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
Jul. 2049
Amortization schedule
Month
Date
Interest
Principal
Ending Balance
1
07/2024
$2,639
$1,083
$638,917
2
8/2024
$2,635
$1,087
$637,830
3
9/2024
$2,630
$1,092
$636,738
4
10/2024
$2,626
$1,096
$635,641
5
11/2024
$2,621
$1,101
$634,540
6
12/2024
$2,617
$1,105
$633,435
7
1/2025
$2,612
$1,110
$632,325
8
2/2025
$2,608
$1,115
$631,210
9
3/2025
$2,603
$1,119
$630,091
10
4/2025
$2,598
$1,124
$628,967
11
5/2025
$2,594
$1,128
$627,839
12
6/2025
$2,589
$1,133
$626,706
End of year 1
13
7/2025
$2,584
$1,138
$625,568
14
8/2025
$2,580
$1,142
$624,425
15
9/2025
$2,575
$1,147
$623,278
16
10/2025
$2,570
$1,152
$622,126
17
11/2025
$2,566
$1,157
$620,969
18
12/2025
$2,561
$1,161
$619,808
19
1/2026
$2,556
$1,166
$618,642
20
2/2026
$2,551
$1,171
$617,471
21
3/2026
$2,546
$1,176
$616,295
22
4/2026
$2,542
$1,181
$615,114
23
5/2026
$2,537
$1,186
$613,929
24
6/2026
$2,532
$1,190
$612,738
End of year 2
25
7/2026
$2,527
$1,195
$611,543
26
8/2026
$2,522
$1,200
$610,342
27
9/2026
$2,517
$1,205
$609,137
28
10/2026
$2,512
$1,210
$607,927
29
11/2026
$2,507
$1,215
$606,712
30
12/2026
$2,502
$1,220
$605,491
31
1/2027
$2,497
$1,225
$604,266
32
2/2027
$2,492
$1,230
$603,036
33
3/2027
$2,487
$1,235
$601,800
34
4/2027
$2,482
$1,240
$600,560
35
5/2027
$2,477
$1,246
$599,314
36
6/2027
$2,472
$1,251
$598,064
End of year 3
37
7/2027
$2,466
$1,256
$596,808
38
8/2027
$2,461
$1,261
$595,547
39
9/2027
$2,456
$1,266
$594,280
40
10/2027
$2,451
$1,272
$593,009
41
11/2027
$2,446
$1,277
$591,732
42
12/2027
$2,440
$1,282
$590,450
43
1/2028
$2,435
$1,287
$589,163
44
2/2028
$2,430
$1,293
$587,870
45
3/2028
$2,424
$1,298
$586,572
46
4/2028
$2,419
$1,303
$585,269
47
5/2028
$2,414
$1,309
$583,960
48
6/2028
$2,408
$1,314
$582,646
End of year 4
49
7/2028
$2,403
$1,319
$581,327
50
8/2028
$2,397
$1,325
$580,002
51
9/2028
$2,392
$1,330
$578,671
52
10/2028
$2,386
$1,336
$577,335
53
11/2028
$2,381
$1,341
$575,994
54
12/2028
$2,375
$1,347
$574,647
55
1/2029
$2,370
$1,352
$573,295
56
2/2029
$2,364
$1,358
$571,936
57
3/2029
$2,359
$1,364
$570,573
58
4/2029
$2,353
$1,369
$569,204
59
5/2029
$2,347
$1,375
$567,829
60
6/2029
$2,342
$1,381
$566,448
End of year 5
61
7/2029
$2,336
$1,386
$565,062
62
8/2029
$2,330
$1,392
$563,670
63
9/2029
$2,325
$1,398
$562,272
64
10/2029
$2,319
$1,404
$560,868
65
11/2029
$2,313
$1,409
$559,459
66
12/2029
$2,307
$1,415
$558,044
67
1/2030
$2,301
$1,421
$556,623
68
2/2030
$2,295
$1,427
$555,196
69
3/2030
$2,290
$1,433
$553,764
70
4/2030
$2,284
$1,439
$552,325
71
5/2030
$2,278
$1,445
$550,881
72
6/2030
$2,272
$1,450
$549,430
End of year 6
73
7/2030
$2,266
$1,456
$547,974
74
8/2030
$2,260
$1,462
$546,511
75
9/2030
$2,254
$1,469
$545,043
76
10/2030
$2,248
$1,475
$543,568
77
11/2030
$2,242
$1,481
$542,087
78
12/2030
$2,236
$1,487
$540,601
79
1/2031
$2,229
$1,493
$539,108
80
2/2031
$2,223
$1,499
$537,609
81
