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
Nov. 2048
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
11/2023
$2,639
$1,083
$638,917
2
12/2023
$2,635
$1,087
$637,830
3
1/2024
$2,630
$1,092
$636,738
4
2/2024
$2,626
$1,096
$635,641
5
3/2024
$2,621
$1,101
$634,540
6
4/2024
$2,617
$1,105
$633,435
7
5/2024
$2,612
$1,110
$632,325
8
6/2024
$2,608
$1,115
$631,210
9
7/2024
$2,603
$1,119
$630,091
10
8/2024
$2,598
$1,124
$628,967
11
9/2024
$2,594
$1,128
$627,839
12
10/2024
$2,589
$1,133
$626,706
End of year 1
13
11/2024
$2,584
$1,138
$625,568
14
12/2024
$2,580
$1,142
$624,425
15
1/2025
$2,575
$1,147
$623,278
16
2/2025
$2,570
$1,152
$622,126
17
3/2025
$2,566
$1,157
$620,969
18
4/2025
$2,561
$1,161
$619,808
19
5/2025
$2,556
$1,166
$618,642
20
6/2025
$2,551
$1,171
$617,471
21
7/2025
$2,546
$1,176
$616,295
22
8/2025
$2,542
$1,181
$615,114
23
9/2025
$2,537
$1,186
$613,929
24
10/2025
$2,532
$1,190
$612,738
End of year 2
25
11/2025
$2,527
$1,195
$611,543
26
12/2025
$2,522
$1,200
$610,342
27
1/2026
$2,517
$1,205
$609,137
28
2/2026
$2,512
$1,210
$607,927
29
3/2026
$2,507
$1,215
$606,712
30
4/2026
$2,502
$1,220
$605,491
31
5/2026
$2,497
$1,225
$604,266
32
6/2026
$2,492
$1,230
$603,036
33
7/2026
$2,487
$1,235
$601,800
34
8/2026
$2,482
$1,240
$600,560
35
9/2026
$2,477
$1,246
$599,314
36
10/2026
$2,472
$1,251
$598,064
End of year 3
37
11/2026
$2,466
$1,256
$596,808
38
12/2026
$2,461
$1,261
$595,547
39
1/2027
$2,456
$1,266
$594,280
40
2/2027
$2,451
$1,272
$593,009
41
3/2027
$2,446
$1,277
$591,732
42
4/2027
$2,440
$1,282
$590,450
43
5/2027
$2,435
$1,287
$589,163
44
6/2027
$2,430
$1,293
$587,870
45
7/2027
$2,424
$1,298
$586,572
46
8/2027
$2,419
$1,303
$585,269
47
9/2027
$2,414
$1,309
$583,960
48
10/2027
$2,408
$1,314
$582,646
End of year 4
49
11/2027
$2,403
$1,319
$581,327
50
12/2027
$2,397
$1,325
$580,002
51
1/2028
$2,392
$1,330
$578,671
52
2/2028
$2,386
$1,336
$577,335
53
3/2028
$2,381
$1,341
$575,994
54
4/2028
$2,375
$1,347
$574,647
55
5/2028
$2,370
$1,352
$573,295
56
6/2028
$2,364
$1,358
$571,936
57
7/2028
$2,359
$1,364
$570,573
58
8/2028
$2,353
$1,369
$569,204
59
9/2028
$2,347
$1,375
$567,829
60
10/2028
$2,342
$1,381
$566,448
End of year 5
61
11/2028
$2,336
$1,386
$565,062
62
12/2028
$2,330
$1,392
$563,670
63
1/2029
$2,325
$1,398
$562,272
64
2/2029
$2,319
$1,404
$560,868
65
3/2029
$2,313
$1,409
$559,459
66
4/2029
$2,307
$1,415
$558,044
67
5/2029
$2,301
$1,421
$556,623
68
6/2029
$2,295
$1,427
$555,196
69
7/2029
$2,290
$1,433
$553,764
70
8/2029
$2,284
$1,439
$552,325
71
9/2029
$2,278
$1,445
$550,881
72
10/2029
$2,272
$1,450
$549,430
End of year 6
73
11/2029
$2,266
$1,456
$547,974
74
12/2029
$2,260
$1,462
$546,511
75
1/2030
$2,254
$1,469
$545,043
76
2/2030
$2,248
$1,475
$543,568
77
3/2030
$2,242
$1,481
$542,087
78
4/2030
$2,236
$1,487
$540,601
79
5/2030
$2,229
$1,493
$539,108
80
6/2030
$2,223
$1,499
$537,609
81
7/2030
$2,217
$1,505
