Canadian Mortgage Calculator
Monthly Pay: $537.32 Monthly Total Mortgage Payment $537.32 $193,434.86 Property Tax $25.00 $9,000.00 Home Insurance $208.33 $75,000.00 Other Costs $500.00 $180,000.00 Total Out-of-Pocket $1,270.65 $457,434.86 42% 2% 39% 16% Mortgage Payment Property Taxes Other Cost Home Insurance
House Price $100,000.00 Loan Amount $80,000.00 Down Payment $20,000.00 Total of 360 Mortgage Payments $193,434.86 Total Interest $113,434.86 Mortgage Payoff Date Jun. 2054
Amortization schedule Year $0 $50K $100K $150K $200K 0 5 10 15 20 25 30 Balance Interest Payment
Month Date Interest Principal Ending Balance 1 6/2024 $473 $64 $79,936 2 7/2024 $473 $65 $79,871 3 8/2024 $472 $65 $79,806 4 9/2024 $472 $66 $79,740 5 10/2024 $471 $66 $79,674 6 11/2024 $471 $66 $79,608 7 12/2024 $471 $67 $79,541 8 1/2025 $470 $67 $79,474 9 2/2025 $470 $67 $79,407 10 3/2025 $469 $68 $79,339 11 4/2025 $469 $68 $79,271 12 5/2025 $469 $69 $79,202 End of year 1 13 6/2025 $468 $69 $79,133 14 7/2025 $468 $69 $79,063 15 8/2025 $467 $70 $78,994 16 9/2025 $467 $70 $78,923 17 10/2025 $467 $71 $78,852 18 11/2025 $466 $71 $78,781 19 12/2025 $466 $72 $78,710 20 1/2026 $465 $72 $78,638 21 2/2026 $465 $72 $78,565 22 3/2026 $464 $73 $78,493 23 4/2026 $464 $73 $78,419 24 5/2026 $464 $74 $78,346 End of year 2 25 6/2026 $463 $74 $78,271 26 7/2026 $463 $75 $78,197 27 8/2026 $462 $75 $78,122 28 9/2026 $462 $75 $78,046 29 10/2026 $461 $76 $77,970 30 11/2026 $461 $76 $77,894 31 12/2026 $461 $77 $77,817 32 1/2027 $460 $77 $77,740 33 2/2027 $460 $78 $77,662 34 3/2027 $459 $78 $77,584 35 4/2027 $459 $79 $77,505 36 5/2027 $458 $79 $77,426 End of year 3 37 6/2027 $458 $80 $77,347 38 7/2027 $457 $80 $77,267 39 8/2027 $457 $81 $77,186 40 9/2027 $456 $81 $77,105 41 10/2027 $456 $81 $77,024 42 11/2027 $455 $82 $76,942 43 12/2027 $455 $82 $76,859 44 1/2028 $454 $83 $76,776 45 2/2028 $454 $83 $76,693 46 3/2028 $453 $84 $76,609 47 4/2028 $453 $84 $76,525 48 5/2028 $452 $85 $76,440 End of year 4 49 6/2028 $452 $85 $76,354 50 7/2028 $451 $86 $76,268 51 8/2028 $451 $86 $76,182 52 9/2028 $450 $87 $76,095 53 10/2028 $450 $87 $76,007 54 11/2028 $449 $88 $75,920 55 12/2028 $449 $88 $75,831 56 1/2029 $448 $89 $75,742 57 2/2029 $448 $90 $75,652 58 3/2029 $447 $90 $75,562 59 4/2029 $447 $91 $75,472 60 5/2029 $446 $91 $75,381 End of year 5 61 6/2029 $446 $92 $75,289 62 7/2029 $445 $92 $75,197 63 8/2029 $445 $93 $75,104 64 9/2029 $444 $93 $75,011 65 10/2029 $443 $94 $74,917 66 11/2029 $443 $94 $74,822 67 12/2029 $442 $95 $74,727 68 1/2030 $442 $96 $74,632 69 2/2030 $441 $96 $74,536 70 3/2030 $441 $97 $74,439 71 4/2030 $440 $97 $74,342 72 5/2030 $440 $98 $74,244 End of year 6 73 6/2030 $439 $98 $74,146 74 7/2030 $438 $99 $74,047 75 8/2030 $438 $100 $73,947 76 9/2030 $437 $100 $73,847 77 10/2030 $437 $101 $73,746 78 11/2030 $436 $101 $73,645 79 12/2030 $435 $102 $73,543 80 1/2031 $435 $103 $73,440 81 2/2031 $434 $103 $73,337 82 3/2031 $434 $104 $73,234 83 4/2031 $433 $104 $73,129 84 5/2031 $432 $105 $73,024 End of year 7 85 6/2031 $432 $106 $72,919 86 7/2031 $431 $106 $72,812 87 8/2031 $430 $107 $72,706 88 9/2031 $430 $107 $72,598 89 10/2031 $429 $108 $72,490 90 11/2031 $429 $109 $72,381 91 12/2031 $428 $109 $72,272 92 1/2032 $427 $110 $72,162 93 2/2032 $427 $111 $72,051 94 3/2032 $426 $111 $71,940 95 4/2032 $425 $112 $71,828 96 5/2032 $425 $113 $71,715 End of year 8 97 6/2032 $424 $113 $71,602 98 7/2032 $423 $114 $71,488 99 8/2032 $423 $115 $71,373 100 9/2032 $422 $115 $71,258 101 10/2032 $421 $116 $71,141 102 11/2032 $421 $117 $71,025 103 12/2032 $420 $117 $70,907 104 1/2033 $419 $118 $70,789 105 2/2033 $419 $119 $70,670 106 3/2033 $418 $120 $70,551 107 4/2033 $417 $120 $70,431 108 5/2033 $416 $121 $70,310 End of year 9 109 6/2033 $416 $122 $70,188 110 7/2033 $415 $122 $70,066 111 8/2033 $414 $123 $69,943 112 9/2033 $413 $124 $69,819 113 10/2033 $413 $125 $69,694 114 11/2033 $412 $125 $69,569 115 12/2033 $411 $126 $69,443 116 1/2034 $411 $127 $69,316 117 2/2034 $410 $128 $69,189 118 3/2034 $409 $128 $69,060 119 4/2034 $408 $129 $68,931 120 5/2034 $408 $130 $68,801 End of year 10 121 6/2034 $407 $131 $68,671 122 7/2034 $406 $131 $68,540 123 8/2034 $405 $132 $68,407 124 9/2034 $404 $133 $68,275 125 10/2034 $404 $134 $68,141 126 11/2034 $403 $134 $68,006 127 12/2034 $402 $135 $67,871 128 1/2035 $401 $136 $67,735 129 2/2035 $400 $137 $67,598 130 3/2035 $400 $138 $67,460 131 4/2035 $399 $138 $67,322 132 5/2035 $398 $139 $67,183 End of year 11 133 6/2035 $397 $140 $67,043 134 7/2035 $396 $141 $66,902 135 8/2035 $396 $142 $66,760 136 9/2035 $395 $143 $66,617 137 10/2035 $394 $143 $66,474 138 11/2035 $393 $144 $66,329 139 12/2035 $392 $145 $66,184 140 1/2036 $391 $146 $66,038 141 2/2036 $390 $147 $65,891 142 3/2036 $390 $148 $65,743 143 4/2036 $389 $149 $65,595 144 5/2036 $388 $150 $65,445 End of year 12 145 6/2036 $387 $150 $65,295 146 7/2036 $386 $151 $65,143 147 8/2036 $385 $152 $64,991 148 9/2036 $384 $153 $64,838 149 10/2036 $383 $154 $64,684 150 11/2036 $382 $155 $64,529 151 12/2036 $381 $156 $64,373 152 1/2037 $381 $157 $64,217 153 2/2037 $380 $158 $64,059 154 3/2037 $379 $159 $63,900 155 4/2037 $378 $160 $63,741 156 5/2037 $377 $160 $63,580 End of year 13 157 6/2037 $376 $161 $63,419 158 7/2037 $375 $162 $63,257 159 8/2037 $374 $163 $63,093 160 9/2037 $373 $164 $62,929 161 10/2037 $372 $165 $62,764 162 11/2037 $371 $166 $62,597 163 12/2037 $370 $167 $62,430 164 1/2038 $369 $168 $62,262 165 2/2038 $368 $169 $62,093 166 3/2038 $367 $170 $61,922 167 4/2038 $366 $171 $61,751 168 5/2038 $365 $172 $61,579 End of year 14 169 6/2038 $364 $173 $61,406 170 7/2038 $363 $174 $61,231 171 8/2038 $362 $175 $61,056 172 9/2038 $361 $176 $60,880 173 10/2038 $360 $177 $60,702 174 11/2038 $359 $178 $60,524 175 12/2038 $358 $180 $60,344 176 1/2039 $357 $181 $60,164 177 2/2039 $356 $182 $59,982 178 3/2039 $355 $183 $59,799 179 4/2039 $354 $184 $59,616 