Canadian Mortgage Calculator
Monthly Pay: $3,403.77 Monthly Total Mortgage Payment $3,403.77 $1,021,131.37 Property Tax $166.25 $49,875.00 Home Insurance $100.00 $30,000.00 Other Costs $250.00 $75,000.00 Total Out-of-Pocket $3,920.02 $1,176,006.37 87% 4% 6% 3% Mortgage Payment Property Taxes Other Cost Home Insurance
House Price $665,000.00 Loan Amount $532,000.00 Down Payment $133,000.00 Total of 300 Mortgage Payments $1,021,131.37 Total Interest $489,131.37 Mortgage Payoff Date Jan. 2048
Amortization schedule Year $0 $250K $500K $750K $1M 0 5 10 15 20 25 Balance Interest Payment
Month Date Interest Principal Ending Balance 1 1/2023 $2,627 $776 $531,224 2 2/2023 $2,624 $780 $530,443 3 3/2023 $2,620 $784 $529,659 4 4/2023 $2,616 $788 $528,871 5 5/2023 $2,612 $792 $528,079 6 6/2023 $2,608 $796 $527,284 7 7/2023 $2,604 $800 $526,484 8 8/2023 $2,600 $804 $525,680 9 9/2023 $2,596 $808 $524,873 10 10/2023 $2,592 $812 $524,061 11 11/2023 $2,588 $816 $523,245 12 12/2023 $2,584 $820 $522,426 End of year 1 13 1/2024 $2,580 $824 $521,602 14 2/2024 $2,576 $828 $520,774 15 3/2024 $2,572 $832 $519,942 16 4/2024 $2,568 $836 $519,106 17 5/2024 $2,564 $840 $518,266 18 6/2024 $2,560 $844 $517,422 19 7/2024 $2,555 $848 $516,574 20 8/2024 $2,551 $853 $515,721 21 9/2024 $2,547 $857 $514,864 22 10/2024 $2,543 $861 $514,003 23 11/2024 $2,538 $865 $513,138 24 12/2024 $2,534 $870 $512,268 End of year 2 25 1/2025 $2,530 $874 $511,394 26 2/2025 $2,526 $878 $510,516 27 3/2025 $2,521 $883 $509,634 28 4/2025 $2,517 $887 $508,747 29 5/2025 $2,513 $891 $507,855 30 6/2025 $2,508 $896 $506,960 31 7/2025 $2,504 $900 $506,060 32 8/2025 $2,499 $905 $505,155 33 9/2025 $2,495 $909 $504,246 34 10/2025 $2,490 $913 $503,333 35 11/2025 $2,486 $918 $502,415 36 12/2025 $2,481 $923 $501,492 End of year 3 37 1/2026 $2,477 $927 $500,565 38 2/2026 $2,472 $932 $499,633 39 3/2026 $2,468 $936 $498,697 40 4/2026 $2,463 $941 $497,756 41 5/2026 $2,458 $946 $496,811 42 6/2026 $2,454 $950 $495,860 43 7/2026 $2,449 $955 $494,906 44 8/2026 $2,444 $960 $493,946 45 9/2026 $2,439 $964 $492,982 46 10/2026 $2,435 $969 $492,012 47 11/2026 $2,430 $974 $491,039 48 12/2026 $2,425 $979 $490,060 End of year 4 49 1/2027 $2,420 $984 $489,076 50 2/2027 $2,415 $988 $488,088 51 3/2027 $2,410 $993 $487,095 52 4/2027 $2,406 $998 $486,096 53 5/2027 $2,401 $1,003 $485,093 54 6/2027 $2,396 $1,008 $484,085 55 7/2027 $2,391 $1,013 $483,072 56 8/2027 $2,386 $1,018 $482,054 57 9/2027 $2,381 $1,023 $481,031 58 10/2027 $2,376 $1,028 $480,003 59 11/2027 $2,371 $1,033 $478,970 60 12/2027 $2,365 $1,038 $477,931 End of year 5 61 1/2028 $2,360 $1,043 $476,888 62 2/2028 $2,355 $1,049 $475,839 63 3/2028 $2,350 $1,054 $474,785 64 4/2028 $2,345 $1,059 $473,726 65 5/2028 $2,340 $1,064 $472,662 66 6/2028 $2,334 $1,069 $471,593 67 7/2028 $2,329 $1,075 $470,518 68 8/2028 $2,324 $1,080 $469,438 69 9/2028 $2,318 $1,085 $468,353 70 10/2028 $2,313 $1,091 $467,262 71 11/2028 $2,308 $1,096 $466,166 72 12/2028 $2,302 $1,102 $465,064 