Canadian Mortgage Calculator
Monthly Pay: $1,308.61 Monthly Total Mortgage Payment $1,308.61 $392,583.36 Property Tax $270.83 $81,250.00 Home Insurance $100.00 $30,000.00 Other Costs $250.00 $75,000.00 Total Out-of-Pocket $1,929.44 $578,833.36 68% 14% 13% 5% Mortgage Payment Property Taxes Other Cost Home Insurance
House Price $250,000.00 Loan Amount $225,000.00 Down Payment $25,000.00 Total of 300 Mortgage Payments $392,583.36 Total Interest $167,583.36 Mortgage Payoff Date Jan. 2047
Amortization schedule Year $0 $100K $200K $300K $400K 0 5 10 15 20 25 Balance Interest Payment
Month Date Interest Principal Ending Balance 1 1/2022 $928 $381 $224,619 2 2/2022 $926 $382 $224,237 3 3/2022 $925 $384 $223,853 4 4/2022 $923 $385 $223,468 5 5/2022 $922 $387 $223,081 6 6/2022 $920 $389 $222,692 7 7/2022 $918 $390 $222,302 8 8/2022 $917 $392 $221,910 9 9/2022 $915 $393 $221,516 10 10/2022 $914 $395 $221,121 11 11/2022 $912 $397 $220,725 12 12/2022 $910 $398 $220,326 End of year 1 13 1/2023 $909 $400 $219,926 14 2/2023 $907 $402 $219,525 15 3/2023 $905 $403 $219,121 16 4/2023 $904 $405 $218,716 17 5/2023 $902 $407 $218,310 18 6/2023 $900 $408 $217,901 19 7/2023 $899 $410 $217,491 20 8/2023 $897 $412 $217,080 21 9/2023 $895 $413 $216,666 22 10/2023 $894 $415 $216,251 23 11/2023 $892 $417 $215,834 24 12/2023 $890 $419 $215,416 End of year 2 25 1/2024 $888 $420 $214,995 26 2/2024 $887 $422 $214,573 27 3/2024 $885 $424 $214,150 28 4/2024 $883 $425 $213,724 29 5/2024 $881 $427 $213,297 30 6/2024 $880 $429 $212,868 31 7/2024 $878 $431 $212,437 32 8/2024 $876 $433 $212,005 33 9/2024 $874 $434 $211,570 34 10/2024 $872 $436 $211,134 35 11/2024 $871 $438 $210,696 36 12/2024 $869 $440 $210,257 End of year 3 37 1/2025 $867 $442 $209,815 38 2/2025 $865 $443 $209,372 39 3/2025 $863 $445 $208,927 40 4/2025 $862 $447 $208,480 41 5/2025 $860 $449 $208,031 42 6/2025 $858 $451 $207,580 43 7/2025 $856 $453 $207,127 44 8/2025 $854 $454 $206,673 45 9/2025 $852 $456 $206,217 46 10/2025 $850 $458 $205,759 47 11/2025 $849 $460 $205,298 48 12/2025 $847 $462 $204,836 End of year 4 49 1/2026 $845 $464 $204,373 50 2/2026 $843 $466 $203,907 51 3/2026 $841 $468 $203,439 52 4/2026 $839 $470 $202,969 53 5/2026 $837 $472 $202,498 54 6/2026 $835 $474 $202,024 55 7/2026 $833 $475 $201,549 56 8/2026 $831 $477 $201,071 57 9/2026 $829 $479 $200,592 58 10/2026 $827 $481 $200,111 59 11/2026 $825 $483 $199,627 60 12/2026 $823 $485 $199,142 End of year 5 61 1/2027 $821 $487 $198,655 62 2/2027 $819 $489 $198,165 63 3/2027 $817 $491 $197,674 64 4/2027 $815 $493 $197,180 65 5/2027 $813 $495 $196,685 66 6/2027 $811 $497 $196,187 67 7/2027 $809 $500 $195,688 68 8/2027 $807 $502 $195,186 69 9/2027 $805 $504 $194,683 70 10/2027 $803 $506 $194,177 71 11/2027 $801 $508 $193,669 72 12/2027 $799 $510 $193,159 End of year 6 73 1/2028 $797 $512 $192,647 74 2/2028 $794 $514 $192,133 75 3/2028 $792 $516 $191,617 76 4/2028 $790 $518 $191,098 77 5/2028 $788 $521 $190,578 78 6/2028 $786 $523 $190,055 79 7/2028 $784 $525 $189,530 80 8/2028 $782 $527 $189,003 81 9/2028 $779 $529 $188,474 82 10/2028 $777 $531 $187,943 83 11/2028 $775 $534 $187,409 84 12/2028 $773 $536 $186,873 End of year 7 85 1/2029 $771 $538 $186,335 86 2/2029 $768 $540 $185,795 87 3/2029 $766 $542 $185,253 88 4/2029 $764 $545 $184,708 89 5/2029 $762 $547 $184,161 90 6/2029 $759 $549 $183,612 91 7/2029 $757 $551 $183,061 92 8/2029 $755 $554 $182,507 93 9/2029 $753 $556 $181,951 94 10/2029 $750 $558 $181,393 95 11/2029 $748 $561 $180,832 96 12/2029 $746 $563 $180,269 End of year 8 97 1/2030 $743 $565 $179,704 98 2/2030 $741 $568 $179,137 99 3/2030 $739 $570 $178,567 100 4/2030 $736 $572 $177,994 101 5/2030 $734 $575 $177,420 102 6/2030 $732 $577 $176,843 103 7/2030 $729 $579 $176,264 104 8/2030 $727 $582 $175,682 105 9/2030 $724 $584 $175,098 106 10/2030 $722 $587 $174,511 107 11/2030 $720 $589 $173,922 108 12/2030 $717 $591 $173,331 End of year 9 109 1/2031 $715 $594 $172,737 110 2/2031 $712 $596 $172,141 111 3/2031 $710 $599 $171,542 112 4/2031 $707 $601 $170,941 113 5/2031 $705 $604 $170,337 114 6/2031 $702 $606 $169,731 115 7/2031 $700 $609 $169,122 116 8/2031 $697 $611 $168,511 117 9/2031 $695 $614 $167,898 118 10/2031 $692 $616 $167,281 119 11/2031 $690 $619 $166,663 120 12/2031 $687 $621 $166,041 End of year 10 121 1/2032 $685 $624 $165,417 122 2/2032 $682 $626 $164,791 123 3/2032 $680 $629 $164,162 124 4/2032 $677 $632 $163,530 125 5/2032 $674 $634 $162,896 126 6/2032 $672 $637 $162,259 127 7/2032 $669 $639 $161,620 128 8/2032 $667 $642 $160,978 129 9/2032 $664 $645 $160,333 130 10/2032 $661 $647 $159,686 131 11/2032 $659 $650 $159,035 132 12/2032 $656 $653 $158,383 End of year 11 133 1/2033 $653 $655 $157,727 134 2/2033 $650 $658 $157,069 135 3/2033 $648 $661 $156,408 136 4/2033 $645 $664 $155,745 137 5/2033 $642 $666 $155,078 138 6/2033 $640 $669 $154,409 139 7/2033 $637 $672 $153,737 140 8/2033 $634 $675 $153,063 141 9/2033 $631 $677 $152,385 142 10/2033 $628 $680 $151,705 143 11/2033 $626 $683 $151,022 144 12/2033 $623 $686 $150,336 End of year 12 145 1/2034 $620 $689 $149,648 146 2/2034 $617 $691 $148,956 147 3/2034 $614 $694 $148,262 148 4/2034 $611 $697 $147,565 149 5/2034 $609 $700 $146,865 150 6/2034 $606 $703 $146,162 151 7/2034 $603 $706 $145,456 152 8/2034 $600 $709 $144,747 153 9/2034 $597 $712 $144,035 154 10/2034 $594 $715 $143,321 155 11/2034 $591 $718 $142,603 156 12/2034 $588 $721 $141,883 End of year 13 157 1/2035 $585 $723 $141,159 158 2/2035 $582 $726 $140,433 159 