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: $2,326.42
Monthly
Total
Mortgage Payment
$2,326.42
$697,925.98
Property Tax
$125.00
$37,500.00
Home Insurance
$208.33
$62,500.00
Other Costs
$500.00
$150,000.00
Total Out-of-Pocket
$3,159.75
$947,925.98
House Price
$500,000.00
Loan Amount
$400,000.00
Down Payment
$100,000.00
Total of 300 Mortgage Payments
$697,925.98
Total Interest
$297,925.98
Mortgage Payoff Date
Apr. 2051
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
04/2026
$1,650
$677
$399,323
2
5/2026
$1,647
$680
$398,644
3
6/2026
$1,644
$682
$397,961
4
7/2026
$1,641
$685
$397,276
5
8/2026
$1,638
$688
$396,588
6
9/2026
$1,635
$691
$395,897
7
10/2026
$1,633
$694
$395,203
8
11/2026
$1,630
$697
$394,506
9
12/2026
$1,627
$700
$393,807
10
1/2027
$1,624
$702
$393,104
11
2/2027
$1,621
$705
$392,399
12
3/2027
$1,618
$708
$391,691
End of year 1
13
4/2027
$1,615
$711
$390,980
14
5/2027
$1,612
$714
$390,266
15
6/2027
$1,609
$717
$389,549
16
7/2027
$1,606
$720
$388,829
17
8/2027
$1,603
$723
$388,106
18
9/2027
$1,601
$726
$387,380
19
10/2027
$1,598
$729
$386,651
20
11/2027
$1,595
$732
$385,919
21
12/2027
$1,591
$735
$385,184
22
1/2028
$1,588
$738
$384,446
23
2/2028
$1,585
$741
$383,705
24
3/2028
$1,582
$744
$382,961
End of year 2
25
4/2028
$1,579
$747
$382,214
26
5/2028
$1,576
$750
$381,464
27
6/2028
$1,573
$753
$380,711
28
7/2028
$1,570
$756
$379,954
29
8/2028
$1,567
$760
$379,195
30
9/2028
$1,564
$763
$378,432
31
10/2028
$1,561
$766
$377,666
32
11/2028
$1,557
$769
$376,897
33
12/2028
$1,554
$772
$376,125
34
1/2029
$1,551
$775
$375,350
35
2/2029
$1,548
$779
$374,571
36
3/2029
$1,545
$782
$373,790
End of year 3
37
4/2029
$1,541
$785
$373,005
38
5/2029
$1,538
$788
$372,217
39
6/2029
$1,535
$791
$371,425
40
7/2029
$1,532
$795
$370,630
41
8/2029
$1,528
$798
$369,832
42
9/2029
$1,525
$801
$369,031
43
10/2029
$1,522
$805
$368,227
44
11/2029
$1,519
$808
$367,419
45
12/2029
$1,515
$811
$366,608
46
1/2030
$1,512
$815
$365,793
47
2/2030
$1,508
$818
$364,975
48
3/2030
$1,505
$821
$364,154
End of year 4
49
4/2030
$1,502
$825
$363,329
50
5/2030
$1,498
$828
$362,501
51
6/2030
$1,495
$831
$361,670
52
7/2030
$1,491
$835
$360,835
53
8/2030
$1,488
$838
$359,996
54
9/2030
$1,485
$842
$359,154
55
10/2030
$1,481
$845
$358,309
56
11/2030
$1,478
$849
$357,460
57
12/2030
$1,474
$852
$356,608
58
1/2031
$1,471
$856
$355,752
59
2/2031
$1,467
$859
$354,893
60
3/2031
$1,464
$863
$354,030
End of year 5
61
4/2031
$1,460
$866
$353,164
62
5/2031
$1,456
$870
$352,294
63
6/2031
$1,453
$874
$351,420
64
7/2031
$1,449
$877
$350,543
65
8/2031
$1,446
$881
$349,662
66
9/2031
$1,442
$884
$348,778
67
10/2031
$1,438
$888
$347,889
68
11/2031
$1,435
$892
$346,998
69
12/2031
$1,431
$895
$346,102
70
1/2032
$1,427
$899
$345,203
71
2/2032
$1,424
$903
$344,300
72
3/2032
$1,420
$907
$343,394
End of year 6
73
4/2032
$1,416
$910
$342,483
74
5/2032
$1,412
$914
$341,569
75
