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.
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Monthly payment
$2,662.73
Total interest
$298,818
59.8% of the amount borrowed
| Year | Principal | Interest | Balance 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.