Get a complete view of your mortgage costs, payments, and affordability with our mortgage calculator. Estimate your payments, explore different down payments, and see how prepayments or payment frequency changes can help you save on interest over your mortgage term.
Loan Details
Additional Costs (Optional)
Payment Summary
Cost Breakdown
Visual Breakdown
Payment Breakdown
Principal vs Interest payments over time
Amortization Schedule
| Year | Beginning Balance | Total Payment | Principal | Interest | Ending Balance |
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| Payment # | Payment | Principal | Interest | Balance |
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Everything You Need to Understand Your Mortgage
Instant Calculations
Get real-time mortgage payment updates as you adjust loan parameters. No need to click calculate.
Visual Breakdown
See your principal vs interest payments with interactive charts and detailed visualizations.
Complete Schedule
View a comprehensive amortization table showing every payment throughout your loan term.
Flexible Payment Frequencies
Choose from weekly, biweekly, semi-monthly, or monthly payments to match your budget.
Total Cost Analysis
Understand the true cost of your mortgage including principal, interest, taxes, and insurance.
Term vs Amortization
See how your mortgage term and amortization period work together to structure your payments.
Understanding Mortgage Terms
Learn the key differences that impact your payments
Mortgage Term
What is it?
The length of the contract you sign with your lender is for specific conditions, such as the interest rate. Typically 1-10 years, with 5 years being most common.
What happens at the end?
Your mortgage comes up for renewal, allowing you to update the terms, negotiate a new interest rate, or switch lenders without penalty.
Example: 5-year term
Your interest rate is locked for 5 years, then you renew
Amortization Period
What is it?
The entire length of time over which your loan is planned to be fully paid off. In Canada, this can be up to 30 years (25 years for down payments under 20%).
How does it work?
A longer amortization period results in lower monthly payments but more total interest paid. A shorter period means higher fees but less interest overall.
Example: 25-year amortization
Your loan is spread over 25 years of payments.
How They Work Together
Your mortgage term and amortization period work together to structure your loan. Here’s a typical scenario:
- You sign a 5-year mortgage term
Your interest rate and conditions are locked for 5 years - With a 25-year amortization period
Your payments are calculated to pay off the loan over 25 years. - After 5 years, you renew your term.
Continue making payments under a new 5-year contract until the 25-year amortization is complete.
This means you’ll have multiple terms (renewals every 5 years) throughout your amortization period (25 years total to pay off).
Additional Mortgage Insights
Why Different Payment Frequencies Matter
Making more frequent payments (like weekly or biweekly) can help you pay off your mortgage faster and save on interest. Accelerated payment schedules mean you’re making the equivalent of one extra monthly payment per year.
Understanding Total Interest
The total interest you pay over the life of your mortgage can be substantial. Even a small difference in interest rates or choosing a shorter amortization period can save you tens of thousands of dollars.
Additional Costs to Consider
Your monthly housing cost includes more than just principal and interest. Property taxes, home insurance, and HOA fees (if applicable) can significantly impact your budget. Use our calculator to factor in all these costs.
All calculations are estimates based on the information you provide. Actual mortgage payments may vary. Consult with a financial advisor or mortgage professional for personalized advice.
