Payoff Lab
Canadian mortgage payoff calculator
Enter your loan details to see the scheduled payment, total interest, and how an extra monthly amount shortens the term. Uses Canadian semi-annual compounding.
Fill in your balance, rate, and amortization, then add an extra monthly or biweekly amount to compare payoff time. Figures use Canadian semi-annual compounding. Results are estimates only — not financial advice.
Your payment, interest, payoff time, extra-payment savings, payoff milestones, year-by-year schedule and renewal check will appear here after you calculate.
Pick a payoff goal. Using the balance, rate, amortization and payment frequency above, this works out the extra amount to add to every payment, and the interest you would save.
Assumes one rate for the whole period and no lump sums. Check your prepayment limits first. Estimates only, not financial advice.
Estimates only. Not financial advice. Payoff Lab is not a lender or mortgage broker. Actual payments, interest, and payoff dates depend on your lender, taxes, insurance, and loan terms.
Last reviewed: . Canadian mortgage rules and rates change, so confirm the details with your lender before you decide.
The same $500,000 mortgage at 5% over 25 years, run through this calculator. Accelerated schedules pay about one extra monthly payment a year, which is where the savings come from.
| Frequency | Payment | Payments a year | Paid per year | Total interest | Paid off in |
|---|---|---|---|---|---|
| Monthly | $2,908.02 | 12 | $34,896.24 | $372,406.00 | 25 years |
| Semi-monthly | $1,452.52 | 24 | $34,860.48 | $371,512.00 | 25 years |
| Biweekly | $1,342.16 | 26 | $34,896.16 | $370,505.58 | 25 years |
| Accelerated biweekly | $1,454.01 | 26 | $37,804.26 | $311,972.64 | 21 years, 6 months |
| Weekly | $671.08 | 52 | $34,896.16 | $369,691.40 | 24 years, 11 months |
| Accelerated weekly | $727.01 | 52 | $37,804.52 | $311,281.46 | 21 years, 6 months |
Assumes one rate for the full amortization. Estimates only, not financial advice. Accelerated biweekly vs monthly, explained →
Before you add extra payments or a lump sum, check what your mortgage allows. Going over your limits can cost more than the interest you save.
Every lender is different, so check your mortgage contract. FCAC: prepayment penalties (Government of Canada) · Estimate an IRD penalty →
Estimates only, not financial advice.
In Canada, fixed-rate mortgages must be compounded semi-annually, not in advance (Interest Act). So a 5% rate means 2.5% every six months, not 5%/12 every month.
Payoff Lab turns the annual rate into an effective rate per payment: i = (1 + r/2)^(2/n) − 1, where r is the annual rate and n is payments per year (12 monthly, 26 biweekly, 52 weekly). The payment is then P × i / (1 − (1 + i)^−N), where P is the amount owed and N is the total number of payments. Extra payments and lump sums go straight to principal.
Example: $500,000 at 5% over 25 years, paid monthly, gives $2,908.02 a month. Lenders may round differently, and some variable mortgages compound monthly, so check your mortgage contract.
Estimates only, not financial advice.
Start with the same $500,000 mortgage at 5% over 25 years, paid monthly ($2,908.02). Here is what happens when you add a fixed amount to every payment, or put a lump sum down once a year. Every extra dollar goes straight to principal, so the savings grow over time.
| Strategy | Total interest | Interest saved | Paid off in |
|---|---|---|---|
| No extra payments | about $372,410 | — | 25 years |
| +$100 a month | about $345,470 | about $26,940 | 23 years, 6 months |
| +$250 a month | about $312,040 | about $60,370 | 21 years, 6 months |
| +$500 a month | about $269,270 | about $103,140 | 18 years, 10 months |
| $5,000 lump sum each year | about $285,810 | about $86,590 | 19 years, 10 months |
| $10,000 lump sum each year | about $233,800 | about $138,610 | 16 years, 6 months |
Before you prepay, check your contract. Most closed Canadian mortgages let you prepay 10% to 20% of the original amount each year without a penalty; going over can trigger a prepayment penalty. See prepayment privileges explained and lump sum vs higher payments for the details.
Uses Canadian semi-annual compounding and assumes one rate for the full amortization, with lump sums made at the end of each year. Estimates only, not financial advice.
Plain-language guides for Canadian and Ontario homeowners, with worked examples using the same math as the calculator.
Payoff first, toys second. Someday extra payments might free up cash flow — here’s a Canada-friendly wishlist of high-ticket “why not?” gear. Browsing is free. Buying is optional fun, not a cue to pause the mortgage.
As an Amazon Associate I earn from qualifying purchases. Links go to Amazon.ca; prices change. This is an educational site, not financial advice.
We feature highly rated, high-volume Amazon.ca picks (star ratings and review counts from Amazon). Prefer Ships from Amazon / Prime when the buy box offers it — confirm live before you buy.