$536,103
82
8/2030
$2,211
$1,511
$534,592
83
9/2030
$2,205
$1,518
$533,074
84
10/2030
$2,198
$1,524
$531,550
End of year 7
85
11/2030
$2,192
$1,530
$530,020
86
12/2030
$2,186
$1,537
$528,484
87
1/2031
$2,179
$1,543
$526,941
88
2/2031
$2,173
$1,549
$525,392
89
3/2031
$2,167
$1,556
$523,836
90
4/2031
$2,160
$1,562
$522,274
91
5/2031
$2,154
$1,568
$520,706
92
6/2031
$2,147
$1,575
$519,131
93
7/2031
$2,141
$1,581
$517,549
94
8/2031
$2,134
$1,588
$515,961
95
9/2031
$2,128
$1,594
$514,367
96
10/2031
$2,121
$1,601
$512,766
End of year 8
97
11/2031
$2,115
$1,608
$511,158
98
12/2031
$2,108
$1,614
$509,544
99
1/2032
$2,101
$1,621
$507,923
100
2/2032
$2,095
$1,628
$506,295
101
3/2032
$2,088
$1,634
$504,661
102
4/2032
$2,081
$1,641
$503,020
103
5/2032
$2,074
$1,648
$501,372
104
6/2032
$2,068
$1,655
$499,717
105
7/2032
$2,061
$1,661
$498,056
106
8/2032
$2,054
$1,668
$496,387
107
9/2032
$2,047
$1,675
$494,712
108
10/2032
$2,040
$1,682
$493,030
End of year 9
109
11/2032
$2,033
$1,689
$491,341
110
12/2032
$2,026
$1,696
$489,645
111
1/2033
$2,019
$1,703
$487,942
112
2/2033
$2,012
$1,710
$486,232
113
3/2033
$2,005
$1,717
$484,515
114
4/2033
$1,998
$1,724
$482,791
115
5/2033
$1,991
$1,731
$481,059
116
6/2033
$1,984
$1,738
$479,321
117
7/2033
$1,977
$1,746
$477,575
118
8/2033
$1,969
$1,753
$475,823
119
9/2033
$1,962
$1,760
$474,063
120
10/2033
$1,955
$1,767
$472,295
End of year 10
121
11/2033
$1,948
$1,775
$470,521
122
12/2033
$1,940
$1,782
$468,739
123
1/2034
$1,933
$1,789
$466,950
124
2/2034
$1,926
$1,797
$465,153
125
3/2034
$1,918
$1,804
$463,349
126
4/2034
$1,911
$1,811
$461,538
127
5/2034
$1,903
$1,819
$459,719
128
6/2034
$1,896
$1,826
$457,892
129
7/2034
$1,888
$1,834
$456,058
130
8/2034
$1,881
$1,842
$454,217
131
9/2034
$1,873
$1,849
$452,368
132
10/2034
$1,866
$1,857
$450,511
End of year 11
133
11/2034
$1,858
$1,864
$448,646
134
12/2034
$1,850
$1,872
$446,774
135
1/2035
$1,842
$1,880
$444,895
136
2/2035
$1,835
$1,888
$443,007
137
3/2035
$1,827
$1,895
$441,112
138
4/2035
$1,819
$1,903
$439,208
139
5/2035
$1,811
$1,911
$437,297
140
6/2035
$1,803
$1,919
$435,379
141
7/2035
$1,795
$1,927
$433,452
142
8/2035
$1,788
$1,935
$431,517
143
9/2035
$1,780
$1,943
$429,574
144
10/2035
$1,772
$1,951
$427,624
End of year 12
145
11/2035
$1,763
$1,959
$425,665
146
12/2035
$1,755
$1,967
$423,698
147
1/2036
$1,747
$1,975
$421,723
148
2/2036
$1,739
$1,983
$419,740
149
3/2036
$1,731
$1,991
$417,748
150
4/2036
$1,723
$2,000
$415,749
151
5/2036
$1,715
$2,008
$413,741
152
6/2036
$1,706
$2,016
$411,725
153
7/2036
$1,698
$2,024
$409,701
154
8/2036
$1,690
$2,033
$407,668
155
9/2036
$1,681
$2,041
$405,627
156
10/2036
$1,673
$2,050
$403,578
End of year 13
157
11/2036
$1,664
$2,058
$401,520
158
12/2036
$1,656
$2,066
$399,453
159
1/2037
$1,647
$2,075
$397,378
160
2/2037
$1,639
$2,084
$395,295
161
3/2037
$1,630
$2,092
$393,203
162
4/2037
$1,622
$2,101
$391,102
163
5/2037
