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    Mortgage Calculator (Canadian)

    Get a Mortgage Calculator (Canadian) branded for your website! Colorful, interactive, simply The Best Financial Calculators!
    Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.
    By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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    Mortgage Calculator (Canadian)
    *indicates required.
    Mortgage payment:
    Report amortization:
    Report amortization
    **FIG_GRAPHTITLE** Stacked Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
    **FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

    Mortgage Calculator (Canadian) Definitions

    Mortgage amount

    Original or expected balance for your mortgage.

    Interest rate

    Annual interest rate for this mortgage.

    Amortization period

    The number of years over which you will repay this loan. The most common mortgage amortization periods are 25 years and 30 years.

    Mortgage payment

    Your principal and interest payment (P&I) per period.

    Payment type

    The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and semi-monthly 24.

    Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. The tool calculates an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you make 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

    The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

    Total payments

    Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

    Total interest

    Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

    Prepayment type

    The frequency of prepayment. The options are none, weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.

    Prepayment amount

    Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

    Start with payment

    This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.

    Savings

    Total amount of interest you will save by prepaying your mortgage.

    Report amortization

    Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.