6/2032
$1,409
$918
$340,652
76
7/2032
$1,405
$922
$339,730
77
8/2032
$1,401
$925
$338,805
78
9/2032
$1,397
$929
$337,875
79
10/2032
$1,393
$933
$336,942
80
11/2032
$1,390
$937
$336,005
81
12/2032
$1,386
$941
$335,065
82
1/2033
$1,382
$945
$334,120
83
2/2033
$1,378
$949
$333,172
84
3/2033
$1,374
$952
$332,219
End of year 7
85
4/2033
$1,370
$956
$331,263
86
5/2033
$1,366
$960
$330,302
87
6/2033
$1,362
$964
$329,338
88
7/2033
$1,358
$968
$328,370
89
8/2033
$1,354
$972
$327,398
90
9/2033
$1,350
$976
$326,421
91
10/2033
$1,346
$980
$325,441
92
11/2033
$1,342
$984
$324,457
93
12/2033
$1,338
$988
$323,468
94
1/2034
$1,334
$992
$322,476
95
2/2034
$1,330
$997
$321,479
96
3/2034
$1,326
$1,001
$320,479
End of year 8
97
4/2034
$1,322
$1,005
$319,474
98
5/2034
$1,317
$1,009
$318,465
99
6/2034
$1,313
$1,013
$317,452
100
7/2034
$1,309
$1,017
$316,435
101
8/2034
$1,305
$1,021
$315,413
102
9/2034
$1,301
$1,026
$314,387
103
10/2034
$1,297
$1,030
$313,357
104
11/2034
$1,292
$1,034
$312,323
105
12/2034
$1,288
$1,038
$311,285
106
1/2035
$1,284
$1,043
$310,242
107
2/2035
$1,279
$1,047
$309,195
108
3/2035
$1,275
$1,051
$308,144
End of year 9
109
4/2035
$1,271
$1,056
$307,088
110
5/2035
$1,266
$1,060
$306,028
111
6/2035
$1,262
$1,064
$304,964
112
7/2035
$1,258
$1,069
$303,895
113
8/2035
$1,253
$1,073
$302,822
114
9/2035
$1,249
$1,078
$301,744
115
10/2035
$1,244
$1,082
$300,662
116
11/2035
$1,240
$1,087
$299,576
117
12/2035
$1,235
$1,091
$298,485
118
1/2036
$1,231
$1,095
$297,389
119
2/2036
$1,226
$1,100
$296,289
120
3/2036
$1,222
$1,105
$295,185
End of year 10
121
4/2036
$1,217
$1,109
$294,075
122
5/2036
$1,213
$1,114
$292,962
123
6/2036
$1,208
$1,118
$291,844
124
7/2036
$1,204
$1,123
$290,721
125
8/2036
$1,199
$1,128
$289,593
126
9/2036
$1,194
$1,132
$288,461
127
10/2036
$1,190
$1,137
$287,324
128
11/2036
$1,185
$1,142
$286,183
129
12/2036
$1,180
$1,146
$285,036
130
1/2037
$1,175
$1,151
$283,885
131
2/2037
$1,171
$1,156
$282,730
132
3/2037
$1,166
$1,160
$281,569
End of year 11
133
4/2037
$1,161
$1,165
$280,404
134
5/2037
$1,156
$1,170
$279,234
135
6/2037
$1,152
$1,175
$278,059
136
7/2037
$1,147
$1,180
$276,879
137
8/2037
$1,142
$1,185
$275,695
138
9/2037
$1,137
$1,189
$274,505
139
10/2037
$1,132
$1,194
$273,311
140
11/2037
$1,127
$1,199
$272,112
141
12/2037
$1,122
$1,204
$270,907
142
1/2038
$1,117
$1,209
$269,698
143
2/2038
$1,112
$1,214
$268,484
144
3/2038
$1,107
$1,219
$267,265
End of year 12
145
4/2038
$1,102
$1,224
$266,040
146
5/2038
$1,097
$1,229
$264,811
147
6/2038
$1,092
$1,234
$263,577
148
7/2038
$1,087
$1,239
$262,337
149
8/2038
$1,082
$1,245
$261,093
150
9/2038
$1,077
$1,250
$259,843
151
10/2038
$1,072
$1,255
$258,588
152
11/2038
$1,066
$1,260
$257,328
153
12/2038
$1,061
$1,265
$256,063
154
1/2039
$1,056
$1,270
$254,793
155
2/2039
$1,051
$1,276
$253,517
156
3/2039
$1,045
$1,281
$252,236
End of year 13
157
4/2039
$1,040
$1,286
$250,950
