Mortgage Calculator

Monthly Payment
$3,285.72
Payment
Term
Total

Payment breakdown

Principal Paid
$698.59
Interest Paid
$2,587.14
Total payment
$3,285.72

Term Summary

Term Length
5 years
Principal Paid
$45,678
Interest Paid
$151,320
Total Payments
$196,998
Balance at End of Term
$450,996.52

Total Summary

Amortization Period
25 years
Principal Paid
$500,000
Interest Paid
$485,716
Total Cost
$985,716
Balance end of Term
$450,996.52
Effective Amortization
25 Years

Amortization

View schedule

Amortization is the total time it takes to pay off your mortgage in full. New mortgages usually start with an amortization of 25 years or 30 years in Canada.

Rate

Your mortgage interest rate can either be Fixed for the term or Variable (which changes with the prime rate). The Rate Term is the contract length with a lender.

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