180 5/2039 $352 $185 $59,431 End of year 15 181 6/2039 $351 $186 $59,245 182 7/2039 $350 $187 $59,058 183 8/2039 $349 $188 $58,870 184 9/2039 $348 $189 $58,680 185 10/2039 $347 $190 $58,490 186 11/2039 $346 $192 $58,298 187 12/2039 $345 $193 $58,106 188 1/2040 $344 $194 $57,912 189 2/2040 $342 $195 $57,717 190 3/2040 $341 $196 $57,521 191 4/2040 $340 $197 $57,324 192 5/2040 $339 $198 $57,125 End of year 16 193 6/2040 $338 $200 $56,926 194 7/2040 $337 $201 $56,725 195 8/2040 $335 $202 $56,523 196 9/2040 $334 $203 $56,320 197 10/2040 $333 $204 $56,115 198 11/2040 $332 $206 $55,910 199 12/2040 $331 $207 $55,703 200 1/2041 $329 $208 $55,495 201 2/2041 $328 $209 $55,286 202 3/2041 $327 $210 $55,075 203 4/2041 $326 $212 $54,863 204 5/2041 $324 $213 $54,650 End of year 17 205 6/2041 $323 $214 $54,436 206 7/2041 $322 $215 $54,221 207 8/2041 $321 $217 $54,004 208 9/2041 $319 $218 $53,786 209 10/2041 $318 $219 $53,567 210 11/2041 $317 $221 $53,346 211 12/2041 $315 $222 $53,124 212 1/2042 $314 $223 $52,901 213 2/2042 $313 $225 $52,676 214 3/2042 $311 $226 $52,450 215 4/2042 $310 $227 $52,223 216 5/2042 $309 $229 $51,994 End of year 18 217 6/2042 $307 $230 $51,765 218 7/2042 $306 $231 $51,533 219 8/2042 $305 $233 $51,301 220 9/2042 $303 $234 $51,067 221 10/2042 $302 $235 $50,831 222 11/2042 $301 $237 $50,594 223 12/2042 $299 $238 $50,356 224 1/2043 $298 $240 $50,117 225 2/2043 $296 $241 $49,875 226 3/2043 $295 $242 $49,633 227 4/2043 $293 $244 $49,389 228 5/2043 $292 $245 $49,144 End of year 19 229 6/2043 $291 $247 $48,897 230 7/2043 $289 $248 $48,649 231 8/2043 $288 $250 $48,399 232 9/2043 $286 $251 $48,148 233 10/2043 $285 $253 $47,895 234 11/2043 $283 $254 $47,641 235 12/2043 $282 $256 $47,385 236 1/2044 $280 $257 $47,128 237 2/2044 $279 $259 $46,869 238 3/2044 $277 $260 $46,609 239 4/2044 $276 $262 $46,347 240 5/2044 $274 $263 $46,084 End of year 20 241 6/2044 $272 $265 $45,819 242 7/2044 $271 $266 $45,553 243 8/2044 $269 $268 $45,285 244 9/2044 $268 $270 $45,015 245 10/2044 $266 $271 $44,744 246 11/2044 $265 $273 $44,471 247 12/2044 $263 $274 $44,197 248 1/2045 $261 $276 $43,921 249 2/2045 $260 $278 $43,643 250 3/2045 $258 $279 $43,364 251 4/2045 $256 $281 $43,083 252 5/2045 $255 $283 $42,800 End of year 21 253 6/2045 $253 $284 $42,516 254 7/2045 $251 $286 $42,230 255 8/2045 $250 $288 $41,942 256 9/2045 $248 $289 $41,653 257 10/2045 $246 $291 $41,362 258 11/2045 $245 $293 $41,069 259 12/2045 $243 $295 $40,775 260 1/2046 $241 $296 $40,478 261 2/2046 $239 $298 $40,180 262 3/2046 $238 $300 $39,881 263 4/2046 $236 $302 $39,579 264 5/2046 $234 $303 $39,276 End of year 22 265 6/2046 $232 $305 $38,971 266 7/2046 $230 $307 $38,664 267 8/2046 $229 $309 $38,355 268 9/2046 $227 $311 $38,044 269 10/2046 $225 $312 $37,732 270 11/2046 $223 $314 $37,418 271 12/2046 $221 $316 $37,102 272 1/2047 $219 $318 $36,784 273 2/2047 $217 $320 $36,464 274 3/2047 $216 $322 $36,142 275 4/2047 $214 $324 $35,818 276 5/2047 $212 $326 $35,493 End of year 23 277 6/2047 $210 $327 $35,165 278 7/2047 $208 $329 $34,836 279 8/2047 $206 $331 $34,504 280 9/2047 $204 $333 $34,171 281 10/2047 $202 $335 $33,836 282 11/2047 $200 $337 $33,499 283 12/2047 $198 $339 $33,159 284 1/2048 $196 $341 $32,818 285 2/2048 $194 $343 $32,475 286 3/2048 $192 $345 $32,129 287 4/2048 $190 $347 $31,782 288 5/2048 $188 $349 $31,433 End of year 24 289 6/2048 $186 $351 $31,081 290 7/2048 $184 $354 $30,728 291 8/2048 $182 $356 $30,372 292 9/2048 $180 $358 $30,014 293 10/2048 $177 $360 $29,654 294 11/2048 $175 $362 $29,292 295 12/2048 $173 $364 $28,928 296 1/2049 $171 $366 $28,562 297 2/2049 $169 $368 $28,193 298 3/2049 $167 $371 $27,823 299 4/2049 $164 $373 $27,450 300 5/2049 $162 $375 $27,075 End of year 25 301 6/2049 $160 $377 $26,698 302 7/2049 $158 $379 $26,318 303 8/2049 $156 $382 $25,936 304 9/2049 $153 $384 $25,552 305 10/2049 $151 $386 $25,166 306 11/2049 $149 $389 $24,778 307 12/2049 $146 $391 $24,387 308 1/2050 $144 $393 $23,994 309 2/2050 $142 $395 $23,598 310 3/2050 $140 $398 $23,200 311 4/2050 $137 $400 $22,800 312 5/2050 $135 $403 $22,398 End of year 26 313 6/2050 $132 $405 $21,993 314 7/2050 $130 $407 $21,585 315 8/2050 $128 $410 $21,176 316 9/2050 $125 $412 $20,764 317 10/2050 $123 $415 $20,349 318 11/2050 $120 $417 $19,932 319 12/2050 $118 $419 $19,512 320 1/2051 $115 $422 $19,091 321 2/2051 $113 $424 $18,666 322 3/2051 $110 $427 $18,239 323 4/2051 $108 $429 $17,810 324 5/2051 $105 $432 $17,378 End of year 27 325 6/2051 $103 $435 $16,943 326 7/2051 $100 $437 $16,506 327 8/2051 $98 $440 $16,066 328 9/2051 $95 $442 $15,624 329 10/2051 $92 $445 $15,179 330 11/2051 $90 $448 $14,731 331 12/2051 $87 $450 $14,281 332 1/2052 $84 $453 $13,828 333 2/2052 $82 $456 $13,373 334 3/2052 $79 $458 $12,914 335 4/2052 $76 $461 $12,453 336 5/2052 $74 $464 $11,990 End of year 28 337 6/2052 $71 $466 $11,523 338 7/2052 $68 $469 $11,054 339 8/2052 $65 $472 $10,582 340 9/2052 $63 $475 $10,107 341 10/2052 $60 $478 $9,630 342 11/2052 $57 $480 $9,149 343 12/2052 $54 $483 $8,666 344 1/2053 $51 $486 $8,180 345 2/2053 $48 $489 $7,691 346 3/2053 $45 $492 $7,199 347 4/2053 $43 $495 $6,704 348 5/2053 $40 $498 $6,207 End of year 29 349 6/2053 $37 $501 $5,706 350 7/2053 $34 $504 $5,203 351 8/2053 $31 $507 $4,696 352 9/2053 $28 $510 $4,186 353 10/2053 $25 $513 $3,674 354 11/2053 $22 $516 $3,158 355 12/2053 $19 $519 $2,640 356 1/2054 $16 $522 $2,118 357 2/2054 $13 $525 $1,593 358 3/2054 $9 $528 $1,065 359 4/2054 $6 $531 $534 360 5/2054 $3 $534 $0 End of year 30
