For lenders
Loan payment calculator
The payment, the total interest, and the schedule behind both — with the compounding a Canadian mortgage actually uses, the accelerated frequencies borrowers ask for, and an interest-only option.
Free, no sign-up. It runs in your browser — nothing you type is sent to us or to anyone else.
Canadian mortgages are compounded semi-annually, not in advance — which is why a 7.25% mortgage does not charge 0.604% a month.
Payment (monthly)
$3,221.63
300 payments in total.
Total interest
$516,492.31
Paid off in 25 yr.
Total paid
$966,492.31
Cost per dollar borrowed
$1.15
Interest paid for every dollar of principal.
Amortisation schedule
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $3,221.63 | $2,678.57 | $543.06 | $449,456.94 |
| 2 | $3,221.63 | $2,675.34 | $546.29 | $448,910.65 |
| 3 | $3,221.63 | $2,672.09 | $549.54 | $448,361.11 |
| 4 | $3,221.63 | $2,668.82 | $552.81 | $447,808.30 |
| 5 | $3,221.63 | $2,665.53 | $556.10 | $447,252.20 |
| 6 | $3,221.63 | $2,662.22 | $559.41 | $446,692.79 |
| 7 | $3,221.63 | $2,658.89 | $562.74 | $446,130.05 |
| 8 | $3,221.63 | $2,655.54 | $566.09 | $445,563.96 |
| 9 | $3,221.63 | $2,652.17 | $569.46 | $444,994.50 |
| 10 | $3,221.63 | $2,648.78 | $572.85 | $444,421.65 |
| 11 | $3,221.63 | $2,645.37 | $576.26 | $443,845.39 |
| 12 | $3,221.63 | $2,641.94 | $579.69 | $443,265.70 |
Showing the first 12 payments of 300.
The detail
How this is worked out
Canadian mortgages compound semi-annually
Not in advance, and not at the payment frequency. So a 7.25% mortgage does not charge 7.25% ÷ 12 a month — the periodic rate is (1 + 7.25%/2) raised to 2 ÷ payments per year, less one. It is a small difference per payment and a large one over twenty-five years, and it is the usual sign that a calculator was written for a different country. The simple option is there for loans written on plain periodic compounding.
Accelerated frequencies are not just more often
Accelerated bi-weekly takes the monthly payment and halves it, then takes it twenty-six times a year rather than twenty-four. That is one extra monthly payment a year, all of it against principal, which is why the loan clears years early. The schedule below runs the payments out until the balance actually reaches zero rather than assuming the nominal term.
The last payment is not the same as the others
Rounding each payment to the cent leaves a few dollars either way at the end, so the final row takes what is left rather than the regular amount. Real amortisation schedules do the same thing, and a schedule that ends on a round number has usually hidden the remainder somewhere.
Interest only does not amortise
Tick it and the payment is the interest for the period and nothing else — the balance is unchanged, and the whole principal is still owing at the end of the term. The total interest shown is the cost of that term, not the cost of the loan.
This is a calculator for your own working, not advice. It does not know the terms of your file or the rules you work under. Check anything that goes to a borrower, a client or a regulator against your own records first.
When one at a time stops being enough.
Loan Office does this as part of the work rather than as a separate calculation — on every file, with the result kept against the record it belongs to.