Mortgage Calculator for Canada
Canada · CAD. Monthly repayments, total interest and a repayment schedule.
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Amortization Schedule
| Year | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
|---|---|---|---|---|
| 1 | $10,386.28 | $24,510.02 | $34,896.30 | $489,613.72 |
| 2 | $10,912.09 | $23,984.21 | $34,896.30 | $478,701.63 |
| 3 | $11,464.51 | $23,431.79 | $34,896.30 | $467,237.12 |
| 4 | $12,044.90 | $22,851.40 | $34,896.30 | $455,192.21 |
| 5 | $12,654.68 | $22,241.62 | $34,896.30 | $442,537.54 |
Showing 1–5 of 25 years
Key Insights
Interest Share
Interest accounts for 43% of this loan's total repayments.
Loan Tenure
A longer tenure reduces EMI but increases total interest.
Prepayment
Even small prepayments can save you a significant amount.
Method and scope
Canadian Home Loan tab: fixed nominal annual rate compounded semi-annually, converted to an equivalent monthly rate, r = (1 + quoted annual percentage / 200)^(1/6) - 1, for equal monthly principal-and-interest payments. Other loan tabs use the entered nominal annual rate divided by 12. The full amortization period uses one unchanged rate; renewal, prepayment, CMHC insurance, fees and property taxes are excluded. A mortgage term and its amortization period are not the same thing. This is not a variable-rate mortgage quotation.
Using this calculator in Canada
Canadian fixed-rate mortgage payments use the semi-annual compounding convention. Enter the amortization period, not just the initial mortgage term. Renewal rates, mortgage insurance, property taxes and prepayment changes are not included.
Try the starting example
Amount borrowed: $500,000; Annual interest rate (nominal): 5%; Amortization period (years): 25.
Monthly principal + interest: $2,908.02.
Compare one assumption at a time
A longer term can lower the monthly payment while increasing total interest. Compare the repayment schedule and total interest as well as the first result. Keep the amount and rate fixed when reproducing this comparison; the illustration does not include a future rate reset. These fictional scenarios use the starting inputs printed above, not your current entries in the interactive calculator.
| Amortization period (years) | Monthly principal + interest | Interpretation |
|---|---|---|
| 24 | $2,969.71 | One changed input |
| 25 | $2,908.02 | Starting example |
| 26 | $2,851.64 | One changed input |
Are you comparing a mortgage term with its amortization period?
Use the amortization period in the payment calculator. The Canadian fixed-rate Home Loan model converts a semi-annually compounded quoted rate to monthly payments, but holds it unchanged across the illustration. A renewal at a different rate changes the remaining schedule. The RRSP tool separately requires your own available contribution room.
To reproduce the table, reset the calculator, change only the named input and compare the result and any warning. Record the assumptions with your result. See worked planning examples and our calculation and correction process.
Sources and review date
- University of Toronto: semi-annual mortgage compounding
- FCAC: choosing a mortgage and payment frequency
Rules and method reviewed 2026-11-02. Future changes are not automatically applied. Report a correction.