Loan & mortgage calculator

See your payment, what the interest adds up to, and how much paying a little faster would save. Your estimate updates as you go.

What you borrow, including any mortgage loan insurance premium added to it
Fixed rate, compounded half-yearly
Amortization
How long it takes to pay it all off
Accelerated options add the equivalent of one monthly payment a year

On top of every regular payment
Paid at the end of each year of the loan

Your contract may limit how much extra you can pay each year, and paying more than it allows can mean a penalty.

How this works

  • Mortgage compounds interest half-yearly, not in advance. Canada’s Interest Act (section 6) says a mortgage with blended payments of principal and interest must state its interest rate calculated yearly or half-yearly, not in advance. Your mortgage contract shows the rate and how it’s calculated.
  • Loan compounds interest monthly, which is typical for consumer loans. Loans differ, so check your loan agreement for how interest is charged.
  • Payment frequencies follow the Financial Consumer Agency of Canada’s description, starting from the monthly payment: semi-monthly is half of it, bi-weekly is the monthly payment × 12 ÷ 26, and weekly is × 12 ÷ 52. Accelerated bi-weekly pays half the monthly payment every two weeks, and accelerated weekly a quarter of it every week. That adds up to the equivalent of one extra monthly payment a year, so you finish sooner and pay less interest.
  • Payments are rounded to the cent, interest is worked out for each payment period, and the last payment is adjusted to clear what’s left. Extra payments go straight to the balance: the extra amount with every payment, and the lump sum with the last payment of each year.
  • The amortization is an estimate based on today’s rate. When you renew, your rate and payment may change. The balance at the end of the term assumes the same rate and payments for the whole term.
  • Not included: mortgage loan insurance premiums (from CMHC or a private insurer) unless you add them to the amount, prepayment limits and penalties, property taxes and fees, and rate changes on a variable-rate mortgage.
  • Private: everything is worked out in your browser. Nothing you enter is sent or stored. Copy link puts your numbers after the # in the link, a part browsers don’t send to our server.

Sources