Mortgages: Amortisaton schedule for Canadian mortgages

• Mortgage term is the number of years or months over which you will pay a specified interest rate. At the end of the term, you will need to renegotiate the interest rate (your mortgage payment amounts will change with each term).
• amortisation period is the period over which you will fully repay your mortgage. This number is usually 25 years, however it can be up to 35 years.
• Repayment frequency is the period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month. By-Weekly, weekly and semi-monthly repayments are also very common.
• Mortgage principal is the amount of money you borrow for a new mortgage. Lenders look at many factors when determining how much money they will lend.
• Interest rate is the rate at which your bank agrees to lend money to you. Banks charge different rates for different terms. Usually, the longer the term, the lower the interest you will pay. The payment you make on the regular schedule (weekly, monthly, etc) consists of an interest and a principal, and it is called the blended payment.
• First pmt. due is the date of your first mortgage payment.
• Extra periodic payment is an extra amount you wish to pay towards your mortgage. Some banks allow an additional amount to be paid on top of the regular payment.
• Extra anniversary payment is one payment you can make at the end of the year. This payment is also called the balloon payment. This payment is a percentage of your mortgage that the bank will allow you to pay, and it may significantly reduce the duration of your mortgage.

Mortgage term 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years

Amortisation period 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 10 years 15 years 20 years 25 years 30 years

Repayment frequency Weekly Bi-weekly Semi-monthly Monthly

Mortgage principal _($)

Interest rate _(%/YR)

1st pmt. due _(YYYY-MM-DD)

Extra period pmt. _($)

Extra anniv. pmt. _($)

Calculate

What is a mortgage calculator?

A mortgage amortisation calculator is a very handy tool for everyone who is considering buying a piece of real estate in Canada. In today's market it is very rare to purchase a home without a mortgage. A mortgage calculator will help you find out what your monthly mortgage payments will be based on your loan, interest rate and amortisation period. This mortgage calculator will not only create an amortisation schedule, it will allow you to input balloon payments which can significantly shorten the maturity date of your mortgage.

What is an amortisation schedule?

An amortisation schedule (or an amortisation chart) shows how much you will pay towards the principal as well as the Interest with each payment. From the amortisation schedule you will notice that in the beginning your interest payments will be rather large. As you continue to pay your mortgage, your interest payment will decline and most of the payment will be allocated towards the principal.

In addition to breaking down each payment into interest and principal portions, an amortisation schedule also shows interest paid to-date, principal paid to-date, and the remaining principal balance on each payment date.

What can this mortgage calculator do?

The mortgage calculator on this page is designed to take a few input parameters such us your mortgage amount, the interest rate of your mortgage, and the amortisation period, and generate an amortisation table that shows you how much your monthly mortgage payments will be. The mortgage payments are broken down by month, and each monthly mortgage payment outlines the amount allocated towards the principal and the interest. As you are paying your mortgage you will notice that more and more of your mortgage payments go towards the principal.

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