3/2031
$2,217
$1,505
$536,103
82
4/2031
$2,211
$1,511
$534,592
83
5/2031
$2,205
$1,518
$533,074
84
6/2031
$2,198
$1,524
$531,550
End of year 7
85
7/2031
$2,192
$1,530
$530,020
86
8/2031
$2,186
$1,537
$528,484
87
9/2031
$2,179
$1,543
$526,941
88
10/2031
$2,173
$1,549
$525,392
89
11/2031
$2,167
$1,556
$523,836
90
12/2031
$2,160
$1,562
$522,274
91
1/2032
$2,154
$1,568
$520,706
92
2/2032
$2,147
$1,575
$519,131
93
3/2032
$2,141
$1,581
$517,549
94
4/2032
$2,134
$1,588
$515,961
95
5/2032
$2,128
$1,594
$514,367
96
6/2032
$2,121
$1,601
$512,766
End of year 8
97
7/2032
$2,115
$1,608
$511,158
98
8/2032
$2,108
$1,614
$509,544
99
9/2032
$2,101
$1,621
$507,923
100
10/2032
$2,095
$1,628
$506,295
101
11/2032
$2,088
$1,634
$504,661
102
12/2032
$2,081
$1,641
$503,020
103
1/2033
$2,074
$1,648
$501,372
104
2/2033
$2,068
$1,655
$499,717
105
3/2033
$2,061
$1,661
$498,056
106
4/2033
$2,054
$1,668
$496,387
107
5/2033
$2,047
$1,675
$494,712
108
6/2033
$2,040
$1,682
$493,030
End of year 9
109
7/2033
$2,033
$1,689
$491,341
110
8/2033
$2,026
$1,696
$489,645
111
9/2033
$2,019
$1,703
$487,942
112
10/2033
$2,012
$1,710
$486,232
113
11/2033
$2,005
$1,717
$484,515
114
12/2033
$1,998
$1,724
$482,791
115
1/2034
$1,991
$1,731
$481,059
116
2/2034
$1,984
$1,738
$479,321
117
3/2034
$1,977
$1,746
$477,575
118
4/2034
$1,969
$1,753
$475,823
119
5/2034
$1,962
$1,760
$474,063
120
6/2034
$1,955
$1,767
$472,295
End of year 10
121
7/2034
$1,948
$1,775
$470,521
122
8/2034
$1,940
$1,782
$468,739
123
9/2034
$1,933
$1,789
$466,950
124
10/2034
$1,926
$1,797
$465,153
125
11/2034
$1,918
$1,804
$463,349
126
12/2034
$1,911
$1,811
$461,538
127
1/2035
$1,903
$1,819
$459,719
128
2/2035
$1,896
$1,826
$457,892
129
3/2035
$1,888
$1,834
$456,058
130
4/2035
$1,881
$1,842
$454,217
131
5/2035
$1,873
$1,849
$452,368
132
6/2035
$1,866
$1,857
$450,511
End of year 11
133
7/2035
$1,858
$1,864
$448,646
134
8/2035
$1,850
$1,872
$446,774
135
9/2035
$1,842
$1,880
$444,895
136
10/2035
$1,835
$1,888
$443,007
137
11/2035
$1,827
$1,895
$441,112
138
12/2035
$1,819
$1,903
$439,208
139
1/2036
$1,811
$1,911
$437,297
140
2/2036
$1,803
$1,919
$435,379
141
3/2036
$1,795
$1,927
$433,452
142
4/2036
$1,788
$1,935
$431,517
143
5/2036
$1,780
$1,943
$429,574
144
6/2036
$1,772
$1,951
$427,624
End of year 12
145
7/2036
$1,763
$1,959
$425,665
146
8/2036
$1,755
$1,967
$423,698
147
9/2036
$1,747
$1,975
$421,723
148
10/2036
$1,739
$1,983
$419,740
149
11/2036
$1,731
$1,991
$417,748
150
12/2036
$1,723
$2,000
$415,749
151
1/2037
$1,715
$2,008
$413,741
152
2/2037
$1,706
$2,016
$411,725
153
3/2037
$1,698
$2,024
$409,701
154
4/2037
$1,690
$2,033
$407,668
155
5/2037
$1,681
$2,041
$405,627
156
6/2037
$1,673
$2,050
$403,578
End of year 13
157
7/2037
$1,664
$2,058
$401,520
158
8/2037
$1,656
$2,066
$399,453
159
9/2037
$1,647
$2,075
$397,378
160
10/2037
$1,639
$2,084
$395,295
161
11/2037
$1,630
$2,092
$393,203
162
12/2037
$1,622