$1,613
$2,109
$388,992
164
6/2037
$1,604
$2,118
$386,874
165
7/2037
$1,595
$2,127
$384,747
166
8/2037
$1,587
$2,136
$382,612
167
9/2037
$1,578
$2,144
$380,467
168
10/2037
$1,569
$2,153
$378,314
End of year 14
169
11/2037
$1,560
$2,162
$376,152
170
12/2037
$1,551
$2,171
$373,981
171
1/2038
$1,542
$2,180
$371,801
172
2/2038
$1,533
$2,189
$369,612
173
3/2038
$1,524
$2,198
$367,414
174
4/2038
$1,515
$2,207
$365,207
175
5/2038
$1,506
$2,216
$362,991
176
6/2038
$1,497
$2,225
$360,765
177
7/2038
$1,488
$2,235
$358,531
178
8/2038
$1,479
$2,244
$356,287
179
9/2038
$1,469
$2,253
$354,034
180
10/2038
$1,460
$2,262
$351,772
End of year 15
181
11/2038
$1,451
$2,272
$349,500
182
12/2038
$1,441
$2,281
$347,219
183
1/2039
$1,432
$2,290
$344,929
184
2/2039
$1,422
$2,300
$342,629
185
3/2039
$1,413
$2,309
$340,320
186
4/2039
$1,403
$2,319
$338,001
187
5/2039
$1,394
$2,328
$335,673
188
6/2039
$1,384
$2,338
$333,335
189
7/2039
$1,375
$2,348
$330,987
190
8/2039
$1,365
$2,357
$328,630
191
9/2039
$1,355
$2,367
$326,263
192
10/2039
$1,345
$2,377
$323,886
End of year 16
193
11/2039
$1,336
$2,387
$321,499
194
12/2039
$1,326
$2,396
$319,103
195
1/2040
$1,316
$2,406
$316,697
196
2/2040
$1,306
$2,416
$314,280
197
3/2040
$1,296
$2,426
$311,854
198
4/2040
$1,286
$2,436
$309,418
199
5/2040
$1,276
$2,446
$306,972
200
6/2040
$1,266
$2,456
$304,515
201
7/2040
$1,256
$2,466
$302,049
202
8/2040
$1,246
$2,477
$299,572
203
9/2040
$1,235
$2,487
$297,085
204
10/2040
$1,225
$2,497
$294,588
End of year 17
205
11/2040
$1,215
$2,507
$292,081
206
12/2040
$1,205
$2,518
$289,563
207
1/2041
$1,194
$2,528
$287,035
208
2/2041
$1,184
$2,539
$284,496
209
3/2041
$1,173
$2,549
$281,947
210
4/2041
$1,163
$2,560
$279,388
211
5/2041
$1,152
$2,570
$276,818
212
6/2041
$1,142
$2,581
$274,237
213
7/2041
$1,131
$2,591
$271,646
214
8/2041
$1,120
$2,602
$269,044
215
9/2041
$1,110
$2,613
$266,431
216
10/2041
$1,099
$2,624
$263,807
End of year 18
217
11/2041
$1,088
$2,634
$261,173
218
12/2041
$1,077
$2,645
$258,528
219
1/2042
$1,066
$2,656
$255,872
220
2/2042
$1,055
$2,667
$253,204
221
3/2042
$1,044
$2,678
$250,526
222
4/2042
$1,033
$2,689
$247,837
223
5/2042
$1,022
$2,700
$245,137
224
6/2042
$1,011
$2,711
$242,426
225
7/2042
$1,000
$2,723
$239,703
226
8/2042
$989
$2,734
$236,969
227
9/2042
$977
$2,745
$234,224
228
10/2042
$966
$2,756
$231,468
End of year 19
229
11/2042
$955
$2,768
$228,700
230
12/2042
$943
$2,779
$225,921
231
1/2043
$932
$2,791
$223,131
232
2/2043
$920
$2,802
$220,329
233
3/2043
$909
$2,814
$217,515
234
4/2043
$897
$2,825
$214,690
235
5/2043
$885
$2,837
$211,853
236
6/2043
$874
$2,849
$209,004
237
7/2043
$862
$2,860
$206,144
238
8/2043
$850
$2,872
$203,272
239
9/2043
$838
$2,884
$200,388
240
10/2043
$826
$2,896
$197,492
End of year 20
241
11/2043
$814
$2,908
$194,584
242
12/2043
$802
$2,920
$191,664
243
1/2044
$790
$2,932
$188,732
244
2/2044
$778
$2,944
$185,788
245
3/2044
