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: $3,722.27
Monthly
Total
Mortgage Payment
$3,722.27
$1,116,681.57
Property Tax
$200.00
$60,000.00
Home Insurance
$208.33
$62,500.00
Other Costs
$500.00
$150,000.00
Total Out-of-Pocket
$4,630.61
$1,389,181.57
House Price
$800,000.00
Loan Amount
$640,000.00
Down Payment
$160,000.00
Total of 300 Mortgage Payments
$1,116,681.57
Total Interest
$476,681.57
Mortgage Payoff Date
Aug. 2049
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
08/2024
$2,639
$1,083
$638,917
2
9/2024
$2,635
$1,087
$637,830
3
10/2024
$2,630
$1,092
$636,738
4
11/2024
$2,626
$1,096
$635,641
5
12/2024
$2,621
$1,101
$634,540
6
1/2025
$2,617
$1,105
$633,435
7
2/2025
$2,612
$1,110
$632,325
8
3/2025
$2,608
$1,115
$631,210
9
4/2025
$2,603
$1,119
$630,091
10
5/2025
$2,598
$1,124
$628,967
11
6/2025
$2,594
$1,128
$627,839
12
7/2025
$2,589
$1,133
$626,706
End of year 1
13
8/2025
$2,584
$1,138
$625,568
14
9/2025
$2,580
$1,142
$624,425
15
10/2025
$2,575
$1,147
$623,278
16
11/2025
$2,570
$1,152
$622,126
17
12/2025
$2,566
$1,157
$620,969
18
1/2026
$2,561
$1,161
$619,808
19
2/2026
$2,556
$1,166
$618,642
20
3/2026
$2,551
$1,171
$617,471
21
4/2026
$2,546
$1,176
$616,295
22
5/2026
$2,542
$1,181
$615,114
23
6/2026
$2,537
$1,186
$613,929
24
7/2026
$2,532
$1,190
$612,738
End of year 2
25
8/2026
$2,527
$1,195
$611,543
26
9/2026
$2,522
$1,200
$610,342
27
10/2026
$2,517
$1,205
$609,137
28
11/2026
$2,512
$1,210
$607,927
29
12/2026
$2,507
$1,215
$606,712
30
1/2027
$2,502
$1,220
$605,491
31
2/2027
$2,497
$1,225
$604,266
32
3/2027
$2,492
$1,230
$603,036
33
4/2027
$2,487
$1,235
$601,800
34
5/2027
$2,482
$1,240
$600,560
35
6/2027
$2,477
$1,246
$599,314
36
7/2027
$2,472
$1,251
$598,064
End of year 3
37
8/2027
$2,466
$1,256
$596,808
38
9/2027
$2,461
$1,261
$595,547
39
10/2027
$2,456
$1,266
$594,280
40
11/2027
$2,451
$1,272
$593,009
41
12/2027
$2,446
$1,277
$591,732
42
1/2028
$2,440
$1,282
$590,450
43
2/2028
$2,435
$1,287
$589,163
44
3/2028
$2,430
$1,293
$587,870
45
4/2028
$2,424
$1,298
$586,572
46
5/2028
$2,419
$1,303
$585,269
47
6/2028
$2,414
$1,309
$583,960
48
7/2028
$2,408
$1,314
$582,646
End of year 4
49
8/2028
$2,403
$1,319
$581,327
50
9/2028
$2,397
$1,325
$580,002
51
10/2028
$2,392
$1,330
$578,671
52
11/2028
$2,386
$1,336
$577,335
53
12/2028
$2,381
$1,341
$575,994
54
1/2029
$2,375
$1,347
$574,647
55
2/2029
$2,370
$1,352
$573,295
56
3/2029
$2,364
$1,358
$571,936
57
4/2029
$2,359
$1,364
$570,573
58
5/2029
$2,353
$1,369
$569,204
59
6/2029
$2,347
$1,375
$567,829
60
7/2029
$2,342
$1,381
$566,448
End of year 5
61
8/2029
$2,336
$1,386
$565,062
62
9/2029
$2,330
$1,392
$563,670
63
10/2029
$2,325
$1,398
$562,272
64
11/2029
$2,319
$1,404
$560,868
65
12/2029
$2,313
$1,409
$559,459
66
1/2030
$2,307
$1,415
$558,044
67
2/2030
$2,301
$1,421
$556,623
68
3/2030
$2,295
$1,427
$555,196
69
4/2030
$2,290
$1,433
$553,764
70
5/2030
$2,284
$1,439
$552,325
71
6/2030
$2,278
$1,445
$550,881
72
7/2030
$2,272
$1,450
$549,430
End of year 6
73
