405,627
156
2/2038
$1,673
$2,050
$403,578
End of year 13
157
3/2038
$1,664
$2,058
$401,520
158
4/2038
$1,656
$2,066
$399,453
159
5/2038
$1,647
$2,075
$397,378
160
6/2038
$1,639
$2,084
$395,295
161
7/2038
$1,630
$2,092
$393,203
162
8/2038
$1,622
$2,101
$391,102
163
9/2038
$1,613
$2,109
$388,992
164
10/2038
$1,604
$2,118
$386,874
165
11/2038
$1,595
$2,127
$384,747
166
12/2038
$1,587
$2,136
$382,612
167
1/2039
$1,578
$2,144
$380,467
168
2/2039
$1,569
$2,153
$378,314
End of year 14
169
3/2039
$1,560
$2,162
$376,152
170
4/2039
$1,551
$2,171
$373,981
171
5/2039
$1,542
$2,180
$371,801
172
6/2039
$1,533
$2,189
$369,612
173
7/2039
$1,524
$2,198
$367,414
174
8/2039
$1,515
$2,207
$365,207
175
9/2039
$1,506
$2,216
$362,991
176
10/2039
$1,497
$2,225
$360,765
177
11/2039
$1,488
$2,235
$358,531
178
12/2039
$1,479
$2,244
$356,287
179
1/2040
$1,469
$2,253
$354,034
180
2/2040
$1,460
$2,262
$351,772
End of year 15
181
3/2040
$1,451
$2,272
$349,500
182
4/2040
$1,441
$2,281
$347,219
183
5/2040
$1,432
$2,290
$344,929
184
6/2040
$1,422
$2,300
$342,629
185
7/2040
$1,413
$2,309
$340,320
186
8/2040
$1,403
$2,319
$338,001
187
9/2040
$1,394
$2,328
$335,673
188
10/2040
$1,384
$2,338
$333,335
189
11/2040
$1,375
$2,348
$330,987
190
12/2040
$1,365
$2,357
$328,630
191
1/2041
$1,355
$2,367
$326,263
192
2/2041
$1,345
$2,377
$323,886
End of year 16
193
3/2041
$1,336
$2,387
$321,499
194
4/2041
$1,326
$2,396
$319,103
195
5/2041
$1,316
$2,406
$316,697
196
6/2041
$1,306
$2,416
$314,280
197
7/2041
$1,296
$2,426
$311,854
198
8/2041
$1,286
$2,436
$309,418
199
9/2041
$1,276
$2,446
$306,972
200
10/2041
$1,266
$2,456
$304,515
201
11/2041
$1,256
$2,466
$302,049
202
12/2041
$1,246
$2,477
$299,572
203
1/2042
$1,235
$2,487
$297,085
204
2/2042
$1,225
$2,497
$294,588
End of year 17
205
3/2042
$1,215
$2,507
$292,081
206
4/2042
$1,205
$2,518
$289,563
207
5/2042
$1,194
$2,528
$287,035
208
6/2042
$1,184
$2,539
$284,496
209
7/2042
$1,173
$2,549
$281,947
210
8/2042
$1,163
$2,560
$279,388
211
9/2042
$1,152
$2,570
$276,818
212
10/2042
$1,142
$2,581
$274,237
213
11/2042
$1,131
$2,591
$271,646
214
12/2042
$1,120
$2,602
$269,044
215
1/2043
$1,110
$2,613
$266,431
216
2/2043
$1,099
$2,624
$263,807
End of year 18
217
3/2043
$1,088
$2,634
$261,173
218
4/2043
$1,077
$2,645
$258,528
219
5/2043
$1,066
$2,656
$255,872
220
6/2043
$1,055
$2,667
$253,204
221
7/2043
$1,044
$2,678
$250,526
222
8/2043
$1,033
$2,689
$247,837
223
9/2043
$1,022
$2,700
$245,137
224
10/2043
$1,011
$2,711
$242,426
225
11/2043
$1,000
$2,723
$239,703
226
12/2043
$989
$2,734
$236,969
227
1/2044
$977
$2,745
$234,224
228
2/2044
$966
$2,756
$231,468
End of year 19
229
3/2044
$955
$2,768
$228,700
230
4/2044
$943
$2,779
$225,921
231
5/2044
$932
$2,791
$223,131
232
6/2044
$920
$2,802
$220,329
233
7/2044
$909
$2,814
$217,515
234
8/2044
$897
$2,825
$214,690
235
9/2044
$885
$2,837
$211,853
236
10/2044
$874
$2,849
$209,004
237
11/2044
$862
$2,860
$206,144
238
12/2044
$850
$2,872
$203,272
239
1/2045
$838
$2,884
$200,388
240
2/2045
$826
$2,896
$197,492
End of year 20
241
3/2045
$814
$2,908
$194,584
242
4/2045
$802
$2,920
$191,664
243
5/2045
$790
$2,932
$188,732
244
6/2045
$778
$2,944
$185,788
245
7/2045
$766
$2,956
$182,832
246
8/2045
$754
$2,968
$179,864
247
9/2045
$742
$2,981
$176,883
248
10/2045
$729
$2,993
$173,890
249
11/2045
$717
$3,005
$170,885
250
12/2045
$705
$3,018
$167,868
251
1/2046
$692
$3,030
$164,838
252
2/2046
$680
$3,042
$161,795
End of year 21
253
3/2046
$667
$3,055
$158,740
254
4/2046
$655
$3,068
$155,673
255
5/2046
$642
$3,080
$152,592
256
6/2046
$629
$3,093
$149,499
257
7/2046
$617
$3,106
$146,394
258
8/2046
$604
$3,119
$143,275
259
9/2046
$591
$3,131
$140,144
260
10/2046
$578
$3,144
$136,999
261
11/2046
$565
$3,157
$133,842
262
12/2046
$552
$3,170
$130,672
263
1/2047
$539
$3,183
$127,488
264
2/2047
$526
$3,197
$124,292
End of year 22
265
3/2047
$513
$3,210
$121,082
266
4/2047
$499
$3,223
$117,859
267
5/2047
$486
$3,236
$114,623
268
6/2047
$473
$3,250
$111,373
269
7/2047
$459
$3,263
$108,110
270
8/2047
$446
$3,276
$104,834
271
9/2047
$432
$3,290
$101,544
272
10/2047
$419
$3,304
$98,240
273
11/2047
$405
$3,317
$94,923
274
12/2047
