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Mortgage Payment Calculator — Canada 2026

Calculate your monthly mortgage payment with a full year-by-year amortization schedule. See how prepayments can save you tens of thousands in interest.

On a $600,000 mortgage, adding just $200/month in extra payments saves roughly $45,000 in interest and takes 4 years off your mortgage.

How Canadian Mortgage Payments Work

Canadian mortgages use semi-annual compounding — not monthly compounding like American mortgages. This means your effective interest rate is slightly different from the posted rate, and it's why you can't use a generic US mortgage calculator for Canadian mortgages. ClearKey handles this automatically.

Your monthly payment is split between principal and interest. In the early years, roughly 57% of each payment goes to interest on a typical mortgage. By year 15, that flips — most of each payment is principal. The amortization schedule shows you this breakdown year by year.

Canadian Compounding
Uses semi-annual compounding — the standard for Canadian mortgages. American calculators get this wrong.
Year-by-Year Schedule
Full amortization table showing principal paid, interest paid, and remaining balance for every year.
Prepayment Analysis
See how lump-sum or increased payments affect your total interest and mortgage-free date.
Mortgage-Free Date
Shows exactly when you'll own your home outright — and how prepayments move that date forward.

How Much Income Do You Need to Buy a House in Canada?

Your monthly payment is one thing — qualifying for the mortgage is another. The mortgage stress test Canada 2026 means lenders calculate your payment at ~6.59%, not your actual rate. See the full income breakdown at every price point in our income needed to buy a house in Canada guide.

Why Prepayments Matter So Much

On a $600,000 mortgage at 4.59% over 25 years, you'll pay approximately $275,000 in total interest. A single $10,000 lump sum in year 3 saves about $18,000 in interest over the life of the mortgage. Most Canadian mortgages allow annual lump-sum prepayments of 10–20% of the original principal.

If you're considering breaking your current mortgage to refinance at a lower rate, use ClearKey's penalty calculator first. For the fixed vs variable mortgage Canada 2026 decision, the amortization calculator helps you compare total interest costs under different rate scenarios.

See your full amortization schedule with prepayment analysis — free, no sign-up required.

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Learn More

Fixed vs Variable Mortgage Canada 2026 — Which Is Better? → Mortgage Stress Test Canada 2026 — How It Works → How Much Income Do You Need to Buy a House in Canada? → Closing Costs Ontario 2026 — What Buyers Forget →

This calculator is for educational purposes only and does not constitute financial, mortgage, or legal advice. Payment calculations use semi-annual compounding per Canadian mortgage standards. Actual payments may vary based on lender, payment frequency, and mortgage terms. Always consult a licensed mortgage professional. ClearKey is not a licensed mortgage brokerage.