8/2030
$2,266
$1,456
$547,974
74
9/2030
$2,260
$1,462
$546,511
75
10/2030
$2,254
$1,469
$545,043
76
11/2030
$2,248
$1,475
$543,568
77
12/2030
$2,242
$1,481
$542,087
78
1/2031
$2,236
$1,487
$540,601
79
2/2031
$2,229
$1,493
$539,108
80
3/2031
$2,223
$1,499
$537,609
81
4/2031
$2,217
$1,505
$536,103
82
5/2031
$2,211
$1,511
$534,592
83
6/2031
$2,205
$1,518
$533,074
84
7/2031
$2,198
$1,524
$531,550
End of year 7
85
8/2031
$2,192
$1,530
$530,020
86
9/2031
$2,186
$1,537
$528,484
87
10/2031
$2,179
$1,543
$526,941
88
11/2031
$2,173
$1,549
$525,392
89
12/2031
$2,167
$1,556
$523,836
90
1/2032
$2,160
$1,562
$522,274
91
2/2032
$2,154
$1,568
$520,706
92
3/2032
$2,147
$1,575
$519,131
93
4/2032
$2,141
$1,581
$517,549
94
5/2032
$2,134
$1,588
$515,961
95
6/2032
$2,128
$1,594
$514,367
96
7/2032
$2,121
$1,601
$512,766
End of year 8
97
8/2032
$2,115
$1,608
$511,158
98
9/2032
$2,108
$1,614
$509,544
99
10/2032
$2,101
$1,621
$507,923
100
11/2032
$2,095
$1,628
$506,295
101
12/2032
$2,088
$1,634
$504,661
102
1/2033
$2,081
$1,641
$503,020
103
2/2033
$2,074
$1,648
$501,372
104
3/2033
$2,068
$1,655
$499,717
105
4/2033
$2,061
$1,661
$498,056
106
5/2033
$2,054
$1,668
$496,387
107
6/2033
$2,047
$1,675
$494,712
108
7/2033
$2,040
$1,682
$493,030
End of year 9
109
8/2033
$2,033
$1,689
$491,341
110
9/2033
$2,026
$1,696
$489,645
111
10/2033
$2,019
$1,703
$487,942
112
11/2033
$2,012
$1,710
$486,232
113
12/2033
$2,005
$1,717
$484,515
114
1/2034
$1,998
$1,724
$482,791
115
2/2034
$1,991
$1,731
$481,059
116
3/2034
$1,984
$1,738
$479,321
117
4/2034
$1,977
$1,746
$477,575
118
5/2034
$1,969
$1,753
$475,823
119
6/2034
$1,962
$1,760
$474,063
120
7/2034
$1,955
$1,767
$472,295
End of year 10
121
8/2034
$1,948
$1,775
$470,521
122
9/2034
$1,940
$1,782
$468,739
123
10/2034
$1,933
$1,789
$466,950
124
11/2034
$1,926
$1,797
$465,153
125
12/2034
$1,918
$1,804
$463,349
126
1/2035
$1,911
$1,811
$461,538
127
2/2035
$1,903
$1,819
$459,719
128
3/2035
$1,896
$1,826
$457,892
129
4/2035
$1,888
$1,834
$456,058
130
5/2035
$1,881
$1,842
$454,217
131
6/2035
$1,873
$1,849
$452,368
132
7/2035
$1,866
$1,857
$450,511
End of year 11
133
8/2035
$1,858
$1,864
$448,646
134
9/2035
$1,850
$1,872
$446,774
135
10/2035
$1,842
$1,880
$444,895
136
11/2035
$1,835
$1,888
$443,007
137
12/2035
$1,827
$1,895
$441,112
138
1/2036
$1,819
$1,903
$439,208
139
2/2036
$1,811
$1,911
$437,297
140
3/2036
$1,803
$1,919
$435,379
141
4/2036
$1,795
$1,927
$433,452
142
5/2036
$1,788
$1,935
$431,517
143
6/2036
$1,780
$1,943
$429,574
144
7/2036
$1,772
$1,951
$427,624
End of year 12
145
8/2036
$1,763
$1,959
$425,665
146
9/2036
$1,755
$1,967
$423,698
147
10/2036
$1,747
$1,975
$421,723
148
11/2036
$1,739
$1,983
$419,740
149
12/2036
$1,731
$1,991
$417,748
150
1/2037
$1,723
$2,000
$415,749
151
2/2037
$1,715
$2,008
$413,741
152
3/2037
$1,706
$2,016
$411,725
153
4/2037
$1,698
$2,024
$409,701
154
5/2037
$1,690
$2,033
$407,668
155
6/2037
$1,681
$2,041
$405,627
156
7/2037
$1,673
$2,050
$403,578
End of year 13
157
8/2037
