How does my mortgage balance go down each year?
Enter the mortgage amount, rate and amortization. The table shows how much of each year’s payments goes to interest and to principal, and what you still owe.
Your estimate
PAYMENT
How this is estimated
What the calculator assumes.
Compounding. Interest compounds semi-annually, as on Canadian fixed-rate mortgages. Variable-rate mortgages can compound monthly, and their payment or amortization changes with the rate.
Term and amortization. Most terms last five years; the rate can change at each renewal, which changes the schedule. The balance after five years is what you would renew. See the term vs amortization guide and the renewal calculator.
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