3/2035 $579 $729 $139,703 160 4/2035 $576 $732 $138,971 161 5/2035 $573 $736 $138,235 162 6/2035 $570 $739 $137,497 163 7/2035 $567 $742 $136,755 164 8/2035 $564 $745 $136,010 165 9/2035 $561 $748 $135,263 166 10/2035 $558 $751 $134,512 167 11/2035 $555 $754 $133,758 168 12/2035 $552 $757 $133,001 End of year 14 169 1/2036 $548 $760 $132,241 170 2/2036 $545 $763 $131,478 171 3/2036 $542 $766 $130,711 172 4/2036 $539 $770 $129,942 173 5/2036 $536 $773 $129,169 174 6/2036 $533 $776 $128,393 175 7/2036 $529 $779 $127,614 176 8/2036 $526 $782 $126,832 177 9/2036 $523 $786 $126,046 178 10/2036 $520 $789 $125,257 179 11/2036 $517 $792 $124,465 180 12/2036 $513 $795 $123,670 End of year 15 181 1/2037 $510 $799 $122,871 182 2/2037 $507 $802 $122,069 183 3/2037 $503 $805 $121,264 184 4/2037 $500 $809 $120,456 185 5/2037 $497 $812 $119,644 186 6/2037 $493 $815 $118,828 187 7/2037 $490 $819 $118,010 188 8/2037 $487 $822 $117,188 189 9/2037 $483 $825 $116,363 190 10/2037 $480 $829 $115,534 191 11/2037 $476 $832 $114,702 192 12/2037 $473 $836 $113,866 End of year 16 193 1/2038 $470 $839 $113,027 194 2/2038 $466 $842 $112,185 195 3/2038 $463 $846 $111,339 196 4/2038 $459 $849 $110,489 197 5/2038 $456 $853 $109,636 198 6/2038 $452 $856 $108,780 199 7/2038 $449 $860 $107,920 200 8/2038 $445 $864 $107,056 201 9/2038 $441 $867 $106,189 202 10/2038 $438 $871 $105,318 203 11/2038 $434 $874 $104,444 204 12/2038 $431 $878 $103,566 End of year 17 205 1/2039 $427 $882 $102,685 206 2/2039 $423 $885 $101,799 207 3/2039 $420 $889 $100,911 208 4/2039 $416 $892 $100,018 209 5/2039 $412 $896 $99,122 210 6/2039 $409 $900 $98,222 211 7/2039 $405 $904 $97,319 212 8/2039 $401 $907 $96,411 213 9/2039 $398 $911 $95,500 214 10/2039 $394 $915 $94,586 215 11/2039 $390 $919 $93,667 216 12/2039 $386 $922 $92,745 End of year 18 217 1/2040 $382 $926 $91,819 218 2/2040 $379 $930 $90,889 219 3/2040 $375 $934 $89,955 220 4/2040 $371 $938 $89,017 221 5/2040 $367 $942 $88,076 222 6/2040 $363 $945 $87,130 223 7/2040 $359 $949 $86,181 224 8/2040 $355 $953 $85,228 225 9/2040 $351 $957 $84,271 226 10/2040 $348 $961 $83,310 227 11/2040 $344 $965 $82,345 228 12/2040 $340 $969 $81,375 End of year 19 229 1/2041 $336 $973 $80,402 230 2/2041 $332 $977 $79,425 231 3/2041 $328 $981 $78,444 232 4/2041 $323 $985 $77,459 233 5/2041 $319 $989 $76,470 234 6/2041 $315 $993 $75,477 235 7/2041 $311 $997 $74,479 236 8/2041 $307 $1,001 $73,478 237 9/2041 $303 $1,006 $72,472 238 10/2041 $299 $1,010 $71,463 239 11/2041 $295 $1,014 $70,449 240 12/2041 $291 $1,018 $69,431 End of year 20 241 1/2042 $286 $1,022 $68,408 242 2/2042 $282 $1,027 $67,382 243 3/2042 $278 $1,031 $66,351 244 4/2042 $274 $1,035 $65,316 245 5/2042 $269 $1,039 $64,277 246 6/2042 $265 $1,044 $63,233 