158
5/2039
$1,035
$1,292
$249,658
159
6/2039
$1,030
$1,297
$248,361
160
7/2039
$1,024
$1,302
$247,059
161
8/2039
$1,019
$1,308
$245,752
162
9/2039
$1,013
$1,313
$244,439
163
10/2039
$1,008
$1,318
$243,120
164
11/2039
$1,003
$1,324
$241,796
165
12/2039
$997
$1,329
$240,467
166
1/2040
$992
$1,335
$239,132
167
2/2040
$986
$1,340
$237,792
168
3/2040
$981
$1,346
$236,446
End of year 14
169
4/2040
$975
$1,351
$235,095
170
5/2040
$970
$1,357
$233,738
171
6/2040
$964
$1,363
$232,376
172
7/2040
$958
$1,368
$231,007
173
8/2040
$953
$1,374
$229,634
174
9/2040
$947
$1,379
$228,254
175
10/2040
$941
$1,385
$226,869
176
11/2040
$936
$1,391
$225,478
177
12/2040
$930
$1,397
$224,082
178
1/2041
$924
$1,402
$222,679
179
2/2041
$918
$1,408
$221,271
180
3/2041
$913
$1,414
$219,857
End of year 15
181
4/2041
$907
$1,420
$218,438
182
5/2041
$901
$1,426
$217,012
183
6/2041
$895
$1,431
$215,581
184
7/2041
$889
$1,437
$214,143
185
8/2041
$883
$1,443
$212,700
186
9/2041
$877
$1,449
$211,251
187
10/2041
$871
$1,455
$209,795
188
11/2041
$865
$1,461
$208,334
189
12/2041
$859
$1,467
$206,867
190
1/2042
$853
$1,473
$205,394
191
2/2042
$847
$1,479
$203,914
192
3/2042
$841
$1,485
$202,429
End of year 16
193
4/2042
$835
$1,492
$200,937
194
5/2042
$829
$1,498
$199,439
195
6/2042
$822
$1,504
$197,935
196
7/2042
$816
$1,510
$196,425
197
8/2042
$810
$1,516
$194,909
198
9/2042
$804
$1,523
$193,386
199
10/2042
$798
$1,529
$191,857
200
11/2042
$791
$1,535
$190,322
201
12/2042
$785
$1,542
$188,781
202
1/2043
$779
$1,548
$187,233
203
2/2043
$772
$1,554
$185,678
204
3/2043
$766
$1,561
$184,118
End of year 17
205
4/2043
$759
$1,567
$182,550
206
5/2043
$753
$1,574
$180,977
207
6/2043
$746
$1,580
$179,397
208
7/2043
$740
$1,587
$177,810
209
8/2043
$733
$1,593
$176,217
210
9/2043
$727
$1,600
$174,617
211
10/2043
$720
$1,606
$173,011
212
11/2043
$713
$1,613
$171,398
213
12/2043
$707
$1,620
$169,778
214
1/2044
$700
$1,626
$168,152
215
2/2044
$693
$1,633
$166,519
216
3/2044
$687
$1,640
$164,880
End of year 18
217
4/2044
$680
$1,646
$163,233
218
5/2044
$673
$1,653
$161,580
219
6/2044
$666
$1,660
$159,920
220
7/2044
$659
$1,667
$158,253
221
8/2044
$653
$1,674
$156,579
222
9/2044
$646
$1,681
$154,898
223
10/2044
$639
$1,688
$153,211
224
11/2044
$632
$1,695
$151,516
225
12/2044
$625
$1,702
$149,814
226
1/2045
$618
$1,709
$148,106
227
2/2045
$611
$1,716
$146,390
228
3/2045
$604
$1,723
$144,668
End of year 19
229
4/2045
$597
$1,730
$142,938
230
5/2045
$589
$1,737
$141,201
231
6/2045
$582
$1,744
$139,457
232
7/2045
$575
$1,751
$137,705
233
8/2045
$568
$1,759
$135,947
234
9/2045
$561
$1,766
$134,181
235
10/2045
$553
$1,773
$132,408
236
11/2045
$546
$1,780
$130,628
237
12/2045
$539
$1,788
$128,840
238
1/2046
$531
$1,795
$127,045
239
2/2046
$524
$1,802
$125,242
240
3/2046
$516
$1,810
$123,432
End of year 20
241
4/2046
$509
$1,817
$121,615
242
5/2046
$502
$1,825
$119,790
243
6/2046
