Canada Mortgage Amortization Calculator
Use this amortization calculator to see how mortgage payments affect your mortgage balance over the life of the loan.| Year | Total Paid | Principal Paid | Interest Paid | Balance | |
|---|---|---|---|---|---|
| Term Total | $0.00 | $0.00 | $0.00 | $0.00 | |
The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. | |||||
Mortgage amortization calculator overview
When you use an amortization calculator, you’ll get a table that lists every payment you’ll make. You can see how much of each payment will go toward interest and how much will go toward paying off the balance of your loan.
With an amortization schedule, you can also estimate how many future payments you’d eliminate by paying down more of your mortgage now.
How to use a mortgage amortization calculator
When you use an amortization calculator, you’ll see the results in a graph that looks like this:
The height of each column, which represents the amount of your mortgage payments, stays the same from year to year. That’s because your mortgage payment is a constant.
Note that if you have a variable-rate mortgage, your payments may not be as predictable.
The amount going toward the remaining principal (green) rises over time while the amount going toward paying interest (yellow) shrinks. That’s because lenders calculate interest based on the remaining principal.
As your principal (shown by the black line) decreases, so does the amount you owe in interest each time you make a payment.
Overall, an amortization calculator shows you how those different financial forces — the upward pressure of interest costs and the downward pressure of paying down your principal — affect the balance of your mortgage over time.
To see exactly where your account stands after each payment, check out the Payments Breakdown table.
Mortgage renewals affect your eventual payment amounts
It’s impossible to predict where rates will be years in the future, so the calculator simply keeps using your current interest rate until your mortgage is paid off. A blue message, shown below, marks where your current mortgage contract will end. Your payment amounts after renewal will be higher if rates rise or lower if they fall, but the number of payments until your mortgage is paid off will remain the same.
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Clay Jarvis
Clay Jarvis
