Choose your payment rhythm
Biweekly means 26 payments a year. Accelerated biweekly takes half your monthly payment every two weeks. That adds up to roughly one extra monthly payment each year.
SMALL STEPS. BRIGHTER POSSIBILITIES.
A clearer view
of your mortgage.
Understand the numbers. Explore the possibilities.
Make your next move with a little more confidence.
β Canadian mortgage rulesβ Free to useβ No sign-up needed
YOUR HOME, YOUR FUTURE
A clear plan starts here Mortgage payment & prepayment calculator
Your mortgage details
Start with the numbers. Weβll do the rest.
Example amounts are filled in. Replace them with your own to explore your mortgage.
Your next step starts here.
Enter valid amounts to see your payments, savings, and path to mortgage-free.
β Start with your home price or balanceβ Add your rate and payment detailsβ Explore at your own pace
Your mortgage estimate
Updates instantlyYour monthly payment
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Principal + interest Β· CADOriginal amortization 25 yearsTotal interest β
CAD estimates Β· Constant-rate projection Β· Calculation assumptions and sources
Compare changes during this visit. Nothing is saved.
Your plans, side by side
| Estimate | Kept plan | Current plan |
|---|---|---|
| Monthly mortgage equivalent | ||
| Projected total interest | ||
| Time to payoff |
Monthly mortgage equivalents include recurring extra payments. Interest and payoff include all entered prepayments. Rates are held constant; housing costs and closing costs are excluded. Keeping another plan replaces the previous one.
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Your prepayment impact
Explore extra payments to compare interest and payoff time.
Save in interestβ
Be mortgage-free soonerβ
Your estimated mortgage-free date β
Your next 5 years
With your extra paymentsPrincipal paidβ
Interest paidβ
Balance at term endβ
A shorter chapter within your full amortization. Your rate may change at renewal.
Explore the balance chart
Your path to mortgage-free
Remaining balance Original Β· dashed line With extra payments Β· solid line
Compare the original mortgage with your extra-payment plan.
Your monthly cash flow
Annualized estimateβ
Regular mortgage paymentβ
Recurring extra paymentsβ
Other housing costs you enteredβ
Biweekly payments are multiplied by 26 Γ· 12. One-time prepayments and closing costs are excluded. Add your estimates under monthly housing costs.
MORE THAN ONE WAY HOME
Compare the possibilitiesFind a down payment that fits your life.
Compare lower and higher down payments using the same home price, rate, amortization, and payment frequency.
Options meet the minimum down payment for this home and include financed mortgage insurance where applicable. These comparisons exclude extra payments, provincial premium tax, closing costs, and lender-specific pricing. Select a scenario to explore its prepayments above.
See your year-by-year payment schedule β
Your selected plan, including extra payments. Years are measured from the start of this projection.
| Year | Paid | Principal | Interest | Balance |
|---|
β§ Your numbers stay in your browser. Always.
KNOW A LITTLE MORE. FEEL A LOT MORE CONFIDENT.
Good to know before you borrow.
Put extra money to work
Prepayments go directly toward your principal, reducing future interest. Check your lenderβs annual limits and privileges before paying extra.
Understand the bigger picture
Your mortgage term is different from amortization. Your rate may change at renewal. Purchase estimates include financed default insurance where required. Add your own property tax and other housing costs for a fuller monthly budget.
A transparent calculator. No guesswork.
How are these payments calculated?
We use the Canadian fixed-rate convention: a nominal annual rate compounded semi-annually, converted to an equivalent rate for your payment frequency. Standard biweekly payments amortize the loan across 26 annual periods. Accelerated biweekly payments are half the monthly payment. Calculations use full precision internally; displayed amounts are rounded to cents.
What assumptions should I know?
The interest rate stays constant for the entire projection, even after renewal. Payments and extra payments occur at the end of each period. A one-time prepayment is applied at the first scheduled payment on or after the selected month. Extra payments start with the next payment. Payoff dates are estimates from today and rounded to the scheduled payment day; lender calendars and rounding may differ. Purchase mode assumes an owner-occupied 1β2-unit home with a traditional down payment and finances the estimated default insurance premium. At 20% down or more, no default insurance is assumed. An eligible insured 30-year mortgage includes CMHC Home Startβs higher premiums. Existing-mortgage mode uses the balance you enter. Provincial premium sales tax, land transfer tax, other closing costs, lender fees, prepayment limits, and penalties are excluded. Optional housing costs only affect the monthly cash-flow estimate, not the mortgage payment or interest savings. Zero and below-minimum down payments can be explored as principal-and-interest illustrations without estimated CMHC insurance. This calculator does not assess loan approval or stress-test qualification.
How do down payments and insurance work?
For this standard owner-occupied purchase estimate, the minimum is 5% of the first $500,000 plus 10% of the rest below $1.5 million. At $1.5 million or more, the standard minimum is 20% down. With less than 20% down, CMHC premiums are 4%, 3.1%, or 2.8% of the base loan at the applicable loan-to-value tier. Eligible insured amortizations over 25 years use 4.2%, 3.3%, or 3% instead. Rules checked November 12, 2026. See FCACβs down-payment guide, CMHCβs standard premiums, and CMHC Home Start eligibility and premiums. Your lender or insurer determines final eligibility and charges.
How can I check my results?
Compare the same amount, rate, amortization, and payment frequency with the Financial Consumer Agency of Canada mortgage calculator β. Different payment dates and rounding conventions can produce small differences. Confirm your actual payment and prepayment privileges with your lender.
A little clarity. A more confident you.
Personal Finance Toolkit helps you make everyday Canadian money decisions with confidence. Start with your mortgage, explore whatβs possible, and take your next step at your own pace.