$494
$1,832
$117,958
244
7/2046
$486
$1,840
$116,118
245
8/2046
$479
$1,848
$114,270
246
9/2046
$471
$1,855
$112,415
247
10/2046
$464
$1,863
$110,552
248
11/2046
$456
$1,871
$108,682
249
12/2046
$448
$1,878
$106,803
250
1/2047
$440
$1,886
$104,917
251
2/2047
$433
$1,894
$103,024
252
3/2047
$425
$1,902
$101,122
End of year 21
253
4/2047
$417
$1,909
$99,213
254
5/2047
$409
$1,917
$97,295
255
6/2047
$401
$1,925
$95,370
256
7/2047
$393
$1,933
$93,437
257
8/2047
$385
$1,941
$91,496
258
9/2047
$377
$1,949
$89,547
259
10/2047
$369
$1,957
$87,590
260
11/2047
$361
$1,965
$85,625
261
12/2047
$353
$1,973
$83,651
262
1/2048
$345
$1,981
$81,670
263
2/2048
$337
$1,990
$79,680
264
3/2048
$329
$1,998
$77,682
End of year 22
265
4/2048
$320
$2,006
$75,676
266
5/2048
$312
$2,014
$73,662
267
6/2048
$304
$2,023
$71,639
268
7/2048
$295
$2,031
$69,608
269
8/2048
$287
$2,039
$67,569
270
9/2048
$279
$2,048
$65,521
271
10/2048
$270
$2,056
$63,465
272
11/2048
$262
$2,065
$61,400
273
12/2048
$253
$2,073
$59,327
274
1/2049
$245
$2,082
$57,245
275
2/2049
$236
$2,090
$55,155
276
3/2049
$227
$2,099
$53,056
End of year 23
277
4/2049
$219
$2,108
$50,948
278
5/2049
$210
$2,116
$48,832
279
6/2049
$201
$2,125
$46,707
280
7/2049
$193
$2,134
$44,573
281
8/2049
$184
$2,143
$42,431
282
9/2049
$175
$2,151
$40,279
283
10/2049
$166
$2,160
$38,119
284
11/2049
$157
$2,169
$35,950
285
12/2049
$148
$2,178
$33,771
286
1/2050
$139
$2,187
$31,584
287
2/2050
$130
$2,196
$29,388
288
3/2050
$121
$2,205
$27,183
End of year 24
289
4/2050
$112
$2,214
$24,969
290
5/2050
$103
$2,223
$22,745
291
6/2050
$94
$2,233
$20,512
292
7/2050
$85
$2,242
$18,271
293
8/2050
$75
$2,251
$16,020
294
9/2050
$66
$2,260
$13,759
295
10/2050
$57
$2,270
$11,490
296
11/2050
$47
$2,279
$9,211
297
12/2050
$38
$2,288
$6,922
298
1/2051
$29
$2,298
$4,624
299
2/2051
$19
$2,307
$2,317
300
3/2051
$10
$2,317
$0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
4/26-3/27
$19,608
$8,309
$391,691
2
4/27-3/28
$19,187
$8,730
$382,961
3
4/28-3/29
$18,745
$9,172
$373,790
4
4/29-3/30
$18,281
$9,636
$364,154
5
4/30-3/31
$17,793
$10,124
$354,030
6
4/31-3/32
$17,281
$10,636
$343,394
7
4/32-3/33
$16,742
$11,175
$332,219
8
4/33-3/34
$16,177
$11,740
$320,479
9
4/34-3/35
$15,582
$12,335
$308,144
10
4/35-3/36
$14,958
$12,959
$295,185
11
4/36-3/37
$14,302
$13,615
$281,569
12
4/37-3/38
$13,612
$14,305
$267,265
13
4/38-3/39
$12,888
$15,029
$252,236
14
4/39-3/40
$12,127
$15,790
$236,446
15
4/40-3/41
$11,328
$16,589
$219,857
16
4/41-3/42
$10,488
$17,429
$202,429
17
4/42-3/43
$9,606
$18,311
$184,118
18
4/43-3/44
$8,679
$19,238
$164,880
19
4/44-3/45
$7,705
$20,212
$144,668
20
4/45-3/46
$6,682
$21,235
$123,432
21
4/46-3/47
$5,607
$22,310
$101,122
22
4/47-3/48
$4,477
$23,440
$77,682
23
4/48-3/49
$3,291
$24,626
$53,056
24
4/49-3/50
$2,044
$25,873
$27,183
25
4/50-3/51
$734
$27,183
$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.
