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Canadian mortgage calculator

Canadian mortgage prepayment calculator

Compare dated lump sums, recurring increases and accelerated payments across the current term and a long-term projection.

Private inputs · Transparent assumptions

Your decision ledger

Mortgage prepayment strategy

Compare dated extra payments, current-term savings, long-term projections, and the limits entered from your mortgage contract.

Current mortgage
01

Current mortgage

Separate the current contract term from the remaining amortization.

Time remaining in current term

Leave blank to use the calculated principal-and-interest payment.

Prepayment strategy
02

Prepayment strategy

Choose one approach or combine lump sums, payment increases, and accelerated timing.

Contract limits
03

Contract limits

Enter the privileges from your mortgage agreement; the calculator does not estimate a lender penalty.

Projection assumptions
04

Projection assumptions

Make the post-renewal rate, horizon, and payment treatment explicit.

Enter your mortgage details

Complete the current mortgage, strategy, and projection assumptions to compare current-term and long-term outcomes.

How to use this result

Start with the decision, then inspect the assumptions.

Prepayments reduce principal earlier, which means later payments accrue interest on a smaller balance. The contract matters: annual lump-sum limits, double-up options, anniversary dates, and payment-increase privileges vary by lender.

How the calculation works

The base and strategy paths apply Canadian nominal rates compounded semi-annually. Payment and prepayment events are applied chronologically. The current contract rate ends at the entered term date; a separate user-entered rate drives the post-renewal projection. Long-term results are projections, not guaranteed lifetime savings.

For the full notation, rate conversion, rounding approach, and limitations, see the calculation methodology.

Worked Canadian example

Put the estimate in context

For a CA$500,000 balance at 5.00% with 25 years remaining, the calculated monthly payment is about CA$2,908. An immediate CA$20,000 lump sum with the payment kept unchanged can shorten the constant-rate projection by about 22 months and reduce projected interest by about CA$45,700. The calculator separately reports what happens before the current term ends.

Before relying on it

Common mistakes

  1. 01Assuming unused annual prepayment room carries forward.
  2. 02Applying a lump sum in the calculator on a date different from the contract privilege date.
  3. 03Confusing term interest saved with total lifetime interest saved.
  4. 04Ignoring a potential charge for exceeding the permitted amount.

Clear answers

Frequently asked questions

Does a lump sum lower my required payment?

Often it shortens payoff while the contractual payment stays the same. A lender may recalculate the payment at renewal or on request, depending on the product.

What does time saved mean?

It is the difference between estimated payoff periods if the entered rate and payment remain constant, which is unlikely over many renewal terms.

Continue comparing

Related calculators

Accelerated biweeklyCompare monthly and accelerated-biweekly payments, interest, term balance, and estimated payoff time.Mortgage renewalEstimate your payment after renewal and compare a longer amortization, a lump sum, and your current remaining schedule.Mortgage penaltyCompare an approximate three-month-interest charge with an interest rate differential.

Official references

Sources used

Full source registry

Estimates are for educational purposes and may differ from lender calculations, contractual terms, taxes, fees, or regulatory requirements. Read the full disclaimer.

Last reviewed July 26, 2026. Content is marked for financial and compliance editorial review before material policy changes are published.