$1,664
$2,058
$401,520
158
9/2037
$1,656
$2,066
$399,453
159
10/2037
$1,647
$2,075
$397,378
160
11/2037
$1,639
$2,084
$395,295
161
12/2037
$1,630
$2,092
$393,203
162
1/2038
$1,622
$2,101
$391,102
163
2/2038
$1,613
$2,109
$388,992
164
3/2038
$1,604
$2,118
$386,874
165
4/2038
$1,595
$2,127
$384,747
166
5/2038
$1,587
$2,136
$382,612
167
6/2038
$1,578
$2,144
$380,467
168
7/2038
$1,569
$2,153
$378,314
End of year 14
169
8/2038
$1,560
$2,162
$376,152
170
9/2038
$1,551
$2,171
$373,981
171
10/2038
$1,542
$2,180
$371,801
172
11/2038
$1,533
$2,189
$369,612
173
12/2038
$1,524
$2,198
$367,414
174
1/2039
$1,515
$2,207
$365,207
175
2/2039
$1,506
$2,216
$362,991
176
3/2039
$1,497
$2,225
$360,765
177
4/2039
$1,488
$2,235
$358,531
178
5/2039
$1,479
$2,244
$356,287
179
6/2039
$1,469
$2,253
$354,034
180
7/2039
$1,460
$2,262
$351,772
End of year 15
181
8/2039
$1,451
$2,272
$349,500
182
9/2039
$1,441
$2,281
$347,219
183
10/2039
$1,432
$2,290
$344,929
184
11/2039
$1,422
$2,300
$342,629
185
12/2039
$1,413
$2,309
$340,320
186
1/2040
$1,403
$2,319
$338,001
187
2/2040
$1,394
$2,328
$335,673
188
3/2040
$1,384
$2,338
$333,335
189
4/2040
$1,375
$2,348
$330,987
190
5/2040
$1,365
$2,357
$328,630
191
6/2040
$1,355
$2,367
$326,263
192
7/2040
$1,345
$2,377
$323,886
End of year 16
193
8/2040
$1,336
$2,387
$321,499
194
9/2040
$1,326
$2,396
$319,103
195
10/2040
$1,316
$2,406
$316,697
196
11/2040
$1,306
$2,416
$314,280
197
12/2040
$1,296
$2,426
$311,854
198
1/2041
$1,286
$2,436
$309,418
199
2/2041
$1,276
$2,446
$306,972
200
3/2041
$1,266
$2,456
$304,515
201
4/2041
$1,256
$2,466
$302,049
202
5/2041
$1,246
$2,477
$299,572
203
6/2041
$1,235
$2,487
$297,085
204
7/2041
$1,225
$2,497
$294,588
End of year 17
205
8/2041
$1,215
$2,507
$292,081
206
9/2041
$1,205
$2,518
$289,563
207
10/2041
$1,194
$2,528
$287,035
208
11/2041
$1,184
$2,539
$284,496
209
12/2041
$1,173
$2,549
$281,947
210
1/2042
$1,163
$2,560
$279,388
211
2/2042
$1,152
$2,570
$276,818
212
3/2042
$1,142
$2,581
$274,237
213
4/2042
$1,131
$2,591
$271,646
214
5/2042
$1,120
$2,602
$269,044
215
6/2042
$1,110
$2,613
$266,431
216
7/2042
$1,099
$2,624
$263,807
End of year 18
217
8/2042
$1,088
$2,634
$261,173
218
9/2042
$1,077
$2,645
$258,528
219
10/2042
$1,066
$2,656
$255,872
220
11/2042
$1,055
$2,667
$253,204
221
12/2042
$1,044
$2,678
$250,526
222
1/2043
$1,033
$2,689
$247,837
223
2/2043
$1,022
$2,700
$245,137
224
3/2043
$1,011
$2,711
$242,426
225
4/2043
$1,000
$2,723
$239,703
226
5/2043
$989
$2,734
$236,969
227
6/2043
$977
$2,745
$234,224
228
7/2043
$966
$2,756
$231,468
End of year 19
229
8/2043
$955
$2,768
$228,700
230
9/2043
$943
$2,779
$225,921
231
10/2043
$932
$2,791
$223,131
232
11/2043
$920
$2,802
$220,329
233
12/2043
$909
$2,814
$217,515
234
1/2044
$897
$2,825
$214,690
235
2/2044
$885
$2,837
$211,853
236
3/2044
$874
$2,849
$209,004
237
4/2044
$862
$2,860
$206,144
238
5/2044
$850
$2,872
$203,272
239
6/2044
$838
$2,884
$200,388
240
7/2044
$826
$2,896
$197,492
End of year 20
241
8/2044
$814
$2,908
