Canadian Mortgage Calculator
Monthly Pay: $1,464.94 Monthly Total Mortgage Payment $1,464.94 $439,481.87 Property Tax $312.50 $93,750.00 Home Insurance $100.00 $30,000.00 Total Out-of-Pocket $1,877.44 $563,231.87 78% 17% 5% Mortgage Payment Property Taxes Home Insurance
House Price $300,000.00 Loan Amount $240,000.00 Down Payment $60,000.00 Total of 300 Mortgage Payments $439,481.87 Total Interest $199,481.87 Mortgage Payoff Date Jun. 2048
Amortization schedule Year $0 $100K $200K $300K $400K 0 5 10 15 20 25 Balance Interest Payment
Month Date Interest Principal Ending Balance 1 6/2023 $1,088 $377 $239,623 2 7/2023 $1,086 $379 $239,244 3 8/2023 $1,084 $381 $238,863 4 9/2023 $1,082 $382 $238,480 5 10/2023 $1,081 $384 $238,096 6 11/2023 $1,079 $386 $237,710 7 12/2023 $1,077 $388 $237,322 8 1/2024 $1,075 $389 $236,933 9 2/2024 $1,074 $391 $236,542 10 3/2024 $1,072 $393 $236,149 11 4/2024 $1,070 $395 $235,754 12 5/2024 $1,068 $397 $235,357 End of year 1 13 6/2024 $1,067 $398 $234,959 14 7/2024 $1,065 $400 $234,559 15 8/2024 $1,063 $402 $234,157 16 9/2024 $1,061 $404 $233,753 17 10/2024 $1,059 $406 $233,347 18 11/2024 $1,057 $407 $232,940 19 12/2024 $1,056 $409 $232,531 20 1/2025 $1,054 $411 $232,119 21 2/2025 $1,052 $413 $231,706 22 3/2025 $1,050 $415 $231,291 23 4/2025 $1,048 $417 $230,875 24 5/2025 $1,046 $419 $230,456 End of year 2 25 6/2025 $1,044 $421 $230,035 26 7/2025 $1,042 $422 $229,613 27 8/2025 $1,041 $424 $229,188 28 9/2025 $1,039 $426 $228,762 29 10/2025 $1,037 $428 $228,334 30 11/2025 $1,035 $430 $227,904 31 12/2025 $1,033 $432 $227,471 32 1/2026 $1,031 $434 $227,037 33 2/2026 $1,029 $436 $226,601 34 3/2026 $1,027 $438 $226,163 35 4/2026 $1,025 $440 $225,723 36 5/2026 $1,023 $442 $225,281 End of year 3 37 6/2026 $1,021 $444 $224,837 38 7/2026 $1,019 $446 $224,391 39 8/2026 $1,017 $448 $223,943 40 9/2026 $1,015 $450 $223,493 41 10/2026 $1,013 $452 $223,041 42 11/2026 $1,011 $454 $222,587 43 12/2026 $1,009 $456 $222,130 44 1/2027 $1,007 $458 $221,672 45 2/2027 $1,005 $460 $221,212 46 3/2027 $1,002 $462 $220,749 47 4/2027 $1,000 $465 $220,285 48 5/2027 $998 $467 $219,818 End of year 4 49 6/2027 $996 $469 $219,349 50 7/2027 $994 $471 $218,878 51 8/2027 $992 $473 $218,405 52 9/2027 $990 $475 $217,930 53 10/2027 $988 $477 $217,453 54 11/2027 $985 $480 $216,973 55 12/2027 $983 $482 $216,491 56 1/2028 $981 $484 $216,008 57 2/2028 $979 $486 $215,521 58 3/2028 $977 $488 $215,033 59 4/2028 $974 $490 $214,543 60 5/2028 $972 $493 $214,050 End of year 5 61 6/2028 $970 $495 $213,555 62 7/2028 $968 $497 $213,058 63 8/2028 $966 $499 $212,558 64 9/2028 $963 $502 $212,057 65 10/2028 $961 $504 $211,553 66 11/2028 $959 $506 $211,047 67 12/2028 $956 $509 $210,538 68 1/2029 $954 $511 $210,027 69 2/2029 $952 $513 $209,514 70 3/2029 $949 $515 $208,999 71 4/2029 $947 $518 $208,481 72 5/2029 $945 $520 $207,961 End of year 6 73 6/2029 $942 $523 $207,438 74 7/2029 $940 $525 $206,913 75 8/2029 $938 $527 $206,386 76 9/2029 $935 $530 $205,856 77 10/2029 $933 $532 $205,324 78 11/2029 $930 $534 $204,790 79 12/2029 $928 $537 $204,253 80 1/2030 $926 $539 $203,713 81 2/2030 $923 $542 $203,172 82 3/2030 $921 $544 $202,627 83 4/2030 $918 $547 $202,081 84 5/2030 $916 $549 $201,532 End of year 7 85 6/2030 $913 $552 $200,980 86 7/2030 $911 $554 $200,426 87 8/2030 $908 $557 $199,869 88 9/2030 $906 $559 $199,310 89 10/2030 $903 $562 $198,748 90 11/2030 $901 $564 $198,184 91 12/2030 $898 $567 $197,617 92 1/2031 $896 $569 $197,048 93 2/2031 $893 $572 $196,476 94 3/2031 $890 $575 $195,901 95 4/2031 $888 $577 $195,324 96 5/2031 $885 $580 $194,744 End of year 8 97 6/2031 $883 $582 $194,162 98 7/2031 $880 $585 $193,577 99 8/2031 $877 $588 $192,989 100 9/2031 $875 $590 $192,398 101 10/2031 $872 $593 $191,805 102 11/2031 $869 $596 $191,210 103 12/2031 $867 $598 $190,611 104 1/2032 $864 $601 $190,010 105 2/2032 $861 $604 $189,406 106 3/2032 $858 $607 $188,800 107 4/2032 $856 $609 $188,190 108 5/2032 $853 $612 $187,578 End of year 9 109 6/2032 $850 $615 $186,963 110 7/2032 $847 $618 $186,346 111 8/2032 $844 $620 $185,725 112 9/2032 $842 $623 $185,102 113 10/2032 $839 $626 $184,476 114 11/2032 $836 $629 $183,847 115 12/2032 $833 $632 $183,215 116 1/2033 $830 $635 $182,580 117 2/2033 $827 $638 $181,943 118 3/2033 $825 $640 $181,302 119 4/2033 $822 $643 $180,659 120 5/2033 $819 $646 $180,013 End of year 10 121 6/2033 $816 $649 $179,363 122 7/2033 $813 $652 $178,711 123 8/2033 $810 $655 $178,056 124 9/2033 $807 $658 $177,398 125 10/2033 $804 $661 $176,737 126 11/2033 $801 $664 $176,073 127 12/2033 $798 $667 $175,406 128 1/2034 $795 $670 $174,736 129 2/2034 $792 $673 $174,063 130 3/2034 $789 $676 $173,387 131 4/2034 $786 $679 $172,708 132 5/2034 $783 $682 $172,025 End of year 11 133 6/2034 $780 $685 $171,340 134 7/2034 $776 $688 $170,652 135 8/2034 $773 $692 $169,960 136 9/2034 $770 $695 $169,265 137 10/2034 $767 $698 $168,567 138 11/2034 $764 $701 $167,866 139 12/2034 $761 $704 $167,162 140 1/2035 $758 $707 $166,455 141 2/2035 $754 $711 $165,744 142 3/2035 $751 $714 $165,030 143 4/2035 $748 $717 $164,313 144 5/2035 $745 $720 $163,593 End of year 12 145 6/2035 $741 $724 $162,869 146 7/2035 $738 $727 $162,142 147 8/2035 $735 $730 $161,412 148 9/2035 $731 $733 $160,679 149 10/2035 $728 $737 $159,942 150 11/2035 $725 $740 $159,202 151 12/2035 $721 $743 $158,458 152 1/2036 $718 $747 $157,711 153 2/2036 $715 $750 $156,961 154 3/2036 $711 $754 $156,208 155 4/2036 $708 $757 $155,450 156 5/2036 $704 $760 $154,690 End of year 13 157 6/2036 $701 $764 $153,926 158 7/2036 $698 $767 $153,159 