$2,101
$391,102
163
1/2038
$1,613
$2,109
$388,992
164
2/2038
$1,604
$2,118
$386,874
165
3/2038
$1,595
$2,127
$384,747
166
4/2038
$1,587
$2,136
$382,612
167
5/2038
$1,578
$2,144
$380,467
168
6/2038
$1,569
$2,153
$378,314
End of year 14
169
7/2038
$1,560
$2,162
$376,152
170
8/2038
$1,551
$2,171
$373,981
171
9/2038
$1,542
$2,180
$371,801
172
10/2038
$1,533
$2,189
$369,612
173
11/2038
$1,524
$2,198
$367,414
174
12/2038
$1,515
$2,207
$365,207
175
1/2039
$1,506
$2,216
$362,991
176
2/2039
$1,497
$2,225
$360,765
177
3/2039
$1,488
$2,235
$358,531
178
4/2039
$1,479
$2,244
$356,287
179
5/2039
$1,469
$2,253
$354,034
180
6/2039
$1,460
$2,262
$351,772
End of year 15
181
7/2039
$1,451
$2,272
$349,500
182
8/2039
$1,441
$2,281
$347,219
183
9/2039
$1,432
$2,290
$344,929
184
10/2039
$1,422
$2,300
$342,629
185
11/2039
$1,413
$2,309
$340,320
186
12/2039
$1,403
$2,319
$338,001
187
1/2040
$1,394
$2,328
$335,673
188
2/2040
$1,384
$2,338
$333,335
189
3/2040
$1,375
$2,348
$330,987
190
4/2040
$1,365
$2,357
$328,630
191
5/2040
$1,355
$2,367
$326,263
192
6/2040
$1,345
$2,377
$323,886
End of year 16
193
7/2040
$1,336
$2,387
$321,499
194
8/2040
$1,326
$2,396
$319,103
195
9/2040
$1,316
$2,406
$316,697
196
10/2040
$1,306
$2,416
$314,280
197
11/2040
$1,296
$2,426
$311,854
198
12/2040
$1,286
$2,436
$309,418
199
1/2041
$1,276
$2,446
$306,972
200
2/2041
$1,266
$2,456
$304,515
201
3/2041
$1,256
$2,466
$302,049
202
4/2041
$1,246
$2,477
$299,572
203
5/2041
$1,235
$2,487
$297,085
204
6/2041
$1,225
$2,497
$294,588
End of year 17
205
7/2041
$1,215
$2,507
$292,081
206
8/2041
$1,205
$2,518
$289,563
207
9/2041
$1,194
$2,528
$287,035
208
10/2041
$1,184
$2,539
$284,496
209
11/2041
$1,173
$2,549
$281,947
210
12/2041
$1,163
$2,560
$279,388
211
1/2042
$1,152
$2,570
$276,818
212
2/2042
$1,142
$2,581
$274,237
213
3/2042
$1,131
$2,591
$271,646
214
4/2042
$1,120
$2,602
$269,044
215
5/2042
$1,110
$2,613
$266,431
216
6/2042
$1,099
$2,624
$263,807
End of year 18
217
7/2042
$1,088
$2,634
$261,173
218
8/2042
$1,077
$2,645
$258,528
219
9/2042
$1,066
$2,656
$255,872
220
10/2042
$1,055
$2,667
$253,204
221
11/2042
$1,044
$2,678
$250,526
222
12/2042
$1,033
$2,689
$247,837
223
1/2043
$1,022
$2,700
$245,137
224
2/2043
$1,011
$2,711
$242,426
225
3/2043
$1,000
$2,723
$239,703
226
4/2043
$989
$2,734
$236,969
227
5/2043
$977
$2,745
$234,224
228
6/2043
$966
$2,756
$231,468
End of year 19
229
7/2043
$955
$2,768
$228,700
230
8/2043
$943
$2,779
$225,921
231
9/2043
$932
$2,791
$223,131
232
10/2043
$920
$2,802
$220,329
233
11/2043
$909
$2,814
$217,515
234
12/2043
$897
$2,825
$214,690
235
1/2044
$885
$2,837
$211,853
236
2/2044
$874
$2,849
$209,004
237
3/2044
$862
$2,860
$206,144
238
4/2044
$850
$2,872
$203,272
239
5/2044
$838
$2,884
$200,388
240
6/2044
$826
$2,896
$197,492
End of year 20
241
7/2044
$814
$2,908
$194,584
242
8/2044
$802
$2,920
$191,664
243
9/2044
$790
$2,932
$188,732
244
10/2044