Year Date Interest Principal Ending Balance 1 6/24-5/25 $5,650 $798 $79,202 2 6/25-5/26 $5,591 $856 $78,346 3 6/26-5/27 $5,529 $919 $77,426 4 6/27-5/28 $5,461 $987 $76,440 5 6/28-5/29 $5,389 $1,059 $75,381 6 6/29-5/30 $5,311 $1,137 $74,244 7 6/30-5/31 $5,228 $1,220 $73,024 8 6/31-5/32 $5,139 $1,309 $71,715 9 6/32-5/33 $5,043 $1,405 $70,310 10 6/33-5/34 $4,940 $1,508 $68,801 11 6/34-5/35 $4,829 $1,619 $67,183 12 6/35-5/36 $4,710 $1,737 $65,445 13 6/36-5/37 $4,583 $1,865 $63,580 14 6/37-5/38 $4,446 $2,001 $61,579 15 6/38-5/39 $4,300 $2,148 $59,431 16 6/39-5/40 $4,142 $2,306 $57,125 17 6/40-5/41 $3,973 $2,475 $54,650 18 6/41-5/42 $3,792 $2,656 $51,994 19 6/42-5/43 $3,597 $2,851 $49,144 20 6/43-5/44 $3,388 $3,060 $46,084 21 6/44-5/45 $3,164 $3,284 $42,800 22 6/45-5/46 $2,923 $3,525 $39,276 23 6/46-5/47 $2,665 $3,783 $35,493 24 6/47-5/48 $2,388 $4,060 $31,433 25 6/48-5/49 $2,090 $4,358 $27,075 26 6/49-5/50 $1,771 $4,677 $22,398 27 6/50-5/51 $1,428 $5,020 $17,378 28 6/51-5/52 $1,060 $5,388 $11,990 29 6/52-5/53 $665 $5,783 $6,207 30 6/53-5/54 $241 $6,207 $0
Getting Your First Mortgage
The traditional period for amortization of a mortgage (the time to pay it off) is 25 years. But this is done in periods of five years at a time, though it is possible to pay the mortgage down in a shorter period, just not longer. The longer the amortization period, the smaller the monthly payments will be, but the more the loan will cost in total.
Most mortgages have a five year term, though shorter terms are possible. The five-year mortgage term is the amount of time a mortgage contract is in effect. At the end of each term, the mortgage must be renewed for another term, at which point there is an opportunity to consider making any changes. Possible changes include renegotiating the rate as well as other details of the contract for the next term. The agreed-upon interest rate remains in effect for the term.
It is possible to choose between an open mortgage, which provides a person the flexibility of being able to repay all or part of a mortgage at any time without a prepayment charge, or a closed mortgage, which limits prepayment options. The latter usually has a lower interest rate.
Traditionally, mortgage payments are made every month. It is possible to arrange biweekly payments which permit faster repayment and a lower loan cost. A biweekly payment means making a payment of one-half of the monthly payment every two weeks. This results in 26 payments a year instead of 24.
A mortgage allows the option of building up a cash account. As the principal is amortized, the stored funds can be used as a source to take out cash when needed, and borrowed without charge. After use, the amounts are simply added back to the mortgage principal.
There are also options for flexible or skipped payments.
Most Canadian mortgages are portable, which means that if the owner moves before the five-year term is up, they can choose to apply their old mortgage to a new home. If it's a more expensive home, it is also possible to take out a new loan for the difference.
Homeowners' Association (HOA) Fees
Homeowners' Association (HOA) fees are funds that are collected monthly from homeowners to obtain the income needed to pay for things such as master insurance, exterior and interior maintenance, landscaping, water, sewer, and garbage costs.