159 8/2036 $694 $771 $152,388 160 9/2036 $691 $774 $151,613 161 10/2036 $687 $778 $150,836 162 11/2036 $684 $781 $150,054 163 12/2036 $680 $785 $149,269 164 1/2037 $676 $788 $148,481 165 2/2037 $673 $792 $147,689 166 3/2037 $669 $796 $146,893 167 4/2037 $666 $799 $146,094 168 5/2037 $662 $803 $145,291 End of year 14 169 6/2037 $658 $807 $144,484 170 7/2037 $655 $810 $143,674 171 8/2037 $651 $814 $142,860 172 9/2037 $647 $818 $142,043 173 10/2037 $644 $821 $141,221 174 11/2037 $640 $825 $140,396 175 12/2037 $636 $829 $139,568 176 1/2038 $632 $832 $138,735 177 2/2038 $629 $836 $137,899 178 3/2038 $625 $840 $137,059 179 4/2038 $621 $844 $136,215 180 5/2038 $617 $848 $135,368 End of year 15 181 6/2038 $613 $851 $134,516 182 7/2038 $610 $855 $133,661 183 8/2038 $606 $859 $132,801 184 9/2038 $602 $863 $131,938 185 10/2038 $598 $867 $131,071 186 11/2038 $594 $871 $130,200 187 12/2038 $590 $875 $129,325 188 1/2039 $586 $879 $128,447 189 2/2039 $582 $883 $127,564 190 3/2039 $578 $887 $126,677 191 4/2039 $574 $891 $125,786 192 5/2039 $570 $895 $124,891 End of year 16 193 6/2039 $566 $899 $123,992 194 7/2039 $562 $903 $123,089 195 8/2039 $558 $907 $122,182 196 9/2039 $554 $911 $121,271 197 10/2039 $550 $915 $120,355 198 11/2039 $545 $920 $119,436 199 12/2039 $541 $924 $118,512 200 1/2040 $537 $928 $117,584 201 2/2040 $533 $932 $116,652 202 3/2040 $529 $936 $115,716 203 4/2040 $524 $941 $114,775 204 5/2040 $520 $945 $113,830 End of year 17 205 6/2040 $516 $949 $112,881 206 7/2040 $512 $953 $111,928 207 8/2040 $507 $958 $110,970 208 9/2040 $503 $962 $110,008 209 10/2040 $499 $966 $109,042 210 11/2040 $494 $971 $108,071 211 12/2040 $490 $975 $107,096 212 1/2041 $485 $980 $106,116 213 2/2041 $481 $984 $105,132 214 3/2041 $476 $989 $104,143 215 4/2041 $472 $993 $103,150 216 5/2041 $467 $997 $102,153 End of year 18 217 6/2041 $463 $1,002 $101,151 218 7/2041 $458 $1,007 $100,144 219 8/2041 $454 $1,011 $99,133 220 9/2041 $449 $1,016 $98,118 221 10/2041 $445 $1,020 $97,097 222 11/2041 $440 $1,025 $96,072 223 12/2041 $435 $1,030 $95,043 224 1/2042 $431 $1,034 $94,009 225 2/2042 $426 $1,039 $92,970 226 3/2042 $421 $1,044 $91,926 227 4/2042 $417 $1,048 $90,878 228 5/2042 $412 $1,053 $89,825 End of year 19 229 6/2042 $407 $1,058 $88,767 230 7/2042 $402 $1,063 $87,704 231 8/2042 $397 $1,067 $86,637 232 9/2042 $393 $1,072 $85,564 233 10/2042 $388 $1,077 $84,487 234 11/2042 $383 $1,082 $83,405 235 12/2042 $378 $1,087 $82,318 236 1/2043 $373 $1,092 $81,226 237 2/2043 $368 $1,097 $80,129 238 3/2043 $363 $1,102 $79,027 239 4/2043 $358 $1,107 $77,921 240 5/2043 $353 $1,112 $76,809 End of year 20 241 6/2043 $348 $1,117 $75,692 242 7/2043 $343 $1,122 $74,570 243 8/2043 $338 $1,127 $73,443 244 9/2043 $333 $1,132 $72,311 245 10/2043 $328 $1,137 $71,174 