$766
$2,956
$182,832
246
4/2044
$754
$2,968
$179,864
247
5/2044
$742
$2,981
$176,883
248
6/2044
$729
$2,993
$173,890
249
7/2044
$717
$3,005
$170,885
250
8/2044
$705
$3,018
$167,868
251
9/2044
$692
$3,030
$164,838
252
10/2044
$680
$3,042
$161,795
End of year 21
253
11/2044
$667
$3,055
$158,740
254
12/2044
$655
$3,068
$155,673
255
1/2045
$642
$3,080
$152,592
256
2/2045
$629
$3,093
$149,499
257
3/2045
$617
$3,106
$146,394
258
4/2045
$604
$3,119
$143,275
259
5/2045
$591
$3,131
$140,144
260
6/2045
$578
$3,144
$136,999
261
7/2045
$565
$3,157
$133,842
262
8/2045
$552
$3,170
$130,672
263
9/2045
$539
$3,183
$127,488
264
10/2045
$526
$3,197
$124,292
End of year 22
265
11/2045
$513
$3,210
$121,082
266
12/2045
$499
$3,223
$117,859
267
1/2046
$486
$3,236
$114,623
268
2/2046
$473
$3,250
$111,373
269
3/2046
$459
$3,263
$108,110
270
4/2046
$446
$3,276
$104,834
271
5/2046
$432
$3,290
$101,544
272
6/2046
$419
$3,304
$98,240
273
7/2046
$405
$3,317
$94,923
274
8/2046
$391
$3,331
$91,592
275
9/2046
$378
$3,345
$88,248
276
10/2046
$364
$3,358
$84,890
End of year 23
277
11/2046
$350
$3,372
$81,517
278
12/2046
$336
$3,386
$78,131
279
1/2047
$322
$3,400
$74,731
280
2/2047
$308
$3,414
$71,317
281
3/2047
$294
$3,428
$67,889
282
4/2047
$280
$3,442
$64,447
283
5/2047
$266
$3,456
$60,990
284
6/2047
$252
$3,471
$57,519
285
7/2047
$237
$3,485
$54,034
286
8/2047
$223
$3,499
$50,535
287
9/2047
$208
$3,514
$47,021
288
10/2047
$194
$3,528
$43,493
End of year 24
289
11/2047
$179
$3,543
$39,950
290
12/2047
$165
$3,558
$36,392
291
1/2048
$150
$3,572
$32,820
292
2/2048
$135
$3,587
$29,233
293
3/2048
$121
$3,602
$25,631
294
4/2048
$106
$3,617
$22,015
295
5/2048
$91
$3,631
$18,383
296
6/2048
$76
$3,646
$14,737
297
7/2048
$61
$3,661
$11,075
298
8/2048
$46
$3,677
$7,399
299
9/2048
$31
$3,692
$3,707
300
10/2048
$15
$3,707
$0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
11/23-10/24
$31,373
$13,294
$626,706
2
11/24-10/25
$30,700
$13,967
$612,738
3
11/25-10/26
$29,993
$14,675
$598,064
4
11/26-10/27
$29,250
$15,417
$582,646
5
11/27-10/28
$28,469
$16,198
$566,448
6
11/28-10/29
$27,649
$17,018
$549,430
7
11/29-10/30
$26,788
$17,880
$531,550
8
11/30-10/31
$25,883
$18,785
$512,766
9
11/31-10/32
$24,932
$19,736
$493,030
10
11/32-10/33
$23,932
$20,735
$472,295
11
11/33-10/34
$22,883
$21,784
$450,511
12
11/34-10/35
$21,780
$22,887
$427,624
13
11/35-10/36
$20,621
$24,046
$403,578
14
11/36-10/37
$19,404
$25,263
$378,314
15
11/37-10/38
$18,125
$26,542
$351,772
16
11/38-10/39
$16,781
$27,886
$323,886
17
11/39-10/40
$15,370
$29,298
$294,588
18
11/40-10/41
$13,886
$30,781
$263,807
19
11/41-10/42
$12,328
$32,339
$231,468
20
11/42-10/43
$10,691
$33,976
$197,492
21
11/43-10/44
$8,971
$35,696
$161,795
22
11/44-10/45
$7,164
$37,504
$124,292
23
11/45-10/46
$5,265
$39,402
$84,890
24
11/46-10/47
$3,270
$41,397
$43,493
25
11/47-10/48
$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.
