Amortization Calculator
See your full mortgage payment schedule, principal vs. interest breakdown, and the impact of extra payments.
Canadian Rules (Semi-Annual Compounding)Payment Breakdown
Principal vs. Interest Over Time
Amortization Schedule
What Is an Amortization Schedule?
An amortization schedule breaks down every single payment over the life of your mortgage, showing exactly how much goes to principal (paying down what you owe) and how much goes to interest (paying the lender). In the early years, most of your payment is interest. Over time, the balance flips — more of each payment chips away at the principal.
Understanding your amortization schedule helps you see the true cost of your mortgage, evaluate whether extra payments are worth it, and plan for milestones like reaching 20% equity.
Canadian vs. American Compounding
This is one of the most commonly misunderstood differences between Canadian and US mortgages. In Canada, the Interest Act requires mortgages to compound no more than semi-annually — so your effective monthly rate is calculated as (1 + annual rate ÷ 2)1/6 − 1. In the United States, mortgages compound monthly — the rate is simply the annual rate divided by 12. The result? For the same annual rate, Canadian borrowers pay slightly less interest per payment. This calculator handles both automatically based on your country selection.
Payment Frequency Options
Beyond standard monthly payments, this calculator supports bi-weekly, accelerated bi-weekly, weekly, and accelerated weekly frequencies. Accelerated options are where it gets interesting — an accelerated bi-weekly payment is your monthly payment divided by two, paid 26 times per year. That's equivalent to making 13 monthly payments instead of 12, which can shave years off your mortgage and save thousands in interest.
Extra Payments and Lump Sums
Add a recurring extra payment per period or a one-time lump sum to see how prepayments shorten your amortization and reduce total interest. The calculator shows your exact savings compared to the base schedule — how much interest you save and how many payments you eliminate.
Privacy First
This calculator runs 100% in your browser. No data is sent to any server, saved, or tracked. Your financial information stays on your device.
Related Tools
Planning a rent-to-own arrangement? Use the Rent-to-Own Calculator to model your deal, then come back here to see the full mortgage schedule for your projected loan amount. Check the Mortgage Qualifier to estimate whether you'd qualify for the mortgage you need. Visit our FAQ for answers to common questions.