Canadian Mortgage Calculator
Monthly Pay: $3,591.41 Monthly Total Mortgage Payment $3,591.41 $1,077,423.23 Property Tax $162.50 $48,750.00 Home Insurance $100.00 $30,000.00 Other Costs $250.00 $75,000.00 Total Out-of-Pocket $4,103.91 $1,231,173.23 88% 4% 6% 2% Mortgage Payment Property Taxes Other Cost Home Insurance
House Price $650,000.00 Loan Amount $617,500.00 Down Payment $32,500.00 Total of 300 Mortgage Payments $1,077,423.23 Total Interest $459,923.23 Mortgage Payoff Date Jun. 2047
Amortization schedule Year $0 $250K $500K $750K $1M 0 5 10 15 20 25 Balance Interest Payment
Month Date Interest Principal Ending Balance 1 6/2022 $2,547 $1,045 $616,455 2 7/2022 $2,542 $1,049 $615,406 3 8/2022 $2,538 $1,054 $614,352 4 9/2022 $2,534 $1,058 $613,295 5 10/2022 $2,529 $1,062 $612,232 6 11/2022 $2,525 $1,067 $611,166 7 12/2022 $2,520 $1,071 $610,095 8 1/2023 $2,516 $1,075 $609,019 9 2/2023 $2,512 $1,080 $607,939 10 3/2023 $2,507 $1,084 $606,855 11 4/2023 $2,503 $1,089 $605,766 12 5/2023 $2,498 $1,093 $604,673 End of year 1 13 6/2023 $2,494 $1,098 $603,575 14 7/2023 $2,489 $1,102 $602,473 15 8/2023 $2,485 $1,107 $601,366 16 9/2023 $2,480 $1,111 $600,255 17 10/2023 $2,475 $1,116 $599,139 18 11/2023 $2,471 $1,121 $598,018 19 12/2023 $2,466 $1,125 $596,893 20 1/2024 $2,462 $1,130 $595,763 21 2/2024 $2,457 $1,135 $594,628 22 3/2024 $2,452 $1,139 $593,489 23 4/2024 $2,447 $1,144 $592,345 24 5/2024 $2,443 $1,149 $591,197 End of year 2 25 6/2024 $2,438 $1,153 $590,043 26 7/2024 $2,433 $1,158 $588,885 27 8/2024 $2,429 $1,163 $587,722 28 9/2024 $2,424 $1,168 $586,554 29 10/2024 $2,419 $1,173 $585,382 30 11/2024 $2,414 $1,177 $584,205 31 12/2024 $2,409 $1,182 $583,022 32 1/2025 $2,404 $1,187 $581,835 33 2/2025 $2,399 $1,192 $580,643 34 3/2025 $2,395 $1,197 $579,446 35 4/2025 $2,390 $1,202 $578,245 36 5/2025 $2,385 $1,207 $577,038 End of year 3 37 6/2025 $2,380 $1,212 $575,826 38 7/2025 $2,375 $1,217 $574,609 39 8/2025 $2,370 $1,222 $573,388 40 9/2025 $2,365 $1,227 $572,161 41 10/2025 $2,360 $1,232 $570,929 42 11/2025 $2,354 $1,237 $569,692 43 12/2025 $2,349 $1,242 $568,450 44 1/2026 $2,344 $1,247 $567,203 45 2/2026 $2,339 $1,252 $565,950 46 3/2026 $2,334 $1,257 $564,693 47 4/2026 $2,329 $1,263 $563,430 48 5/2026 $2,324 $1,268 $562,162 End of year 4 49 6/2026 $2,318 $1,273 $560,889 50 7/2026 $2,313 $1,278 $559,611 51 8/2026 $2,308 $1,284 $558,327 52 9/2026 $2,302 $1,289 $557,038 53 10/2026 $2,297 $1,294 $555,744 54 11/2026 $2,292 $1,300 $554,445 55 12/2026 $2,286 $1,305 $553,140 56 1/2027 $2,281 $1,310 $551,829 57 2/2027 $2,276 $1,316 $550,514 58 3/2027 $2,270 $1,321 $549,193 59 4/2027 $2,265 $1,327 $547,866 60 5/2027 $2,259 $1,332 $546,534 End of year 5 61 6/2027 $2,254 $1,338 $545,196 62 7/2027 $2,248 $1,343 $543,853 63 8/2027 $2,243 $1,349 $542,505 64 9/2027 $2,237 $1,354 $541,150 65 10/2027 $2,232 $1,360 $539,791 66 11/2027 $2,226 $1,365 $538,425 67 12/2027 $2,220 $1,371 $537,054 68 1/2028 $2,215 $1,377 $535,678 69 2/2028 $2,209 $1,382 $534,295 70 3/2028 $2,203 $1,388 $532,907 71 4/2028 $2,198 $1,394 $531,514 72 5/2028 $2,192 $1,399 $530,114 End of year 6 73 6/2028 $2,186 $1,405 $528,709 74 7/2028 $2,180 $1,411 $527,298 75 8/2028 $2,175 $1,417 $525,881 76 9/2028 $2,169 $1,423 $524,458 77 10/2028 $2,163 $1,429 $523,030 78 11/2028 $2,157 $1,434 $521,595 79 12/2028 $2,151 $1,440 $520,155 80 1/2029 $2,145 $1,446 $518,708 81 2/2029 $2,139 $1,452 $517,256 82 3/2029 $2,133 $1,458 $515,798 83 4/2029 $2,127 $1,464 $514,334 84 5/2029 $2,121 $1,470 $512,863 End of year 7 85 6/2029 $2,115 $1,476 $511,387 86 7/2029 $2,109 $1,482 $509,904 87 8/2029 $2,103 $1,489 $508,416 88 9/2029 $2,097 $1,495 $506,921 89 10/2029 $2,090 $1,501 $505,420 90 11/2029 $2,084 $1,507 $503,913 91 12/2029 $2,078 $1,513 $502,400 92 1/2030 $2,072 $1,520 $500,880 93 2/2030 $2,066 $1,526 $499,354 94 3/2030 $2,059 $1,532 $497,822 95 4/2030 $2,053 $1,538 $496,284 96 5/2030 $2,047 $1,545 $494,739 End of year 8 97 6/2030 $2,040 $1,551 $493,188 98 7/2030 $2,034 $1,558 $491,630 99 8/2030 $2,027 $1,564 $490,066 100 9/2030 $2,021 $1,570 $488,496 101 10/2030 $2,015 $1,577 $486,919 102 11/2030 $2,008 $1,583 $485,335 103 12/2030 $2,001 $1,590 $483,746 104 1/2031 $1,995 $1,596 $482,149 105 2/2031 $1,988 $1,603 $480,546 106 3/2031 $1,982 $1,610 $478,936 107 4/2031 $1,975 $1,616 $477,320 108 5/2031 $1,968 $1,623 $475,697 End of year 9 109 6/2031 $1,962 $1,630 $474,067 110 7/2031 $1,955 $1,636 $472,431 111 8/2031 $1,948 $1,643 $470,788 112 9/2031 $1,941 $1,650 $469,138 113 10/2031 $1,935 $1,657 $467,481 114 11/2031 $1,928 $1,664 $465,818 115 12/2031 $1,921 $1,670 $464,147 116 1/2032 $1,914 $1,677 $462,470 117 2/2032 $1,907 $1,684 $460,786 118 3/2032 $1,900 $1,691 $459,094 119 4/2032 $1,893 $1,698 $457,396 120 5/2032 $1,886 $1,705 $455,691 End of year 10 121 6/2032 $1,879 $1,712 $453,979 122 7/2032 $1,872 $1,719 $452,260 123 8/2032 $1,865 $1,726 $450,533 124 9/2032 $1,858 $1,733 $448,800 125 10/2032 $1,851 $1,741 $447,059 126 11/2032 $1,844 $1,748 $445,312 127 12/2032 $1,836 $1,755 $443,557 128 1/2033 $1,829 $1,762 $441,794 129 2/2033 $1,822 $1,769 $440,025 130 3/2033 $1,815 $1,777 $438,248 131 4/2033 $1,807 $1,784 $436,464 132 5/2033 $1,800 $1,791 $434,673 End of year 11 133 6/2033 $1,793 $1,799 $432,874 134 7/2033 $1,785 $1,806 $431,067 135 8/2033 $1,778 $1,814 $429,254 136 9/2033 $1,770 $1,821 $427,433 137 10/2033 $1,763 $1,829 $425,604 138 11/2033 $1,755 $1,836 $423,768 139 12/2033 $1,748 $1,844 $421,924 140 1/2034 $1,740 $1,851 $420,072 141 2/2034 $1,732 $1,859 $418,213 142 3/2034 $1,725 $1,867 $416,346 143 4/2034 $1,717 $1,874 $414,472 144 5/2034 $1,709 $1,882 $412,590 End of year 12 145 6/2034 $1,701 $1,890 $410,700 146 7/2034 $1,694 $1,898 $408,802 147 8/2034 $1,686 $1,906 $406,897 148 9/2034 $1,678 $1,913 $404,983 149 10/2034 $1,670 $1,921 $403,062 150 11/2034 $1,662 $1,929 $401,133 151 12/2034 $1,654 $1,937 $399,196 152 1/2035 $1,646 $1,945 $397,250 153 2/2035 $1,638 $1,953 $395,297 154 3/2035 $1,630 $1,961 $393,336 155 4/2035 $1,622 $1,969 $391,367 156 5/2035 $1,614 $1,977 $389,389 End of year 13 157 6/2035 $1,606 $1,986 $387,404 158 7/2035 $1,598 $1,994 $385,410 159 8/2035 $1,589 $2,002 $383,408 160 9/2035 $1,581 $2,010 $381,398 161 10/2035 $1,573 $2,019 $379,379 162 11/2035 $1,565 $2,027 $377,352 163 12/2035 $1,556 $2,035 $375,317 164 1/2036 $1,548 $2,044 $373,273 165 2/2036 $1,539 $2,052 $371,221 166 3/2036 $1,531 $2,061 $369,161 167 4/2036 $1,522 $2,069 $367,092 168 5/2036 $1,514 $2,078 $365,014 End of year 14 169 6/2036 $1,505 $2,086 $362,928 170 7/2036 $1,497 $2,095 $360,833 171 8/2036 $1,488 $2,103 $358,730 172 9/2036 $1,479 $2,112 $356,618 173 10/2036 $1,471 $2,121 $354,497 174 11/2036 $1,462 $2,129 $352,368 175 12/2036 $1,453 $2,138 $350,229 176 1/2037 $1,444 $2,147 $348,082 177 2/2037 $1,435 $2,156 $345,926 178 3/2037 $1,427 $2,165 $343,761 179 4/2037 $1,418 $2,174 $341,588 180 5/2037 $1,409 $2,183 $339,405 End of year 15 181 6/2037 $1,400 $2,192 $337,213 182 7/2037 $1,391 $2,201 $335,012 183 8/2037 $1,382 $2,210 $332,803 184 9/2037 $1,372 $2,219 $330,584 185 10/2037 $1,363 $2,228 $328,355 186 11/2037 $1,354 $2,237 $326,118 187 12/2037 $1,345 $2,247 $323,872 188 1/2038 $1,336 $2,256 $321,616 189 2/2038 $1,326 $2,265 $319,351 190 3/2038 $1,317 $2,274 $317,076 191 4/2038 $1,308 $2,284 $314,793 192 5/2038 $1,298 $2,293 $312,499 End of year 16 193 6/2038 $1,289 $2,303 $310,197 194 7/2038 $1,279 $2,312 $307,884 195 8/2038 $1,270 $2,322 $305,563 196 9/2038 $1,260 $2,331 $303,231 197 10/2038 $1,251 $2,341 $300,890 198 11/2038 $1,241 $2,351 $298,540 199 12/2038 $1,231 $2,360 $296,180 200 1/2039 $1,221 $2,370 $293,810 201 2/2039 $1,212 $2,380 $291,430 202 3/2039 $1,202 $2,390 $289,040 203 4/2039 $1,192 $2,399 $286,641 204 5/2039 $1,182 $2,409 $284,232 End of year 17 205 6/2039 $1,172 $2,419 $281,812 206 7/2039 $1,162 $2,429 $279,383 207 8/2039 $1,152 $2,439 $276,944 208 9/2039 $1,142 $2,449 $274,494 209 10/2039 $1,132 $2,459 $272,035 210 11/2039 $1,122 $2,470 $269,566 211 12/2039 $1,112 $2,480 $267,086 212 1/2040 $1,101 $2,490 $264,596 213 2/2040 $1,091 $2,500 $262,096 214 3/2040 $1,081 $2,511 $259,585 215 4/2040 $1,071 $2,521 $257,064 216 5/2040 $1,060 $2,531 $254,533 End of year 18 217 6/2040 $1,050 $2,542 $251,991 218 7/2040 $1,039 $2,552 $249,439 219 8/2040 $1,029 $2,563 $246,876 220 9/2040 $1,018 $2,573 $244,303 221 10/2040 $1,007 $2,584 $241,719 222 11/2040 $997 $2,595 $239,124 223 12/2040 $986 $2,605 $236,519 224 1/2041 $975 $2,616 $233,903 225 2/2041 $965 $2,627 $231,276 226 3/2041 $954 $2,638 $228,638 227 4/2041 $943 $2,649 $225,990 228 5/2041 $932 $2,659 $223,331 End of year 19 229 6/2041 $921 $2,670 $220,660 230 7/2041 $910 $2,681 $217,979 231 8/2041 $899 $2,692 $215,286 232 9/2041 $888 $2,704 $212,583 233 10/2041 $877 $2,715 $209,868 234 11/2041 $865 $2,726 $207,142 235 12/2041 $854 $2,737 $204,405 236 1/2042 $843 $2,748 $201,656 237 2/2042 $832 $2,760 $198,896 238 3/2042 $820 $2,771 $196,125 239 4/2042 $809 $2,783 $193,343 240 5/2042 $797 $2,794 $190,549 End of year 