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Amortisation Calculator


How Much Do You Still Owe on your home ?

When you enter into a mortgage you are agreeing to pay off the principal (what you borrowed) over a term (a certain number of years, for example 25), and during this time to pay interest on the balance as it declines. Do not confuse the rewal period (for example five years) with the term. The renewal period is the length of time for which the mortgage is good and the time for which the interest rate remains the same. The payments that you make during this time are blended amounts of pricipal and interest. That means the payments are all for the same amount, and part of each payment is interest, and part is principal. Since, with each payment, some principal is paid, the principal owed at the start of the next payment period is less, so the interest owed will be less. That means that the next payment you make will pay less interest and pay off more principal than the one before it. The overall effect is that your loan gets paid down faster and faster as time goes by, with interest making up the most of your initial payments and principal making up the bulk of your final payments.

Since the proportions of principal and interest in each payment vary, the balance you owe does not decline in a straight line, but on a curve. This calculator is designed to produce an amortization schedule to show how your mortgage payments are comprised and give you a "picture" in spreadsheet form of how the balance you owe declines over time. A mortgage broker, bank, or a lawyer in the case of a seller take back mortgage, may prepare a schedule of this kind when a mortgage is taken out. The calculation used by your mortgagee to determine the balance you owe at a certain point in time is basically of this kind.

CAUTION: take careful note of the following:

This amortisation calculator is for mortgages in Canada. Mortgages in Canada differ in small but important ways from mortgages in many other countries. For example, in Canada, compounded mortgages are required to be calculated semi-annually, not in advance. The results you get from this amortisation calculator should therefore only be considered approximate for a lender operating in Canada and offering a mortgage in Canada. Your lender's calculations are the final authority since the terms of your mortgage may vary in small but important ways.

  • if you have varied from the schedule by missing payments or by making lump sum prepayments then this calculator will not give accurate results for your case
  • if you want to pay off your balance early, before the renewal period is up, then you may have to pay penalties, which this calculator does not include
  • this calculator only works for fixed rate mortgages - it will not work if your interest rate has varied
  • this amortisation schedule is only a guide based on general principles, from which your mortgage may vary, so your mortgagee's calculation may differ from what is calculated here

Fill in all of the boxes with the information for your mortgage and click on the 'Amortise' button to get a list of the payment schedule.

Amortisation Schedule Calculator
Mortgage Amount: What you borrowed
Interest Rate:   % The rate you pay on your mortgage
Renewal Period:     years. How long your rate stays fixed.
Monthly Payment Amount: What you pay each month
First Payment Due - Month:   Year:

Only what the institution granting your mortgage states as being your principal balance owed can be considered true and accurate for your mortgage contract.


Site owner: Dot Turner, Sales Representative, Team Realty K W Inc, Brokerage 519-741-1400

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