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Mortgage Amortization Schedule Calculator (Canada)

See how each year's payments split between interest and principal, and how fast your balance falls. Early payments are mostly interest; the principal share grows every year.

Built on official Canadian sourcesUpdated 2026-11-12

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Reference rates (Bank of Canada, not offers): Average 5-year+ fixed rate, new insured mortgages 4.12% (2026-08-01); 5-year conventional posted rate 6.19% (2026-11-04); Average variable rate, new insured mortgages 3.74% (2026-08-01).

Monthly payment

$2,662.73

Total interest

$298,818

59.8% of the amount borrowed

Year-by-year schedule
YearPrincipalInterestBalance at year end
1$11,746$20,207$488,254
2$12,235$19,718$476,020
3$12,744$19,209$463,276
4$13,274$18,678$450,002
5$13,827$18,126$436,175
6$14,402$17,550$421,773
7$15,002$16,951$406,771
8$15,626$16,326$391,144
9$16,277$15,676$374,868
10$16,954$14,999$357,914
11$17,660$14,293$340,254
12$18,395$13,558$321,859
13$19,161$12,792$302,698
14$19,958$11,995$282,740
15$20,789$11,164$261,951
16$21,654$10,298$240,296
17$22,556$9,397$217,741
18$23,495$8,458$194,246
19$24,472$7,480$169,774
20$25,491$6,462$144,283
21$26,552$5,401$117,731
22$27,657$4,295$90,073
23$28,809$3,144$61,265
24$30,008$1,945$31,257
25$31,257$696$0

Assumes the rate stays the same for the whole amortization, with semi-annual compounding as required for fixed-rate mortgages.

How it's calculated

Fixed-rate mortgage interest in Canada is compounded semi-annually, not monthly. The schedule converts your rate to an equivalent monthly rate, finds the level payment that repays the loan over the amortization, then applies each payment to interest first and principal second.

Amortization vs term

The amortization is how long it would take to repay the whole loan. The term is how long your current rate and contract last, usually 1 to 5 years. At each renewal, the schedule restarts at the new rate.

Frequently asked questions

Why do early payments go mostly to interest?

Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, less of each fixed payment is needed for interest and more goes to principal.

Does this schedule work for a variable-rate mortgage?

Only as a snapshot. It assumes one rate for the whole amortization. When a variable rate changes, your payment, your amortization or both change, depending on your contract.

How do extra payments change the schedule?

Lump-sum or increased payments go straight to principal, so later interest is lower and the loan is paid off sooner. Use the prepayment calculator to see the effect, and check your contract's prepayment limits.

Sources

Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.