$194,584
242
9/2044
$802
$2,920
$191,664
243
10/2044
$790
$2,932
$188,732
244
11/2044
$778
$2,944
$185,788
245
12/2044
$766
$2,956
$182,832
246
1/2045
$754
$2,968
$179,864
247
2/2045
$742
$2,981
$176,883
248
3/2045
$729
$2,993
$173,890
249
4/2045
$717
$3,005
$170,885
250
5/2045
$705
$3,018
$167,868
251
6/2045
$692
$3,030
$164,838
252
7/2045
$680
$3,042
$161,795
End of year 21
253
8/2045
$667
$3,055
$158,740
254
9/2045
$655
$3,068
$155,673
255
10/2045
$642
$3,080
$152,592
256
11/2045
$629
$3,093
$149,499
257
12/2045
$617
$3,106
$146,394
258
1/2046
$604
$3,119
$143,275
259
2/2046
$591
$3,131
$140,144
260
3/2046
$578
$3,144
$136,999
261
4/2046
$565
$3,157
$133,842
262
5/2046
$552
$3,170
$130,672
263
6/2046
$539
$3,183
$127,488
264
7/2046
$526
$3,197
$124,292
End of year 22
265
8/2046
$513
$3,210
$121,082
266
9/2046
$499
$3,223
$117,859
267
10/2046
$486
$3,236
$114,623
268
11/2046
$473
$3,250
$111,373
269
12/2046
$459
$3,263
$108,110
270
1/2047
$446
$3,276
$104,834
271
2/2047
$432
$3,290
$101,544
272
3/2047
$419
$3,304
$98,240
273
4/2047
$405
$3,317
$94,923
274
5/2047
$391
$3,331
$91,592
275
6/2047
$378
$3,345
$88,248
276
7/2047
$364
$3,358
$84,890
End of year 23
277
8/2047
$350
$3,372
$81,517
278
9/2047
$336
$3,386
$78,131
279
10/2047
$322
$3,400
$74,731
280
11/2047
$308
$3,414
$71,317
281
12/2047
$294
$3,428
$67,889
282
1/2048
$280
$3,442
$64,447
283
2/2048
$266
$3,456
$60,990
284
3/2048
$252
$3,471
$57,519
285
4/2048
$237
$3,485
$54,034
286
5/2048
$223
$3,499
$50,535
287
6/2048
$208
$3,514
$47,021
288
7/2048
$194
$3,528
$43,493
End of year 24
289
8/2048
$179
$3,543
$39,950
290
9/2048
$165
$3,558
$36,392
291
10/2048
$150
$3,572
$32,820
292
11/2048
$135
$3,587
$29,233
293
12/2048
$121
$3,602
$25,631
294
1/2049
$106
$3,617
$22,015
295
2/2049
$91
$3,631
$18,383
296
3/2049
$76
$3,646
$14,737
297
4/2049
$61
$3,661
$11,075
298
5/2049
$46
$3,677
$7,399
299
6/2049
$31
$3,692
$3,707
300
7/2049
$15
$3,707
$0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
8/24-7/25
$31,373
$13,294
$626,706
2
8/25-7/26
$30,700
$13,967
$612,738
3
8/26-7/27
$29,993
$14,675
$598,064
4
8/27-7/28
$29,250
$15,417
$582,646
5
8/28-7/29
$28,469
$16,198
$566,448
6
8/29-7/30
$27,649
$17,018
$549,430
7
8/30-7/31
$26,788
$17,880
$531,550
8
8/31-7/32
$25,883
$18,785
$512,766
9
8/32-7/33
$24,932
$19,736
$493,030
10
8/33-7/34
$23,932
$20,735
$472,295
11
8/34-7/35
$22,883
$21,784
$450,511
12
8/35-7/36
$21,780
$22,887
$427,624
13
8/36-7/37
$20,621
$24,046
$403,578
14
8/37-7/38
$19,404
$25,263
$378,314
15
8/38-7/39
$18,125
$26,542
$351,772
16
8/39-7/40
$16,781
$27,886
$323,886
17
8/40-7/41
$15,370
$29,298
$294,588
18
8/41-7/42
$13,886
$30,781
$263,807
19
8/42-7/43
$12,328
$32,339
$231,468
20
8/43-7/44
$10,691
$33,976
$197,492
21
8/44-7/45
$8,971
$35,696
$161,795
22
8/45-7/46
$7,164
$37,504
$124,292
23
8/46-7/47
$5,265
$39,402
$84,890
24
8/47-7/48
$3,270
$41,397
$43,493
25
8/48-7/49
$1,175
$43,493
$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.
