Canadian Mortgage Calculators
Alberta Equity’s Mortgage Calculator breaks down the entire amortization of your mortgage and calculates a payment schedule as well as summaries of interest, balances and payments. We’ve already entered Canada’s best rates, but if you prefer, you may enter your own interest rates by using the Customize button.
We also have a simpler Flash Mortgage Calculator that provides a visual way to compare and find the best mortgage products. Or if you’re not sure how much you can afford, try our qualification calculator.
- You will have 300 payments of $1,023.16 a month for 25 years to payout a $220,000 loan with a rate of 2.84%.
- Mortgage balance remaining at end of term is $187,462.77.
- By switching your payment schedule from monthly to weekly or biweekly you are able to shorten the mortgage amortization period and save a substantial amount on interest payments.
Amortization and Payment Summary
The amortization of a mortgage refers to the total number of years required to pay back the entire amount borrowed. While the most common amortization period is 25 years, you can accelerate it to a shorter period of time in order to save on interest charges.
Monthly Payment and Amortization Table
Below is a breakdown of your payments each month including your accumulated payments and mortgage balance.
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