Plan your home purchase with confidence. Go deeper with mortgage analysis. Calculate extra payments, compare refinancing options, view your amortization schedule - built for Canadian homebuyers who want the full picture.
The Advanced Mortgage Calculator goes well beyond a basic payment estimate. It is designed specifically for Canadian mortgages using semi-annual compounding as required under the Bank Act — giving you accurate results that reflect how Canadian lenders actually calculate interest.
In addition to your standard monthly payment and amortization breakdown, this calculator lets you model extra payments, explore refinancing scenarios and view a complete payment-by-payment amortization schedule. Whether you are planning your first home purchase, considering paying down your mortgage faster or thinking about refinancing, this tool gives you the full picture in one place — completely free.
Start by entering your mortgage details in the input panel on the left. Here is what each field means:
Results update automatically as you change any field. Click Calculate to refresh or Reset to return to the default values.
One of the most powerful features of this calculator is the ability to model extra payments on top of your regular mortgage payments. Even small additional amounts applied to your principal can save thousands of dollars in interest and shorten your amortization period significantly.
You can enter extra payments in two ways:
Once you enter extra payments the calculator will show you the interest saved compared to making only regular payments, and the time saved — how many months or years earlier your mortgage will be paid off. This side-by-side comparison makes it easy to see the real impact of paying a little extra each month.
Refinancing means replacing your current mortgage with a new one — usually to take advantage of a lower interest rate, access home equity or change your payment structure. While refinancing can save money over time, it comes with upfront costs such as penalties, legal fees and appraisal costs that need to be weighed against the potential savings.
The refinancing section of this calculator helps you model exactly that:
The calculator then shows you your monthly savings with the new rate and — most importantly — your breakeven point. The breakeven point is the number of months it takes for your accumulated monthly savings to cover the upfront cost of refinancing. If you plan to stay in the home longer than the breakeven period refinancing is generally worth it. If not it may not make financial sense.
Here is a plain-language explanation of every result the calculator provides:
This is your scheduled payment based on the frequency you selected. If you chose accelerated bi-weekly your payment is half the monthly amount — resulting in 26 payments per year instead of 24, effectively making one extra monthly payment annually.
This breaks your monthly payment into two parts — the portion reducing your outstanding loan balance (principal) and the portion going to the lender as the cost of borrowing (interest). In the early years most of your payment is interest. This gradually shifts toward principal over time.
If your down payment is less than 20% of the purchase price CMHC mortgage default insurance is required in Canada. The panel shows whether insurance is required, the premium rate (2.80% to 4.00% depending on your down payment), the total premium amount and your final insured mortgage principal. The premium is added to your mortgage — not paid upfront.
This is your outstanding mortgage balance at the end of your selected term. This is the amount you will need to renew or refinance at whatever interest rate is available at that time. Knowing this number is important for planning ahead — especially in a rising rate environment.
Total Interest is the full amount of interest you will pay over the entire amortization period. Total Cost is the sum of your mortgage principal plus all interest — the true cost of the home over the life of the loan. These numbers highlight how significantly the interest rate and amortization period affect the overall cost.
This is the amount of interest paid during just the current mortgage term — not the entire amortization. It is useful for comparing different term lengths and understanding how much of your near-term payments are going toward interest versus reducing your balance.
The full amortization schedule shows every single payment over the life of the mortgage. Each row displays the payment number, date, payment amount, principal portion, interest portion, cumulative interest paid to date and the remaining balance. You can view it annually or monthly and export it as a CSV file for your own records or to share with a mortgage professional.
When extra payments are entered these two figures show the direct benefit. Interest Saved is the total reduction in interest costs compared to making only regular payments. Time Saved shows how many months earlier your mortgage will be fully paid off. Together they make the case for — or against — making additional payments.