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Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
Mortgage Payment Calculator
Calculate your monthly mortgage payments, amortization schedule, and see how much interest you'll pay over the life of your loan.
Enhanced Mortgage Calculator
Calculate payments, view amortization schedules, and compare scenarios
Mortgage Details
This calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender fees, property taxes, insurance, and other factors. Please consult with a mortgage professional for accurate figures.
How to Use This Mortgage Calculator
Our Canadian mortgage payment calculator helps you estimate your monthly mortgage payments and understand the total cost of your mortgage over time. Simply enter your mortgage details to see your payment breakdown.
Key Features:
- Payment Frequency: Compare monthly, bi-weekly, weekly, and accelerated payment options
- Amortization Schedule: See your full payment breakdown over the life of your mortgage
- Prepayment Options: Calculate how extra payments reduce your mortgage faster
- Interest Savings: See exactly how much interest you'll pay
Understanding Your Mortgage Payment
Your mortgage payment consists of two main components: principal and interest. In the early years of your mortgage, a larger portion of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing your balance.
Payment Frequency Options:
Monthly
12 payments per year. Standard option with higher individual payments.
Bi-Weekly
26 payments per year. Aligns with most Canadian pay schedules.
Accelerated Bi-Weekly
26 payments per year (half monthly amount). Saves years off your mortgage.
Weekly
52 payments per year. Lowest individual payment amount.
Frequently Asked Questions
What is mortgage amortization?
Amortization is the total length of time it takes to pay off your mortgage completely. In Canada, common amortization periods are 25 years (for insured mortgages) and 30 years (for conventional mortgages with 20%+ down payment).
How can I pay off my mortgage faster?
You can pay off your mortgage faster by: increasing your payment frequency (accelerated options), making lump sum payments, increasing your regular payment amount, or choosing a shorter amortization period.
What's the difference between term and amortization?
The term is the length of your current mortgage contract (typically 1-5 years), while amortization is the total time to pay off your mortgage (typically 25-30 years).