247 7/2042 $261 $1,048 $62,186 248 8/2042 $256 $1,052 $61,133 249 9/2042 $252 $1,057 $60,077 250 10/2042 $248 $1,061 $59,016 251 11/2042 $243 $1,065 $57,951 252 12/2042 $239 $1,070 $56,881 End of year 21 253 1/2043 $235 $1,074 $55,807 254 2/2043 $230 $1,078 $54,729 255 3/2043 $226 $1,083 $53,646 256 4/2043 $221 $1,087 $52,558 257 5/2043 $217 $1,092 $51,466 258 6/2043 $212 $1,096 $50,370 259 7/2043 $208 $1,101 $49,269 260 8/2043 $203 $1,105 $48,164 261 9/2043 $199 $1,110 $47,054 262 10/2043 $194 $1,115 $45,939 263 11/2043 $189 $1,119 $44,820 264 12/2043 $185 $1,124 $43,696 End of year 22 265 1/2044 $180 $1,128 $42,568 266 2/2044 $176 $1,133 $41,435 267 3/2044 $171 $1,138 $40,297 268 4/2044 $166 $1,142 $39,155 269 5/2044 $161 $1,147 $38,008 270 6/2044 $157 $1,152 $36,856 271 7/2044 $152 $1,157 $35,699 272 8/2044 $147 $1,161 $34,538 273 9/2044 $142 $1,166 $33,371 274 10/2044 $138 $1,171 $32,200 275 11/2044 $133 $1,176 $31,025 276 12/2044 $128 $1,181 $29,844 End of year 23 277 1/2045 $123 $1,186 $28,658 278 2/2045 $118 $1,190 $27,468 279 3/2045 $113 $1,195 $26,273 280 4/2045 $108 $1,200 $25,072 281 5/2045 $103 $1,205 $23,867 282 6/2045 $98 $1,210 $22,657 283 7/2045 $93 $1,215 $21,442 284 8/2045 $88 $1,220 $20,222 285 9/2045 $83 $1,225 $18,996 286 10/2045 $78 $1,230 $17,766 287 11/2045 $73 $1,235 $16,531 288 12/2045 $68 $1,240 $15,290 End of year 24 289 1/2046 $63 $1,246 $14,045 290 2/2046 $58 $1,251 $12,794 291 3/2046 $53 $1,256 $11,538 292 4/2046 $48 $1,261 $10,277 293 5/2046 $42 $1,266 $9,011 294 6/2046 $37 $1,271 $7,740 295 7/2046 $32 $1,277 $6,463 296 8/2046 $27 $1,282 $5,181 297 9/2046 $21 $1,287 $3,894 298 10/2046 $16 $1,293 $2,601 299 11/2046 $11 $1,298 $1,303 300 12/2046 $5 $1,303 $-0 End of year 25
Year Date Interest Principal Ending Balance 1 1/22-12/22 $11,030 $4,674 $220,326 2 1/23-12/23 $10,793 $4,910 $215,416 3 1/24-12/24 $10,544 $5,159 $210,257 4 1/25-12/25 $10,283 $5,420 $204,836 5 1/26-12/26 $10,009 $5,695 $199,142 6 1/27-12/27 $9,720 $5,983 $193,159 7 1/28-12/28 $9,418 $6,286 $186,873 8 1/29-12/29 $9,099 $6,604 $180,269 9 1/30-12/30 $8,765 $6,938 $173,331 10 1/31-12/31 $8,414 $7,290 $166,041 11 1/32-12/32 $8,045 $7,659 $158,383 12 1/33-12/33 $7,657 $8,046 $150,336 13 1/34-12/34 $7,250 $8,454 $141,883 14 1/35-12/35 $6,822 $8,882 $133,001 15 1/36-12/36 $6,372 $9,331 $123,670 16 1/37-12/37 $5,900 $9,804 $113,866 17 1/38-12/38 $5,403 $10,300 $103,566 18 1/39-12/39 $4,882 $10,821 $92,745 19 1/40-12/40 $4,334 $11,369 $81,375 20 1/41-12/41 $3,759 $11,945 $69,431 21 1/42-12/42 $3,154 $12,550 $56,881 22 1/43-12/43 $2,518 $13,185 $43,696 23 1/44-12/44 $1,851 $13,852 $29,844 24 1/45-12/45 $1,150 $14,554 $15,290 25 1/46-12/46 $413 $15,290 $-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.