$778
$2,944
$185,788
245
11/2044
$766
$2,956
$182,832
246
12/2044
$754
$2,968
$179,864
247
1/2045
$742
$2,981
$176,883
248
2/2045
$729
$2,993
$173,890
249
3/2045
$717
$3,005
$170,885
250
4/2045
$705
$3,018
$167,868
251
5/2045
$692
$3,030
$164,838
252
6/2045
$680
$3,042
$161,795
End of year 21
253
7/2045
$667
$3,055
$158,740
254
8/2045
$655
$3,068
$155,673
255
9/2045
$642
$3,080
$152,592
256
10/2045
$629
$3,093
$149,499
257
11/2045
$617
$3,106
$146,394
258
12/2045
$604
$3,119
$143,275
259
1/2046
$591
$3,131
$140,144
260
2/2046
$578
$3,144
$136,999
261
3/2046
$565
$3,157
$133,842
262
4/2046
$552
$3,170
$130,672
263
5/2046
$539
$3,183
$127,488
264
6/2046
$526
$3,197
$124,292
End of year 22
265
7/2046
$513
$3,210
$121,082
266
8/2046
$499
$3,223
$117,859
267
9/2046
$486
$3,236
$114,623
268
10/2046
$473
$3,250
$111,373
269
11/2046
$459
$3,263
$108,110
270
12/2046
$446
$3,276
$104,834
271
1/2047
$432
$3,290
$101,544
272
2/2047
$419
$3,304
$98,240
273
3/2047
$405
$3,317
$94,923
274
4/2047
$391
$3,331
$91,592
275
5/2047
$378
$3,345
$88,248
276
6/2047
$364
$3,358
$84,890
End of year 23
277
7/2047
$350
$3,372
$81,517
278
8/2047
$336
$3,386
$78,131
279
9/2047
$322
$3,400
$74,731
280
10/2047
$308
$3,414
$71,317
281
11/2047
$294
$3,428
$67,889
282
12/2047
$280
$3,442
$64,447
283
1/2048
$266
$3,456
$60,990
284
2/2048
$252
$3,471
$57,519
285
3/2048
$237
$3,485
$54,034
286
4/2048
$223
$3,499
$50,535
287
5/2048
$208
$3,514
$47,021
288
6/2048
$194
$3,528
$43,493
End of year 24
289
7/2048
$179
$3,543
$39,950
290
8/2048
$165
$3,558
$36,392
291
9/2048
$150
$3,572
$32,820
292
10/2048
$135
$3,587
$29,233
293
11/2048
$121
$3,602
$25,631
294
12/2048
$106
$3,617
$22,015
295
1/2049
$91
$3,631
$18,383
296
2/2049
$76
$3,646
$14,737
297
3/2049
$61
$3,661
$11,075
298
4/2049
$46
$3,677
$7,399
299
5/2049
$31
$3,692
$3,707
300
6/2049
$15
$3,707
$0
End of year 25
Year
Date
Interest
Principal
Ending Balance
1
7/24-6/25
$31,373
$13,294
$626,706
2
7/25-6/26
$30,700
$13,967
$612,738
3
7/26-6/27
$29,993
$14,675
$598,064
4
7/27-6/28
$29,250
$15,417
$582,646
5
7/28-6/29
$28,469
$16,198
$566,448
6
7/29-6/30
$27,649
$17,018
$549,430
7
7/30-6/31
$26,788
$17,880
$531,550
8
7/31-6/32
$25,883
$18,785
$512,766
9
7/32-6/33
$24,932
$19,736
$493,030
10
7/33-6/34
$23,932
$20,735
$472,295
11
7/34-6/35
$22,883
$21,784
$450,511
12
7/35-6/36
$21,780
$22,887
$427,624
13
7/36-6/37
$20,621
$24,046
$403,578
14
7/37-6/38
$19,404
$25,263
$378,314
15
7/38-6/39
$18,125
$26,542
$351,772
16
7/39-6/40
$16,781
$27,886
$323,886
17
7/40-6/41
$15,370
$29,298
$294,588
18
7/41-6/42
$13,886
$30,781
$263,807
19
7/42-6/43
$12,328
$32,339
$231,468
20
7/43-6/44
$10,691
$33,976
$197,492
21
7/44-6/45
$8,971
$35,696
$161,795
22
7/45-6/46
$7,164
$37,504
$124,292
23
7/46-6/47
$5,265
$39,402
$84,890
24
7/47-6/48
$3,270
$41,397
$43,493
25
7/48-6/49
$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.
