Enter a mortgage amount, rate and amortization to get a year-by-year amortization schedule: what you pay each year, how much of it reduces the balance, how much is interest, and what you still owe. It is part of the site’s mortgage calculators.
| Year | Payment | Principal | Interest | Balance |
|---|
How to use it
- Mortgage amount: the loan itself, including any insurance premium added to it (the mortgage payment calculator works that out from the price and down payment).
- Interest rate: the calculator compounds it semi-annually, the way Canadian fixed rates are quoted.
- Amortization: the years to pay the loan off completely, not the term of your rate contract. At each renewal the remaining balance is re-priced at a new rate, so a real schedule changes every few years; this one assumes the rate never changes.
- Payment frequency: monthly, bi-weekly or weekly. These are the regular (non-accelerated) versions, so the payoff date barely moves; how accelerated payments differ is covered in the payment frequency guide.
The calculator has no field for extra payments. To see what lump sums or a higher payment do to the schedule, use the extra payment calculator.
Reading an amortization schedule
Here is the schedule for a $400,000 mortgage at 5% over 25 years, paid monthly ($2,326 a month):
| Year | Interest paid that year | Principal paid that year | Balance at year end |
|---|---|---|---|
| 1 | $19,608 | $8,309 | $391,691 |
| 5 | $17,793 | $10,124 | $354,030 |
| 10 | $14,958 | $12,959 | $295,185 |
| 15 | $11,328 | $16,589 | $219,857 |
| 20 | $6,682 | $21,235 | $123,432 |
| 25 | $734 | $27,183 | $0 |
Over the 25 years the interest adds up to $297,926 on top of the $400,000 borrowed.
Each payment covers that month’s interest on the balance first, and whatever is left reduces the principal. Because the balance is largest at the start, the first years are mostly interest; as the balance falls, the interest share shrinks and the principal share grows, while the payment stays the same. That is why a dollar of prepayment early in the mortgage saves more interest than the same dollar near the end.
How the amortization length changes the cost
A longer amortization lowers the payment and raises the total interest. For the same $400,000 loan at 5%:
| Mortgage | 25-year payment | 30-year payment | Lower payment with 30 years | Extra interest with 30 years |
|---|---|---|---|---|
| $400,000 | $2,326 | $2,135 | $192 | $70,589 |
An insured mortgage (less than 20% down) is normally limited to a 25-year amortization, with 30 years open to first-time buyers and buyers of newly built homes since December 15, 2024; the rules are on 30-year amortization rules, and 25 vs 30 years compares the two in more depth.
How the rate changes the cost
Total paid and total interest on the same $400,000 loan at different rates:
| Interest rate | Total paid, 25 years | Interest, 25 years | Total paid, 30 years | Interest, 30 years |
|---|---|---|---|---|
| 3.00% | $567,895 | $167,895 | $605,668 | $205,668 |
| 4.00% | $631,224 | $231,224 | $684,747 | $284,747 |
| 4.49% (average new uninsured 5-year fixed, July 2026) | $663,501 | $263,501 | $725,233 | $325,233 |
| 5.00% | $697,926 | $297,926 | $768,515 | $368,515 |
| 6.00% | $767,768 | $367,768 | $856,546 | $456,546 |
| 7.00% | $840,499 | $440,499 | $948,389 | $548,389 |
What lenders are charging now is on current mortgage rates, and the same tables for other loan sizes are on payments by mortgage amount.
The schedule at renewal
At the end of each term you renew at whatever rate is on offer, and you choose how much amortization is left:
| Choice at renewal | What happens to the schedule |
|---|---|
| Keep the remaining amortization | The payoff date stays the same; the payment moves with the new rate. |
| Keep the same payment | If the new rate is lower, more of each payment goes to principal and the mortgage ends sooner. |
| Shorten the amortization | A higher payment, less total interest. |
| Extend the amortization | A lower payment, more total interest; see extending your amortization. |
The mortgage renewal calculator shows the new payment for a given balance, rate and remaining amortization.
Related calculators
- Interest-only mortgage calculator: what happens to the schedule when the first years pay no principal
- Extra payment calculator: lump sums and higher payments
- Paying off a mortgage early: the ways to shorten the schedule
Sources
The figures and rules on this page come from these sources, last checked against them between September 25, 2026 and October 2, 2026. How we check facts.
- Bank of Canada: Mortgage rates, fixed 5 years and over: uninsured residential mortgages, funds advanced (data series)
- CMHC: CMHC Purchase
- Department of Finance Canada: Boldest mortgage reforms in decades come into force today
- Financial Consumer Agency of Canada: How much you need for a down payment
- Justice Laws (Canada): Interest Act