Canadian Mortgage Calculator
Monthly Pay: $383.13 70% 30% Principal Interest
House Price $120,000.00 Loan Amount $96,000.00 Down Payment $24,000.00 Total of 360 Mortgage Payments $137,925.73 Total Interest $41,925.73 Mortgage Payoff Date Aug. 2049
Amortization schedule Year $0 $25K $50K $75K $100K $125K 0 5 10 15 20 25 30 Balance Interest Payment
Month Interest Principal Ending Balance 1 $206 $177 $95,823 2 $206 $177 $95,646 3 $205 $178 $95,468 4 $205 $178 $95,290 5 $205 $179 $95,111 6 $204 $179 $94,932 7 $204 $179 $94,753 8 $203 $180 $94,573 9 $203 $180 $94,393 10 $203 $180 $94,212 11 $202 $181 $94,032 12 $202 $181 $93,850 End of year 1 13 $201 $182 $93,669 14 $201 $182 $93,487 15 $201 $182 $93,304 16 $200 $183 $93,121 17 $200 $183 $92,938 18 $200 $184 $92,755 19 $199 $184 $92,571 20 $199 $184 $92,386 21 $198 $185 $92,201 22 $198 $185 $92,016 23 $198 $186 $91,831 24 $197 $186 $91,645 End of year 2 25 $197 $186 $91,458 26 $196 $187 $91,271 27 $196 $187 $91,084 28 $196 $188 $90,897 29 $195 $188 $90,709 30 $195 $188 $90,520 31 $194 $189 $90,331 32 $194 $189 $90,142 33 $194 $190 $89,953 34 $193 $190 $89,763 35 $193 $190 $89,572 36 $192 $191 $89,381 End of year 3 37 $192 $191 $89,190 38 $191 $192 $88,998 39 $191 $192 $88,806 40 $191 $192 $88,614 41 $190 $193 $88,421 42 $190 $193 $88,228 43 $189 $194 $88,034 44 $189 $194 $87,840 45 $189 $195 $87,645 46 $188 $195 $87,450 47 $188 $195 $87,255 48 $187 $196 $87,059 End of year 4 49 $187 $196 $86,863 50 $186 $197 $86,666 51 $186 $197 $86,469 52 $186 $197 $86,272 53 $185 $198 $86,074 54 $185 $198 $85,875 55 $184 $199 $85,677 56 $184 $199 $85,477 57 $184 $200 $85,278 58 $183 $200 $85,078 59 $183 $200 $84,877 60 $182 $201 $84,676 End of year 5 61 $182 $201 $84,475 62 $181 $202 $84,273 63 $181 $202 $84,071 64 $180 $203 $83,868 65 $180 $203 $83,665 66 $180 $204 $83,462 67 $179 $204 $83,258 68 $179 $204 $83,053 69 $178 $205 $82,849 70 $178 $205 $82,643 71 $177 $206 $82,438 72 $177 $206 $82,231 End of year 6 73 $177 $207 $82,025 74 $176 $207 $81,818 75 $176 $207 $81,610 76 $175 $208 $81,402 77 $175 $208 $81,194 78 $174 $209 $80,985 79 $174 $209 $80,776 80 $173 $210 $80,566 81 $173 $210 $80,356 82 $173 $211 $80,145 83 $172 $211 $79,934 84 $172 $212 $79,723 End of year 7 85 $171 $212 $79,511 86 $171 $212 $79,298 87 $170 $213 $79,086 88 $170 $213 $78,872 89 $169 $214 $78,658 90 $169 $214 $78,444 91 $168 $215 $78,229 92 $168 $215 $78,014 93 $167 $216 $77,799 94 $167 $216 $77,582 95 $167 $217 $77,366 96 $166 $217 $77,149 End of year 8 97 $166 $218 $76,931 98 $165 $218 $76,713 99 $165 $218 $76,495 100 $164 $219 $76,276 101 $164 $219 $76,057 102 $163 $220 $75,837 103 $163 $220 $75,616 104 $162 $221 $75,396 105 $162 $221 $75,174 106 $161 $222 $74,953 107 $161 $222 $74,730 108 $160 $223 $74,508 End of year 9 109 $160 $223 $74,285 110 $159 $224 $74,061 111 $159 $224 $73,837 112 $159 $225 $73,612 113 $158 $225 $73,387 114 $158 $226 $73,161 115 $157 $226 $72,935 116 $157 $227 $72,709 117 $156 $227 $72,482 118 $156 $228 $72,254 119 $155 $228 $72,026 120 $155 $229 $71,798 End of year 10 121 $154 $229 $71,569 122 $154 $229 $71,339 123 $153 $230 $71,109 124 $153 $230 $70,879 125 $152 $231 $70,648 126 $152 $231 $70,416 127 $151 $232 $70,184 128 $151 $232 $69,952 129 $150 $233 $69,719 130 $150 $233 $69,486 131 $149 $234 $69,252 132 $149 $234 $69,017 End of year 11 133 $148 $235 $68,782 134 $148 $235 $68,547 135 $147 $236 $68,311 136 $147 $236 $68,074 137 $146 $237 $67,837 138 $146 $237 $67,600 139 $145 $238 $67,362 140 $145 $239 $67,123 141 $144 $239 $66,884 142 $144 $240 $66,645 143 $143 $240 $66,405 144 $143 $241 $66,164 End of year 12 145 $142 $241 $65,923 146 $142 $242 $65,681 147 $141 $242 $65,439 148 $140 $243 $65,197 149 $140 $243 $64,953 150 $139 $244 $64,710 151 $139 $244 $64,466 152 $138 $245 $64,221 153 $138 $245 $63,976 154 $137 $246 $63,730 155 $137 $246 $63,483 156 $136 $247 $63,237 End of year 13 157 $136 $247 $62,989 158 $135 $248 $62,741 159 $135 $248 $62,493 160 $134 $249 $62,244 161 $134 $250 $61,994 162 $133 $250 $61,744 163 $133 $251 $61,494 164 $132 $251 $61,243 165 $131 $252 $60,991 166 $131 $252 $60,739 167 $130 $253 $60,486 168 $130 $253 $60,233 End of year 14 169 $129 $254 $59,979 170 $129 $254 $59,725 171 $128 $255 $59,470 172 $128 $255 $59,214 173 $127 $256 $58,958 174 $127 $257 $58,702 175 $126 $257 $58,445 176 $125 $258 $58,187 177 $125 $258 $57,929 178 $124 $259 $57,670 179 $124 $259 $57,411 180 $123 $260 $57,151 End of year 15 181 $123 $260 $56,890 182 $122 $261 $56,629 183 $122 $262 $56,368 184 $121 $262 $56,106 185 $120 $263 $55,843 186 $120 $263 $55,580 187 $119 $264 $55,316 188 $119 $264 $55,052 189 $118 $265 $54,787 190 $118 $266 $54,521 191 $117 $266 $54,255 192 $116 $267 $53,988 End of year 16 193 $116 $267 $53,721 194 $115 $268 $53,453 195 $115 $268 $53,185 196 $114 $269 $52,916 197 $114 $270 $52,647 198 $113 $270 $52,376 199 $112 $271 $52,106 200 $112 $271 $51,834 201 $111 $272 $51,563 202 $111 $272 $51,290 203 $110 $273 $51,017 204 $110 $274 $50,744 End of year 17 205 $109 $274 $50,469 206 $108 $275 $50,195 207 $108 $275 $49,919 208 $107 $276 $49,643 209 $107 $277 $49,367 210 $106 $277 $49,090 211 $105 $278 $48,812 212 $105 $278 $48,533 213 $104 $279 $48,255 214 $104 $280 $47,975 215 $103 $280 $47,695 216 $102 $281 $47,414 End of year 18 217 $102 $281 $47,133 218 $101 $282 $46,851 219 $101 $283 $46,568 220 $100 $283 $46,285 221 $99 $284 $46,001 222 $99 $284 $45,717 223 $98 $285 $45,432 224 $98 $286 $45,146 225 $97 $286 $44,860 226 $96 $287 $44,573 227 $96 $287 $44,286 228 $95 $288 $43,998 End of year 19 229 $94 $289 $43,709 230 $94 $289 $43,420 231 $93 $290 $43,130 232 $93 $291 $42,839 233 $92 $291 $42,548 234 $91 $292 $42,257 235 $91 $292 $41,964 236 $90 $293 $41,671 237 $89 $294 $41,377 238 $89 $294 $41,083 239 $88 $295 $40,788 240 $88 $296 $40,493 End of year 20 241 $87 $296 $40,196 242 $86 $297 $39,900 243 $86 $297 $39,602 244 $85 $298 $39,304 245 $84 $299 $39,005 246 $84 $299 $38,706 247 $83 $300 $38,406 248 $82 $301 $38,105 249 $82 $301 $37,804 250 $81 $302 $37,502 251 $81 $303 $37,199 252 $80 $303 $36,896 End of year 21 253 $79 $304 $36,592 254 $79 $305 $36,287 255 $78 $305 $35,982 256 $77 $306 $35,676 257 $77 $307 $35,370 258 $76 $307 $35,063 259 $75 $308 $34,755 260 $75 $309 $34,446 261 $74 $309 $34,137 262 $73 $310 $33,827 263 $73 $311 $33,517 264 $72 $311 $33,206 End of year 22 265 $71 $312 $32,894 266 $71 $313 $32,581 267 $70 $313 $32,268 268 $69 $314 $31,954 269 $69 $315 $31,640 270 $68 $315 $31,324 271 $67 $316 $31,009 272 $67 $317 $30,692 273 $66 $317 $30,375 274 $65 $318 $30,057 275 $65 $319 $29,738 276 $64 $319 $29,419 End of year 23 277 $63 $320 $29,099 278 $62 $321 $28,778 279 $62 $321 $28,457 280 $61 $322 $28,135 281 $60 $323 $27,812 282 $60 $323 $27,489 283 $59 $324 $27,165 284 $58 $325 $26,840 285 $58 $326 $26,514 286 $57 $326 $26,188 287 $56 $327 $25,861 288 $56 $328 $25,534 End of year 24 289 $55 $328 $25,205 290 $54 $329 $24,876 291 $53 $330 $24,547 292 $53 $330 $24,216 293 $52 $331 $23,885 294 $51 $332 $23,553 295 $51 $333 $23,221 296 $50 $333 $22,887 297 $49 $334 $22,553 298 $48 $335 $22,219 299 $48 $335 $21,883 300 $47 $336 $21,547 End of year 25 301 $46 $337 $21,210 302 $46 $338 $20,873 303 $45 $338 $20,534 304 $44 $339 $20,195 305 $43 $340 $19,855 306 $43 $341 $19,515 307 $42 $341 $19,174 308 $41 $342 $18,832 309 $40 $343 $18,489 310 $40 $343 $18,146 311 $39 $344 $17,801 312 $38 $345 $17,457 End of year 26 313 $37 $346 $17,111 314 $37 $346 $16,764 315 $36 $347 $16,417 316 $35 $348 $16,069 317 $34 $349 $15,721 318 $34 $349 $15,371 319 $33 $350 $15,021 320 $32 $351 $14,670 321 $31 $352 $14,319 322 $31 $352 $13,966 323 $30 $353 $13,613 324 $29 $354 $13,259 End of year 27 325 $28 $355 $12,905 326 $28 $355 $12,549 327 $27 $356 $12,193 328 $26 $357 $11,836 329 $25 $358 $11,478 330 $25 $358 $11,120 331 $24 $359 $10,761 332 $23 $360 $10,401 333 $22 $361 $10,040 334 $22 $362 $9,678 335 $21 $362 $9,316 336 $20 $363 $8,953 End of year 28 337 $19 $364 $8,589 338 $18 $365 $8,224 339 $18 $365 $7,859 340 $17 $366 $7,493 341 $16 $367 $7,125 342 $15 $368 $6,758 343 $15 $369 $6,389 344 $14 $369 $6,020 345 $13 $370 $5,649 346 $12 $371 $5,278 347 $11 $372 $4,907 348 $11 $373 $4,534 End of year 29 349 $10 $373 $4,161 350 $9 $374 $3,786 351 $8 $375 $3,411 352 $7 $376 $3,036 353 $7 $377 $2,659 354 $6 $377 $2,282 355 $5 $378 $1,903 356 $4 $379 $1,524 357 $3 $380 $1,144 358 $2 $381 $764 359 $2 $381 $382 360 $1 $382 $0 End of year 30
Year Interest Principal Ending Balance 1 $2,448 $2,150 $93,850 2 $2,392 $2,206 $91,645 3 $2,334 $2,263 $89,381 4 $2,275 $2,322 $87,059 5 $2,215 $2,383 $84,676 6 $2,153 $2,445 $82,231 7 $2,089 $2,509 $79,723 8 $2,024 $2,574 $77,149 9 $1,956 $2,641 $74,508 10 $1,888 $2,710 $71,798 11 $1,817 $2,781 $69,017 12 $1,744 $2,853 $66,164 13 $1,670 $2,927 $63,237 14 $1,594 $3,004 $60,233 15 $1,515 $3,082 $57,151 16 $1,435 $3,162 $53,988 17 $1,353 $3,245 $50,744 18 $1,268 $3,329 $47,414 19 $1,181 $3,416 $43,998 20 $1,092 $3,505 $40,493 21 $1,001 $3,597 $36,896 22 $907 $3,690 $33,206 23 $811 $3,787 $29,419 24 $712 $3,885 $25,534 25 $611 $3,987 $21,547 26 $507 $4,091 $17,457 27 $400 $4,197 $13,259 28 $291 $4,307 $8,953 29 $179 $4,419 $4,534 30 $64 $4,534 $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.