246 11/2043 $323 $1,142 $70,031 247 12/2043 $317 $1,148 $68,884 248 1/2044 $312 $1,153 $67,731 249 2/2044 $307 $1,158 $66,573 250 3/2044 $302 $1,163 $65,410 251 4/2044 $296 $1,169 $64,241 252 5/2044 $291 $1,174 $63,067 End of year 21 253 6/2044 $286 $1,179 $61,888 254 7/2044 $280 $1,184 $60,704 255 8/2044 $275 $1,190 $59,514 256 9/2044 $270 $1,195 $58,318 257 10/2044 $264 $1,201 $57,118 258 11/2044 $259 $1,206 $55,912 259 12/2044 $253 $1,212 $54,700 260 1/2045 $248 $1,217 $53,483 261 2/2045 $242 $1,223 $52,261 262 3/2045 $237 $1,228 $51,032 263 4/2045 $231 $1,234 $49,799 264 5/2045 $226 $1,239 $48,559 End of year 22 265 6/2045 $220 $1,245 $47,315 266 7/2045 $214 $1,251 $46,064 267 8/2045 $209 $1,256 $44,808 268 9/2045 $203 $1,262 $43,546 269 10/2045 $197 $1,268 $42,278 270 11/2045 $192 $1,273 $41,005 271 12/2045 $186 $1,279 $39,726 272 1/2046 $180 $1,285 $38,441 273 2/2046 $174 $1,291 $37,150 274 3/2046 $168 $1,297 $35,854 275 4/2046 $162 $1,302 $34,551 276 5/2046 $157 $1,308 $33,243 End of year 23 277 6/2046 $151 $1,314 $31,929 278 7/2046 $145 $1,320 $30,608 279 8/2046 $139 $1,326 $29,282 280 9/2046 $133 $1,332 $27,950 281 10/2046 $127 $1,338 $26,612 282 11/2046 $121 $1,344 $25,267 283 12/2046 $115 $1,350 $23,917 284 1/2047 $108 $1,357 $22,560 285 2/2047 $102 $1,363 $21,198 286 3/2047 $96 $1,369 $19,829 287 4/2047 $90 $1,375 $18,454 288 5/2047 $84 $1,381 $17,072 End of year 24 289 6/2047 $77 $1,388 $15,685 290 7/2047 $71 $1,394 $14,291 291 8/2047 $65 $1,400 $12,891 292 9/2047 $58 $1,407 $11,484 293 10/2047 $52 $1,413 $10,071 294 11/2047 $46 $1,419 $8,652 295 12/2047 $39 $1,426 $7,226 296 1/2048 $33 $1,432 $5,794 297 2/2048 $26 $1,439 $4,355 298 3/2048 $20 $1,445 $2,910 299 4/2048 $13 $1,452 $1,458 300 5/2048 $7 $1,458 $-0 End of year 25
Year Date Interest Principal Ending Balance 1 6/23-5/24 $12,937 $4,643 $235,357 2 6/24-5/25 $12,678 $4,901 $230,456 3 6/25-5/26 $12,405 $5,175 $225,281 4 6/26-5/27 $12,116 $5,463 $219,818 5 6/27-5/28 $11,811 $5,768 $214,050 6 6/28-5/29 $11,490 $6,089 $207,961 7 6/29-5/30 $11,150 $6,429 $201,532 8 6/30-5/31 $10,792 $6,787 $194,744 9 6/31-5/32 $10,413 $7,166 $187,578 10 6/32-5/33 $10,014 $7,565 $180,013 11 6/33-5/34 $9,592 $7,987 $172,025 12 6/34-5/35 $9,147 $8,433 $163,593 13 6/35-5/36 $8,676 $8,903 $154,690 14 6/36-5/37 $8,180 $9,399 $145,291 15 6/37-5/38 $7,656 $9,923 $135,368 16 6/38-5/39 $7,103 $10,477 $124,891 17 6/39-5/40 $6,519 $11,061 $113,830 18 6/40-5/41 $5,902 $11,677 $102,153 19 6/41-5/42 $5,251 $12,328 $89,825 20 6/42-5/43 $4,563 $13,016 $76,809 21 6/43-5/44 $3,838 $13,742 $63,067 22 6/44-5/45 $3,072 $14,508 $48,559 23 6/45-5/46 $2,263 $15,317 $33,243 24 6/46-5/47 $1,409 $16,171 $17,072 25 6/47-5/48 $507 $17,072 $-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.