About $123.43 CAD (prices change)
Crispier than a January morning, without turning the oven into a sauna.
View on Amazon.ca
About $189.98 CAD (prices change)
Two baskets, zero debate about whether fries or wings get dinner priority.
View on Amazon.ca
About $469.00 CAD (prices change)
Dolby Atmos for movie night and overtime goals, in a bar that fits under most TVs.
View on Amazon.ca
About $289.00 CAD (prices change)
Clear dialogue for movies, playoff commentary, and the inevitable ‘what did they say?’.
View on Amazon.ca
About $129.99 CAD (prices change)
A comfier seat for the days you spend refreshing your amortization schedule.
View on Amazon.ca
About $161.49 CAD (prices change)
A proper command centre for spreadsheets, side hustles, and guitar breaks.
View on Amazon.ca
About $126.99 CAD (prices change)
Rolls the snacks to the lake and keeps them cold through a proper Canadian day out.
View on Amazon.ca
About $221.90 CAD (prices change)
Built for long-weekend cottage runs — the ice outlasts the mosquitoes.
View on Amazon.ca
About $47.48 CAD (prices change)
For shelves, flat-pack furniture, and confidently saying ‘I can fix that.’
View on Amazon.ca
About $69.58 CAD (prices change)
Two batteries mean the project can outlast your coffee, not your patience.
View on Amazon.ca
About $443.54 CAD (prices change)
A faster last mile when the bus is late and winter hasn’t won yet.
View on Amazon.ca
About $699.00 CAD (prices change)
A long-range commuter for when the car payment is the next thing you want gone.
View on Amazon.ca
About $75.97 CAD (prices change)
Undo a day of desk shoulders, rink legs, or ambitious weekend plans.
View on Amazon.ca
About $159.99 CAD (prices change)
Deep-tissue relief for athletes, hikers, and anyone who carried all the groceries in one trip.
View on Amazon.ca
Canadian brand · founded in Vancouver
About $56.00 CAD (prices change)
A clean everyday pack from a Vancouver-founded brand.
View on Amazon.ca
About $45.99 CAD (prices change)
Forty litres of room for layers, trail mix, and one jacket you definitely won’t need.
View on Amazon.ca
About $134.63 CAD (prices change)
A gentle heavyweight for hibernating through February—or just Sunday night.
View on Amazon.ca
About $69.99 CAD (prices change)
Like a warm hug, but with fewer negotiations and more fuzzy fleece.
View on Amazon.ca
About $19.99 CAD (prices change)
Make lamps, kettles, and holiday lights obey you from the couch.
View on Amazon.ca
About $17.99 CAD (prices change)
A tiny upgrade that makes ‘turn off the lights’ a one-sentence command.
View on Amazon.ca
About $199.99 CAD (prices change)
Put the needle down and let the living room become a listening room.
View on Amazon.ca
About $227.98 CAD (prices change)
Built-in speakers for spinning records while pretending the snow is a music-video backdrop.
View on Amazon.ca
About $28.60 CAD (prices change)
Wildly unnecessary, weirdly essential, and it fits the cup holder.
View on Amazon.ca
About $44.95 CAD (prices change)
For kitchen heroes who want slip resistance with a little more personality than a rubber boot.
View on Amazon.caReminder: this list is entertainment. Extra payments come first. Amazon.ca links are optional browsing — not a recommendation to stop paying the mortgage.
A short prep pack so you can walk into renewal with the paperwork and questions in order.
CAD $4.99 one-time download on Gumroad
Get the checklist →Educational only. Not financial advice. Payoff Lab is not a lender or mortgage broker.
On a $500,000 mortgage at 5% over 25 years, adding $100 to each monthly payment saves about $26,940 in interest and pays the loan off about 18 months sooner. Adding $500 a month saves about $103,140. Estimates only.
Most closed Canadian mortgages allow lump-sum prepayments of 10% to 20% of the original amount each year, and many let you raise your regular payment by a similar percentage. The exact limits are in your mortgage contract.
Yes. Most Canadian fixed-rate mortgages compound interest twice a year, not monthly. Payoff Lab turns your annual rate into a rate for each payment using semi-annual compounding, so a $500,000 mortgage at 5% over 25 years works out to $2,908.02 a month.
Accelerated weekly and accelerated biweekly. Both add up to about one extra monthly payment a year. In our $500,000 at 5% over 25 years example, both pay the loan off in about 21 years, 6 months, compared with 25 years on monthly payments.
No. Semi-monthly is 24 payments a year, usually on two set dates each month. Biweekly is every two weeks, or 26 payments a year. Neither speeds up payoff much unless you choose an accelerated version.
No. The numbers you type stay in your browser and are not sent to our servers. We use Google Analytics to count visits and link clicks.
No. Results are estimates only, not financial advice. Payoff Lab is not a lender or mortgage broker, and your lender’s figures, rates, prepayment limits and fees will differ.