Payment & amortization calculator
Mortgage payment and amortization calculator (Canada)
Short answer: A Canadian fixed-rate payment uses semi-annual compounding, so $500,000 at RBC’s 5-year special, 5.14% (November 2, 2026) over 25 years is about $2,948.00 a month; at RBC’s 5-year posted rate (6.19%) it would be $3,255.72. Below: every frequency, the yearly schedule, your renewal balance and what extra payments save.
Payments at every frequency, with Canadian semi-annual compounding, a year-by-year schedule, your balance at the end of the term and what extra payments save.
Your monthly payment
$2,948.00
- Paid off in
- 25.0 years
- Total interest
- $384,400
- Total paid
- $884,400
- Balance after 5-year term
- $443,505
Principal $500,000Interest 43% of all payments
Try accelerated bi-weekly, or a yearly lump sum within your bank’s prepayment privilege.
Year-by-year schedule
| Year | Interest | Principal | Extra | Balance at year end |
|---|---|---|---|---|
| 1 | $25,194 | $10,182 | $0 | $489,818 |
| 2 | $24,664 | $10,712 | $0 | $479,106 |
| 3 | $24,106 | $11,270 | $0 | $467,836 |
| 4 | $23,519 | $11,857 | $0 | $455,979 |
| 5 | $22,902 | $12,474 | $0 | $443,505 |
| 10 | $19,299 | $16,077 | $0 | $370,692 |
| 15 | $14,655 | $20,721 | $0 | $276,846 |
| 20 | $8,670 | $26,706 | $0 | $155,892 |
| 25 | $956 | $34,420 | $0 | $0 |
Your rate is only fixed for the term, not the whole amortization. At renewal you will owe about $443,505 and get a new rate. Run the renewal checklist well before that date.
How this calculator works
The monthly rate for a fixed mortgage is (1 + rate/2)1/6 − 1, which is semi-annual compounding expressed monthly. Regular bi-weekly and weekly payments are calculated on their own schedule; accelerated payments are the monthly payment ÷ 2 or ÷ 4, as Canadian banks describe them. Extra payments go straight to principal. Figures are estimates and ignore mortgage insurance premiums, taxes and rounding conventions that vary by lender.
Frequently asked questions
Why is my Canadian mortgage payment different from a US calculator’s?
Canadian fixed-rate mortgages compound semi-annually, not monthly (Interest Act s.6 requires the rate to be stated on that basis for blended payments). The monthly rate is therefore slightly lower than the quoted rate divided by 12. This calculator uses semi-annual compounding for fixed rates and lets you switch to monthly, which is how most bank variable rates are calculated.
What is the difference between bi-weekly and accelerated bi-weekly?
Bi-weekly spreads 12 monthly payments over 26 payments, so you pay the same total each year. Accelerated bi-weekly takes the monthly payment and halves it, then pays that 26 times: the equivalent of one extra monthly payment a year, which shortens the amortization. RBC and CIBC, for example, describe accelerated payments on their own pages; ask your bank which frequencies it offers.
Do extra payments count against my prepayment privilege?
Usually yes. Increasing your regular payment and lump-sum payments are limited each year on a closed mortgage. The limits differ by bank: see the bank comparison. Paying more than the limit can trigger a prepayment penalty.
What rate should I enter?
The rate on your offer or renewal letter. If you want to know whether that rate is competitive, score it on IsThisAGoodRate.ca, a MITEY sister site that compares it with dated Bank of Canada data.
Sources
- Interest Act (R.S.C. 1985, c. I-15), ss. 6 and 10 — Justice Laws, checked Oct 31, 2026
- Paying down your mortgage faster (accelerated payments, blend-and-extend) — FCAC, checked Oct 31, 2026
- Mortgage terms and amortization — FCAC, checked Oct 31, 2026
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Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.