20 241 6/2042 $786 $2,806 $187,743 242 7/2042 $774 $2,817 $184,926 243 8/2042 $763 $2,829 $182,097 244 9/2042 $751 $2,840 $179,257 245 10/2042 $739 $2,852 $176,404 246 11/2042 $727 $2,864 $173,540 247 12/2042 $716 $2,876 $170,665 248 1/2043 $704 $2,888 $167,777 249 2/2043 $692 $2,900 $164,878 250 3/2043 $680 $2,911 $161,966 251 4/2043 $668 $2,923 $159,043 252 5/2043 $656 $2,936 $156,107 End of year 21 253 6/2043 $644 $2,948 $153,160 254 7/2043 $632 $2,960 $150,200 255 8/2043 $619 $2,972 $147,228 256 9/2043 $607 $2,984 $144,243 257 10/2043 $595 $2,997 $141,247 258 11/2043 $582 $3,009 $138,238 259 12/2043 $570 $3,021 $135,217 260 1/2044 $558 $3,034 $132,183 261 2/2044 $545 $3,046 $129,137 262 3/2044 $533 $3,059 $126,078 263 4/2044 $520 $3,071 $123,006 264 5/2044 $507 $3,084 $119,922 End of year 22 265 6/2044 $495 $3,097 $116,825 266 7/2044 $482 $3,110 $113,716 267 8/2044 $469 $3,122 $110,593 268 9/2044 $456 $3,135 $107,458 269 10/2044 $443 $3,148 $104,310 270 11/2044 $430 $3,161 $101,148 271 12/2044 $417 $3,174 $97,974 272 1/2045 $404 $3,187 $94,787 273 2/2045 $391 $3,201 $91,586 274 3/2045 $378 $3,214 $88,372 275 4/2045 $364 $3,227 $85,145 276 5/2045 $351 $3,240 $81,905 End of year 23 277 6/2045 $338 $3,254 $78,651 278 7/2045 $324 $3,267 $75,384 279 8/2045 $311 $3,281 $72,104 280 9/2045 $297 $3,294 $68,810 281 10/2045 $284 $3,308 $65,502 282 11/2045 $270 $3,321 $62,181 283 12/2045 $256 $3,335 $58,846 284 1/2046 $243 $3,349 $55,497 285 2/2046 $229 $3,363 $52,135 286 3/2046 $215 $3,376 $48,758 287 4/2046 $201 $3,390 $45,368 288 5/2046 $187 $3,404 $41,964 End of year 24 289 6/2046 $173 $3,418 $38,545 290 7/2046 $159 $3,432 $35,113 291 8/2046 $145 $3,447 $31,666 292 9/2046 $131 $3,461 $28,205 293 10/2046 $116 $3,475 $24,730 294 11/2046 $102 $3,489 $21,241 295 12/2046 $88 $3,504 $17,737 296 1/2047 $73 $3,518 $14,219 297 2/2047 $59 $3,533 $10,686 298 3/2047 $44 $3,547 $7,139 299 4/2047 $29 $3,562 $3,577 300 5/2047 $15 $3,577 $-0 End of year 25
Year Date Interest Principal Ending Balance 1 6/22-5/23 $30,270 $12,827 $604,673 2 6/23-5/24 $29,621 $13,476 $591,197 3 6/24-5/25 $28,938 $14,159 $577,038 4 6/25-5/26 $28,221 $14,875 $562,162 5 6/26-5/27 $27,468 $15,629 $546,534 6 6/27-5/28 $26,677 $16,420 $530,114 7 6/28-5/29 $25,846 $17,251 $512,863 8 6/29-5/30 $24,973 $18,124 $494,739 9 6/30-5/31 $24,055 $19,042 $475,697 10 6/31-5/32 $23,091 $20,006 $455,691 11 6/32-5/33 $22,078 $21,019 $434,673 12 6/33-5/34 $21,014 $22,083 $412,590 13 6/34-5/35 $19,896 $23,201 $389,389 14 6/35-5/36 $18,722 $24,375 $365,014 15 6/36-5/37 $17,488 $25,609 $339,405 16 6/37-5/38 $16,191 $26,906 $312,499 17 6/38-5/39 $14,829 $28,268 $284,232 18 6/39-5/40 $13,398 $29,699 $254,533 19 6/40-5/41 $11,895 $31,202 $223,331 20 6/41-5/42 $10,315 $32,782 $190,549 21 6/42-5/43 $8,655 $34,441 $156,107 22 6/43-5/44 $6,912 $36,185 $119,922 23 6/44-5/45 $5,080 $38,017 $81,905 24 6/45-5/46 $3,155 $39,942 $41,964 25 6/46-5/47 $1,133 $41,964 $-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.