End of year 6 73 1/2029 $2,297 $1,107 $463,957 74 2/2029 $2,291 $1,112 $462,845 75 3/2029 $2,286 $1,118 $461,727 76 4/2029 $2,280 $1,123 $460,603 77 5/2029 $2,275 $1,129 $459,474 78 6/2029 $2,269 $1,135 $458,340 79 7/2029 $2,264 $1,140 $457,199 80 8/2029 $2,258 $1,146 $456,054 81 9/2029 $2,252 $1,151 $454,902 82 10/2029 $2,247 $1,157 $453,745 83 11/2029 $2,241 $1,163 $452,582 84 12/2029 $2,235 $1,169 $451,413 End of year 7 85 1/2030 $2,229 $1,174 $450,239 86 2/2030 $2,224 $1,180 $449,059 87 3/2030 $2,218 $1,186 $447,873 88 4/2030 $2,212 $1,192 $446,681 89 5/2030 $2,206 $1,198 $445,483 90 6/2030 $2,200 $1,204 $444,279 91 7/2030 $2,194 $1,210 $443,070 92 8/2030 $2,188 $1,216 $441,854 93 9/2030 $2,182 $1,222 $440,632 94 10/2030 $2,176 $1,228 $439,405 95 11/2030 $2,170 $1,234 $438,171 96 12/2030 $2,164 $1,240 $436,931 End of year 8 97 1/2031 $2,158 $1,246 $435,685 98 2/2031 $2,152 $1,252 $434,433 99 3/2031 $2,146 $1,258 $433,175 100 4/2031 $2,139 $1,264 $431,910 101 5/2031 $2,133 $1,271 $430,640 102 6/2031 $2,127 $1,277 $429,363 103 7/2031 $2,120 $1,283 $428,079 104 8/2031 $2,114 $1,290 $426,790 105 9/2031 $2,108 $1,296 $425,494 106 10/2031 $2,101 $1,302 $424,191 107 11/2031 $2,095 $1,309 $422,882 108 12/2031 $2,088 $1,315 $421,567 End of year 9 109 1/2032 $2,082 $1,322 $420,245 110 2/2032 $2,075 $1,328 $418,917 111 3/2032 $2,069 $1,335 $417,582 112 4/2032 $2,062 $1,341 $416,241 113 5/2032 $2,056 $1,348 $414,892 114 6/2032 $2,049 $1,355 $413,538 115 7/2032 $2,042 $1,361 $412,176 116 8/2032 $2,036 $1,368 $410,808 117 9/2032 $2,029 $1,375 $409,433 118 10/2032 $2,022 $1,382 $408,051 119 11/2032 $2,015 $1,389 $406,663 120 12/2032 $2,008 $1,395 $405,267 End of year 10 121 1/2033 $2,001 $1,402 $403,865 122 2/2033 $1,995 $1,409 $402,456 123 3/2033 $1,988 $1,416 $401,040 124 4/2033 $1,981 $1,423 $399,616 125 5/2033 $1,974 $1,430 $398,186 126 6/2033 $1,966 $1,437 $396,749 127 7/2033 $1,959 $1,444 $395,305 128 8/2033 $1,952 $1,452 $393,853 129 9/2033 $1,945 $1,459 $392,394 130 10/2033 $1,938 $1,466 $390,929 131 11/2033 $1,931 $1,473 $389,455 132 12/2033 $1,923 $1,480 $387,975 End of year 11 133 1/2034 $1,916 $1,488 $386,487 134 2/2034 $1,909 $1,495 $384,992 135 3/2034 $1,901 $1,502 $383,490 136 4/2034 $1,894 $1,510 $381,980 137 5/2034 $1,886 $1,517 $380,463 138 6/2034 $1,879 $1,525 $378,938 139 7/2034 $1,871 $1,532 $377,405 140 8/2034 $1,864 $1,540 $375,866 141 9/2034 $1,856 $1,548 $374,318 142 10/2034 $1,849 $1,555 $372,763 143 11/2034 $1,841 $1,563 $371,200 144 12/2034 $1,833 $1,571 $369,630 End of year 12 145 1/2035 $1,825 $1,578 $368,051 146 2/2035 $1,818 $1,586 $366,465 147 3/2035 $1,810 $1,594 $364,871 148 4/2035 $1,802 $1,602 $363,269 149 5/2035 $1,794 $1,610 $361,660 150 6/2035 $1,786 $1,618 $360,042 151 7/2035 $1,778 $1,626 $358,416 152 8/2035 $1,770 $1,634 $356,783 153 9/2035 $1,762 $1,642 $355,141 154 10/2035 $1,754 $1,650 $353,491 155 11/2035 $1,746 $1,658 $351,833 156 12/2035 $1,738 $1,666 $350,167 End of year 13 157 1/2036 $1,729 $1,674 $348,492 158 2/2036 $1,721 $1,683 $346,810 159 3/2036 $1,713 $1,691 $345,119 160 4/2036 $1,704 $1,699 $343,419 161 5/2036 $1,696 $1,708 $341,712 162 6/2036 $1,688 $1,716 $339,995 163 7/2036 $1,679 $1,725 $338,271 164 8/2036 $1,671 $1,733 $336,537 165 9/2036 $1,662 $1,742 $334,796 166 10/2036 $1,653 $1,750 $333,045 167 11/2036 $1,645 $1,759 $331,286 168 12/2036 $1,636 $1,768 $329,519 End of year 14 169 1/2037 $1,627 $1,776 $327,742 170 2/2037 $1,619 $1,785 $325,957 171 3/2037 $1,610 $1,794 $324,163 172 4/2037 $1,601 $1,803 $322,360 173 5/2037 $1,592 $1,812 $320,549 174 6/2037 $1,583 $1,821 $318,728 175 7/2037 $1,574 $1,830 $316,898 176 8/2037 $1,565 $1,839 $315,059 177 9/2037 $1,556 $1,848 $313,212 178 10/2037 $1,547 $1,857 $311,355 179 11/2037 $1,538 $1,866 $309,489 180 12/2037 $1,528 $1,875 $307,613 End of year 15 181 1/2038 $1,519 $1,885 $305,729 182 2/2038 $1,510 $1,894 $303,835 183 3/2038 $1,501 $1,903 $301,932 184 4/2038 $1,491 $1,913 $300,019 185 5/2038 $1,482 $1,922 $298,097 186 6/2038 $1,472 $1,932 $296,165 187 7/2038 $1,463 $1,941 $294,224 188 8/2038 $1,453 $1,951 $292,273 189 9/2038 $1,443 $1,960 $290,313 190 10/2038 $1,434 $1,970 $288,343 191 11/2038 $1,424 $1,980 $286,363 192 12/2038 $1,414 $1,990 $284,374 End of year 16 193 1/2039 $1,404 $1,999 $282,374 194 2/2039 $1,395 $2,009 $280,365 195 3/2039 $1,385 $2,019 $278,346 196 4/2039 $1,375 $2,029 $276,317 197 5/2039 $1,365 $2,039 $274,278 198 6/2039 $1,355 $2,049 $272,228 199 7/2039 $1,344 $2,059 $270,169 200 8/2039 $1,334 $2,070 $268,100 201 9/2039 $1,324 $2,080 $266,020 202 10/2039 $1,314 $2,090 $263,930 203 11/2039 $1,303 $2,100 $261,830 204 12/2039 $1,293 $2,111 $259,719 End of year 17 205 1/2040 $1,283 $2,121 $257,598 206 2/2040 $1,272 $2,132 $255,466 207 3/2040 $1,262 $2,142 $253,324 208 4/2040 $1,251 $2,153 $251,171 209 5/2040 $1,240 $2,163 $249,008 210 6/2040 $1,230 $2,174 $246,834 211 7/2040 $1,219 $2,185 $244,649 212 8/2040 $1,208 $2,196 $242,454 213 9/2040 $1,197 $2,206 $240,247 214 10/2040 $1,186 $2,217 $238,030 215 11/2040 $1,176 $2,228 $235,802 216 12/2040 $1,165 $2,239 $233,563 End of year 18 217 1/2041 $1,153 $2,250 $231,312 218 2/2041 $1,142 $2,261 $229,051 219 3/2041 $1,131 $2,273 $226,778 220 4/2041 $1,120 $2,284 $224,495 221 5/2041 $1,109 $2,295 $222,199 222 6/2041 $1,097 $2,306 $219,893 223 7/2041 $1,086 $2,318 $217,575 224 8/2041 $1,075 $2,329 $215,246 225 9/2041 $1,063 $2,341 $212,905 226 10/2041 $1,051 $2,352 $210,553 227 11/2041 $1,040 $2,364 $208,189 228 12/2041 $1,028 $2,376 $205,813 End of year 19 229 1/2042 $1,016 $2,387 $203,426 230 2/2042 $1,005 $2,399 $201,027 231 3/2042 $993 $2,411 $198,616 232 4/2042 $981 $2,423 $196,193 233 5/2042 $969 $2,435 $193,758 234 6/2042 $957 $2,447 $191,311 235 7/2042 $945 $2,459 $188,852 236 8/2042 $933 $2,471 $186,381 237 9/2042 $920 $2,483 $183,898 238 10/2042 $908 $2,496 $181,402 239 11/2042 $896 $2,508 $178,895 240 12/2042 $883 $2,520 $176,374 End of year 20 241 1/2043 $871 $2,533 $173,842 