Mortgage payment calculator
Canadian-standard semi-annual compounding. Model your payment frequency, then layer in extra prepayments to see the interest and years you'd save.
Start here · Canada
Get a Canada-ready pre-approval file, not a generic quote.
We shape the file to how Canada underwriters actually read it — closing math, lender appetite, and the small regional details that decide the approval.
Inputs
Result
- Mortgage principal$600,000
- Total interest$425,475
- Total paid$1,025,475
- Payoff time25.0 yrs
Canadian mortgages compound semi-annually (not monthly like US loans), so a nominal 4.79% rate becomes an effective annual 4.847%. Accelerated bi-weekly makes the equivalent of one extra monthly payment per year — the single highest-ROI prepayment lever most borrowers ignore.
Leverage moves
- Switching from monthly to accelerated bi-weekly on a $600K mortgage typically shaves 3–4 years and $40–60K of interest.
- Most Canadian lenders allow 10–20% annual lump-sum prepayments without penalty — a small habit that compounds fast.
- Doubling up a single payment during bonus season counts as principal-only — no interest attaches to the extra.
Interest (rust) shrinks and principal (sage) grows each year — the balance line is the mortgage you still owe.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $28,181 | $12,838 | $587,162 |
| 2 | $27,558 | $13,461 | $573,701 |
| 3 | $26,906 | $14,113 | $559,588 |
| 4 | $26,222 | $14,797 | $544,790 |
| 5 | $25,504 | $15,515 | $529,276 |
| 6 | $24,752 | $16,267 | $513,009 |
| 7 | $23,964 | $17,055 | $495,954 |
| 8 | $23,137 | $17,882 | $478,072 |
| 9 | $22,270 | $18,749 | $459,324 |
| 10 | $21,362 | $19,657 | $439,666 |
| 11 | $20,409 | $20,610 | $419,056 |
| 12 | $19,410 | $21,609 | $397,446 |
| 13 | $18,362 | $22,657 | $374,790 |
| 14 | $17,264 | $23,755 | $351,034 |
| 15 | $16,112 | $24,907 | $326,128 |
| 16 | $14,905 | $26,114 | $300,014 |
| 17 | $13,639 | $27,380 | $272,634 |
| 18 | $12,312 | $28,707 | $243,927 |
| 19 | $10,920 | $30,099 | $213,829 |
| 20 | $9,462 | $31,557 | $182,271 |
| 21 | $7,932 | $33,087 | $149,184 |
| 22 | $6,328 | $34,691 | $114,493 |
| 23 | $4,646 | $36,373 | $78,120 |
| 24 | $2,883 | $38,136 | $39,984 |
| 25 | $1,035 | $39,984 | $0 |
Ready when you are
Turn this number into a pre-approval file.
The math is the easy part. The approval hinges on how the file is packaged — income, down payment source, credit, and property notes underwriters actually read.