Mortgage Calculator

Amortization schedule with extra payments.

What's the difference?
Monthly
One payment a month (12/year) — the standard schedule most mortgages default to.
Semi-monthly
Two payments a month (24/year), each roughly half the monthly payment, on a fixed twice-a-month schedule.
Biweekly (accelerated)
One payment every two weeks (26/year), sized as exactly half the monthly payment. Since 26 half-payments equal 13 full monthly payments a year, this pays off the loan faster and saves interest.
Biweekly (true)
One payment every two weeks (26/year), calculated directly at that pace rather than split from the monthly payment. No built-in acceleration.
Weekly
One payment every week (52/year), calculated directly at that pace. No built-in acceleration.
Extra payments (optional)

Calculating…

Results

Regular payment
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Payment with extra
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Payoff date
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Total interest paid
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Interest saved vs. no extra payments
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Full amortization schedule
# Date Payment Interest Principal Extra Balance

How this mortgage calculator works

This calculator builds a complete amortization schedule for a fixed-rate mortgage. Enter your current loan balance, your annual interest rate, however much term you have remaining, and how often you make payments, and it calculates your regular payment amount, a full period-by-period schedule of interest and principal, your projected payoff date, and the total interest you'll pay over the life of the loan.

Extra payments and amortization

Every mortgage payment splits into two parts: interest, calculated on your current outstanding balance, and principal, which reduces that balance. Early in a loan's term, most of each payment goes toward interest because the balance is still large; as the balance shrinks, more of each payment goes toward principal. Extra payments -- money paid beyond your required regular payment -- go entirely toward principal, which shrinks the balance faster than scheduled. Because interest is calculated on whatever balance remains, a smaller balance means less interest charged in every subsequent period, which is why even modest extra payments can meaningfully shorten a loan and reduce total interest paid. This calculator lets you add a recurring extra amount to every payment, one or more one-time lump-sum payments on specific dates, or both, and shows exactly how much interest those extra payments save compared with the same loan paid on schedule with no extras.

Mortgages already in progress

A mortgage doesn't have to be brand new to use this calculator. Rather than asking whether your mortgage is "new" or "existing," it only ever asks for two things: your current loan balance and how much term you have left. If you're five years into a 30-year mortgage with 25 years left on the original schedule, you'd enter your current balance and 25 years remaining -- the calculator has no need to know (or reconstruct) the loan's original terms. This keeps the tool equally useful whether you're evaluating a mortgage you're about to take out or checking how extra payments would affect one you've been paying down for years.

Still shopping for a home? The mortgage stress test calculator shows how large a mortgage you'd qualify for in Canada, and the maximum home price your income and down payment can support.

Frequently asked questions

What does this mortgage calculator do?

It builds a full amortization schedule for a mortgage based on your loan balance, interest rate, remaining term, and payment frequency. It shows your regular payment amount, payoff date, total interest paid over the life of the loan, and -- if you add extra payments -- how much interest those extra payments save you.

How do extra payments reduce my mortgage term and interest?

Extra payments reduce your outstanding balance directly, which lowers the interest charged in every following period since interest is calculated on the remaining balance. You can add a recurring extra amount to every payment, one-time lump sums on specific dates, or both. The calculator compares your schedule with extra payments against the same loan with no extra payments to show the interest saved and the time cut off the term.

Can I calculate payoff for a mortgage I'm already paying down?

Yes. There's no separate "new" vs. "existing mortgage" mode -- enter your current loan balance and however much term you have left (in years and months), and the calculator treats it the same way whether the mortgage is brand new or partway through its term.

What payment frequencies are supported?

Monthly, semi-monthly (twice a month), biweekly (every two weeks, in both a "true" annuity-formula version and an accelerated version that pays the equivalent of one extra month a year), and weekly.

What's the difference between "Biweekly (true)" and "Biweekly (accelerated)"?

Biweekly (true) recalculates the payment directly for a 26-payment year, with no extra acceleration. Biweekly (accelerated) takes your monthly-equivalent payment, splits it in half, and pays that half every two weeks -- since 26 half-payments equal 13 full monthly payments a year instead of 12, it pays off the loan faster and saves interest, on top of any other extra payments you configure.

Is my mortgage information saved anywhere?

No. The calculator has no database and no accounts -- your numbers are sent to the calculation service only to compute a result and are not stored.