Loan & mortgage calculator
See your payment, total interest and payoff date for any loan. Supports Canadian semi-annual mortgage compounding, accelerated bi-weekly payments and extra payments.
■ Principal ■ Interest
Year-by-year schedule
| Year | Paid | Principal | Interest | Balance |
|---|
Calculated in your browser. This is an estimate, not financial advice; your lender’s figures are final.
Calculators
The payment formula
payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the interest rate per payment period and n is the number of payments.
When interest compounds at a different frequency from your payments, the periodic rate is r = (1 + annual ÷ c)c ÷ p − 1, with c compounding periods and p payments a year.
How extra payments help
Any amount above the required payment goes straight to principal, so less interest builds up afterwards. Add an extra payment above to see how much sooner you’d be debt-free. Check your loan allows prepayment without penalty first.
Buying a home? Use the Canadian mortgage calculator. Comparing discounts or rates? Try the percentage calculator.
Frequently asked questions
Is this calculator accurate for my bank?
It uses standard amortization maths, so it should be within a few cents of a lender’s quote for the same rate, compounding and frequency. Fees, insurance and rounding rules can differ.
What is semi-annual compounding?
Interest is calculated twice a year rather than monthly. Canadian fixed-rate mortgages are required to disclose rates this way.
What is amortization?
The total time it takes to pay off the loan if you keep making the same payments. A mortgage term (say 5 years) is usually shorter than its amortization (say 25 years).
Does this include property tax or insurance?
No. It covers principal and interest only.