$391
$3,331
$91,592
275
1/2048
$378
$3,345
$88,248
276
2/2048
$364
$3,358
$84,890
End of year 23
277
3/2048
$350
$3,372
$81,517
278
4/2048
$336
$3,386
$78,131
279
5/2048
$322
$3,400
$74,731
280
6/2048
$308
$3,414
$71,317
281
7/2048
$294
$3,428
$67,889
282
8/2048
$280
$3,442
$64,447
283
9/2048
$266
$3,456
$60,990
284
10/2048
$252
$3,471
$57,519
285
11/2048
$237
$3,485
$54,034
286
12/2048
$223
$3,499
$50,535
287
1/2049
$208
$3,514
$47,021
288
2/2049
$194
$3,528
$43,493
End of year 24
289
3/2049
$179
$3,543
$39,950
290
4/2049
$165
$3,558
$36,392
291
5/2049
$150
$3,572
$32,820
292
6/2049
$135
$3,587
$29,233
293
7/2049
$121
$3,602
$25,631
294
8/2049
$106
$3,617
$22,015
295
9/2049
$91
$3,631
$18,383
296
10/2049
$76
$3,646
$14,737
297
11/2049
$61
$3,661
$11,075
298
12/2049
$46
$3,677
$7,399
299
1/2050
$31
$3,692
$3,707
300
2/2050
$15
$3,707
$0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
3/25-2/26
$31,373
$13,294
$626,706
2
3/26-2/27
$30,700
$13,967
$612,738
3
3/27-2/28
$29,993
$14,675
$598,064
4
3/28-2/29
$29,250
$15,417
$582,646
5
3/29-2/30
$28,469
$16,198
$566,448
6
3/30-2/31
$27,649
$17,018
$549,430
7
3/31-2/32
$26,788
$17,880
$531,550
8
3/32-2/33
$25,883
$18,785
$512,766
9
3/33-2/34
$24,932
$19,736
$493,030
10
3/34-2/35
$23,932
$20,735
$472,295
11
3/35-2/36
$22,883
$21,784
$450,511
12
3/36-2/37
$21,780
$22,887
$427,624
13
3/37-2/38
$20,621
$24,046
$403,578
14
3/38-2/39
$19,404
$25,263
$378,314
15
3/39-2/40
$18,125
$26,542
$351,772
16
3/40-2/41
$16,781
$27,886
$323,886
17
3/41-2/42
$15,370
$29,298
$294,588
18
3/42-2/43
$13,886
$30,781
$263,807
19
3/43-2/44
$12,328
$32,339
$231,468
20
3/44-2/45
$10,691
$33,976
$197,492
21
3/45-2/46
$8,971
$35,696
$161,795
22
3/46-2/47
$7,164
$37,504
$124,292
23
3/47-2/48
$5,265
$39,402
$84,890
24
3/48-2/49
$3,270
$41,397
$43,493
25
3/49-2/50
$1,175
$43,493
$0
Getting Your First Mortgage
The traditional period for amortization of a mortgage (the time to pay it off) is 25 years. But this is done in periods of five years at a time, though it is possible to pay the mortgage down in a shorter period, just not longer. The longer the amortization period, the smaller the monthly payments will be, but the more the loan will cost in total.
Most mortgages have a five year term, though shorter terms are possible. The five-year mortgage term is the amount of time a mortgage contract is in effect. At the end of each term, the mortgage must be renewed for another term, at which point there is an opportunity to consider making any changes. Possible changes include renegotiating the rate as well as other details of the contract for the next term. The agreed-upon interest rate remains in effect for the term.
It is possible to choose between an open mortgage, which provides a person the flexibility of being able to repay all or part of a mortgage at any time without a prepayment charge, or a closed mortgage, which limits prepayment options. The latter usually has a lower interest rate.
Traditionally, mortgage payments are made every month. It is possible to arrange biweekly payments which permit faster repayment and a lower loan cost. A biweekly payment means making a payment of one-half of the monthly payment every two weeks. This results in 26 payments a year instead of 24.
A mortgage allows the option of building up a cash account. As the principal is amortized, the stored funds can be used as a source to take out cash when needed, and borrowed without charge. After use, the amounts are simply added back to the mortgage principal.
There are also options for flexible or skipped payments.
Most Canadian mortgages are portable, which means that if the owner moves before the five-year term is up, they can choose to apply their old mortgage to a new home. If it's a more expensive home, it is also possible to take out a new loan for the difference.
Homeowners' Association (HOA) Fees
Homeowners' Association (HOA) fees are funds that are collected monthly from homeowners to obtain the income needed to pay for things such as master insurance, exterior and interior maintenance, landscaping, water, sewer, and garbage costs.
