en-CA · Local rules
Canadian mortgage calculator with extra payments
Compare monthly, biweekly and accelerated payments using the Canadian semi-annual compounding convention, with a complete amortization schedule.
Methodology
Canadian semi-annual compounding with your selected payment frequency.
How to read this
A payment is only one part of the decision.
The first years of a mortgage usually carry more interest than principal. The local rules panel keeps taxes, insurance, and market conventions separate so you can see what is assumed.
View the amortization tableCompare plans
See the cost of paying extra
| Scenario | Total interest | Payoff time | Interest saved |
|---|---|---|---|
| Base plan | $431,250 | 30y 0m | $0 |
| +300/month | $298,042 | 22y 0m | $133,208 |
First six periods
Amortization preview
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,198 | $347 | $1,851 | $359,653 |
| 2 | $2,198 | $349 | $1,849 | $359,304 |
| 3 | $2,198 | $350 | $1,847 | $358,954 |
| 4 | $2,198 | $352 | $1,846 | $358,602 |
| 5 | $2,198 | $354 | $1,844 | $358,248 |
| 6 | $2,198 | $356 | $1,842 | $357,892 |
Sources and assumptions
Transparent by design.
Loan payment uses the selected country compounding convention. Taxes and recurring costs are separate estimates; local rates, insurance quotes, closing costs and lender fees may not be included.
Calculation data: CA-2026.08 · effective from 2026-01-01 · reviewed 2026-08-25.
Applies to: Canadian quoted rates with supported provincial transfer-tax or land-registry fee rules.
Formula: Semi-annual compounding conversion to the selected payment frequency.
Rounding: Calculations retain precision; displayed currency is rounded to whole Canadian dollars.
Included: Principal, interest, optional extra payments and supported provincial tax or registration-fee estimates.
Excluded: Mortgage default insurance premiums, lender fees, local fees without stable formulas and Nunavut registration costs.
Official source: Ontario Land Transfer Tax
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Effective from 2017-01-01; reviewed 2026-08-25.
This calculator is educational only and is not a loan offer, tax opinion, legal advice or financial advice. Confirm the current rule with the lender, tax authority, notary or conveyancer before relying on it.
Methodology and local rules
Built to explain the assumptions.
Ontario is selected for the transaction-tax context. Canada uses a semi-annual compounding conversion for the quoted rate. Country rules are versioned and should be checked against the lender and authority at the time of purchase.
Source: Ontario Land Transfer Tax · Effective from 2017-01-01 · Reviewed 2026-08-25. This is an estimate; confirm the deed date, eligibility, lender terms and local authority before relying on it.
Read the full methodologyFAQ
What this estimate does and does not include.
Open a question for the full answer. The first answer is shown by default.
Is this a mortgage offer?
No. This is an illustrative estimate, not a loan offer, tax opinion, legal advice or financial advice.
What is included in the monthly payment?
The main result includes principal and interest. US users may add property tax, home insurance, HOA fees and flood insurance. Transaction taxes and other closing costs are shown separately when supported.
Why can my lender quote be different?
Lenders may use different compounding, payment dates, daily-interest rules, fees, insurance premiums, product rates and rounding. Use the estimate for comparison and confirm the final figures with your lender.
How do extra payments affect the mortgage?
When your agreement allows extra principal payments, they can reduce the balance sooner, lower later interest and shorten the payoff period. Check for overpayment limits or early-repayment charges.
Do local taxes vary?
Yes. Transfer taxes, property taxes, insurance and eligibility rules vary by country, state, province, municipality or autonomous community and may change after our review date.
Is my calculator data stored?
Calculations run in your browser. A share link places the selected calculation inputs in the URL, so treat that URL as information you have chosen to share.