242 2/2043 $859 $2,545 $171,296 243 3/2043 $846 $2,558 $168,738 244 4/2043 $833 $2,570 $166,168 245 5/2043 $821 $2,583 $163,585 246 6/2043 $808 $2,596 $160,989 247 7/2043 $795 $2,609 $158,380 248 8/2043 $782 $2,622 $155,759 249 9/2043 $769 $2,635 $153,124 250 10/2043 $756 $2,648 $150,477 251 11/2043 $743 $2,661 $147,816 252 12/2043 $730 $2,674 $145,142 End of year 21 253 1/2044 $717 $2,687 $142,455 254 2/2044 $704 $2,700 $139,755 255 3/2044 $690 $2,714 $137,041 256 4/2044 $677 $2,727 $134,315 257 5/2044 $663 $2,740 $131,574 258 6/2044 $650 $2,754 $128,820 259 7/2044 $636 $2,768 $126,053 260 8/2044 $623 $2,781 $123,271 261 9/2044 $609 $2,795 $120,476 262 10/2044 $595 $2,809 $117,668 263 11/2044 $581 $2,823 $114,845 264 12/2044 $567 $2,837 $112,008 End of year 22 265 1/2045 $553 $2,851 $109,158 266 2/2045 $539 $2,865 $106,293 267 3/2045 $525 $2,879 $103,414 268 4/2045 $511 $2,893 $100,521 269 5/2045 $496 $2,907 $97,614 270 6/2045 $482 $2,922 $94,692 271 7/2045 $468 $2,936 $91,756 272 8/2045 $453 $2,951 $88,805 273 9/2045 $439 $2,965 $85,840 274 10/2045 $424 $2,980 $82,860 275 11/2045 $409 $2,995 $79,866 276 12/2045 $394 $3,009 $76,856 End of year 23 277 1/2046 $380 $3,024 $73,832 278 2/2046 $365 $3,039 $70,793 279 3/2046 $350 $3,054 $67,739 280 4/2046 $335 $3,069 $64,670 281 5/2046 $319 $3,084 $61,585 282 6/2046 $304 $3,100 $58,486 283 7/2046 $289 $3,115 $55,371 284 8/2046 $273 $3,130 $52,240 285 9/2046 $258 $3,146 $49,095 286 10/2046 $242 $3,161 $45,933 287 11/2046 $227 $3,177 $42,756 288 12/2046 $211 $3,193 $39,564 End of year 24 289 1/2047 $195 $3,208 $36,355 290 2/2047 $180 $3,224 $33,131 291 3/2047 $164 $3,240 $29,891 292 4/2047 $148 $3,256 $26,635 293 5/2047 $132 $3,272 $23,363 294 6/2047 $115 $3,288 $20,074 295 7/2047 $99 $3,305 $16,770 296 8/2047 $83 $3,321 $13,449 297 9/2047 $66 $3,337 $10,111 298 10/2047 $50 $3,354 $6,757 299 11/2047 $33 $3,370 $3,387 300 12/2047 $17 $3,387 $0 End of year 25
Year Date Interest Principal Ending Balance 1 1/23-12/23 $31,271 $9,574 $522,426 2 1/24-12/24 $30,688 $10,157 $512,268 3 1/25-12/25 $30,069 $10,776 $501,492 4 1/26-12/26 $29,413 $11,432 $490,060 5 1/27-12/27 $28,717 $12,129 $477,931 6 1/28-12/28 $27,978 $12,867 $465,064 7 1/29-12/29 $27,194 $13,651 $451,413 8 1/30-12/30 $26,363 $14,482 $436,931 9 1/31-12/31 $25,481 $15,364 $421,567 10 1/32-12/32 $24,546 $16,300 $405,267 11 1/33-12/33 $23,553 $17,292 $387,975 12 1/34-12/34 $22,500 $18,346 $369,630 13 1/35-12/35 $21,383 $19,463 $350,167 14 1/36-12/36 $20,197 $20,648 $329,519 15 1/37-12/37 $18,940 $21,905 $307,613 16 1/38-12/38 $17,606 $23,240 $284,374 17 1/39-12/39 $16,190 $24,655 $259,719 18 1/40-12/40 $14,689 $26,156 $233,563 19 1/41-12/41 $13,096 $27,749 $205,813 20 1/42-12/42 $11,406 $29,439 $176,374 21 1/43-12/43 $9,613 $31,232 $145,142 22 1/44-12/44 $7,711 $33,134 $112,008 23 1/45-12/45 $5,693 $35,152 $76,856 24 1/46-12/46 $3,553 $37,293 $39,564 25 1/47-12/47 $1,282 $39,564 $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.
