Mortgage Amortization Schedule Calculator
The full schedule of a mortgage: what each payment pays in interest and in principal, and the balance it leaves, from the first payment to the last. See it by year or payment by payment, and download it as a spreadsheet.
The rate starts at the average on new uninsured 5-year mortgages in July 2026, from the Bank of Canada (all mortgage rates).
Optional prepayment
Monthly payment
$3,317.50
300 payments, the last in Oct 2051.
Total interest
$395,251
Total paid
$995,251
Paid off
25.0 years
Principal passes interest
Apr 2036
One rate for the whole amortization, compounded semi-annually like every Canadian mortgage. In practice the rate is reset at each renewal: the payment calculator shows what one term does.
Year by Year
| Year | Period | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | Nov 2026 to Oct 2027 | $26,421 | $13,389 | $586,611 |
| 2 | Nov 2027 to Oct 2028 | $25,813 | $13,997 | $572,613 |
| 3 | Nov 2028 to Oct 2029 | $25,177 | $14,633 | $557,980 |
| 4 | Nov 2029 to Oct 2030 | $24,513 | $15,297 | $542,683 |
| 5 | Nov 2030 to Oct 2031 | $23,818 | $15,992 | $526,691 |
| 6 | Nov 2031 to Oct 2032 | $23,092 | $16,718 | $509,973 |
| 7 | Nov 2032 to Oct 2033 | $22,333 | $17,477 | $492,496 |
| 8 | Nov 2033 to Oct 2034 | $21,539 | $18,271 | $474,226 |
| 9 | Nov 2034 to Oct 2035 | $20,710 | $19,100 | $455,125 |
| 10 | Nov 2035 to Oct 2036 | $19,843 | $19,967 | $435,158 |
| 11 | Nov 2036 to Oct 2037 | $18,936 | $20,874 | $414,284 |
| 12 | Nov 2037 to Oct 2038 | $17,988 | $21,822 | $392,462 |
| 13 | Nov 2038 to Oct 2039 | $16,998 | $22,812 | $369,650 |
| 14 | Nov 2039 to Oct 2040 | $15,962 | $23,848 | $345,802 |
| 15 | Nov 2040 to Oct 2041 | $14,879 | $24,931 | $320,871 |
| 16 | Nov 2041 to Oct 2042 | $13,747 | $26,063 | $294,808 |
| 17 | Nov 2042 to Oct 2043 | $12,564 | $27,246 | $267,561 |
| 18 | Nov 2043 to Oct 2044 | $11,327 | $28,483 | $239,078 |
| 19 | Nov 2044 to Oct 2045 | $10,033 | $29,777 | $209,301 |
| 20 | Nov 2045 to Oct 2046 | $8,681 | $31,129 | $178,172 |
| 21 | Nov 2046 to Oct 2047 | $7,268 | $32,542 | $145,630 |
| 22 | Nov 2047 to Oct 2048 | $5,790 | $34,020 | $111,610 |
| 23 | Nov 2048 to Oct 2049 | $4,246 | $35,564 | $76,046 |
| 24 | Nov 2049 to Oct 2050 | $2,631 | $37,179 | $38,867 |
| 25 | Nov 2050 to Oct 2051 | $943 | $38,867 | $0 |
| Total | $395,251 | $600,000 | ||
How to Read an Amortization Schedule
Every payment is the same, but what it buys changes. Interest is charged on the balance still owed, so the first payments on a large balance are mostly interest and move the balance little; as the balance falls, the interest in each payment falls with it and the rest goes to principal. The schedule marks the payment where principal first exceeds interest: at today's rates that comes about ten years into a 25-year amortization, and later still on a 30-year one. It also shows why the first renewal matters so much: after five years the balance is still most of what you borrowed, so the rate you renew at applies to nearly the whole mortgage.
What Shortens It
Anything that pays principal sooner cuts the interest on every payment after it. Accelerated bi-weekly payments, half the monthly payment every two weeks, make the equivalent of one extra monthly payment a year and take two to three years off a 25-year amortization. A fixed extra amount on each payment, entered above, does the same in proportion. A lump sum once a year does it in one go: our prepayment calculator shows the saving on each, and the payment frequency calculator compares the frequencies side by side. Most lenders allow 10% to 20% of the original mortgage in prepayments each year without penalty.
Amortization and Term
The amortization is how long the whole mortgage takes to pay off at the current payment, 25 years at most on an insured mortgage, or 30 for a first-time buyer or a new build, and 30 or more without insurance. The term is how long the rate is set for, usually five years. The schedule above assumes one rate from start to finish; at each renewal the rate changes and the lender recomputes the payment over the amortization left, so the real schedule is a chain of these, one per term. The mortgage payment calculator shows the interest and principal of a single term.
Today's Mortgage Rates from Lenders
This calculator works with whatever rate you enter. Compare it with the rates lenders are offering right now, fixed and variable, by term. Change the price, down payment or location to match your purchase.
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