Mortgage Prepayment Calculator
Most mortgages let you pay extra each year without penalty, often 10% to 20% of the original amount. Check your own limit, then see what extra payments save.
Your mortgage and extra payments
$
%
$
$
$
Interest you’d save
$100,894
- Paid off sooner by
- 7 yr 1 mo
- Regular payment
- $2,767.36 per month
Extras are applied right after the regular payment; yearly and one-time lump sums with the last payment of the year. Check your prepayment limits; going over them can trigger a penalty.
Amortization schedule
First 2 years| Year | Paid | Interest | Principal | Extra | Balance |
|---|---|---|---|---|---|
| Year 1 | $40,608.32 | $22,016.42 | $11,191.90 | $7,400.00 | $481,408.10 |
| Year 2 | $40,608.32 | $21,170.36 | $12,037.96 | $7,400.00 | $461,970.14 |
Rate held at 4.5% for the whole amortization. Estimate only.
Calculations are estimates for general educational use and are not financial, mortgage, tax or legal advice, a lending offer or approval. Actual payments, qualification, rates, insurance, taxes and fees depend on your lender, contract and circumstances. Projections hold your entered rate constant after the term; future rates may differ.
More calculators
- Mortgage paymentYour payment at every frequency, with insurance and down payment rules built in.
- Land transfer taxProvincial and municipal tax with first-time buyer rebates, by jurisdiction.
- Mortgage renewalSee how a new rate changes your payment when your term ends.
- RefinanceEquity you can access, the new payment and when breaking pays off.
- AffordabilityThe highest price you could qualify for under the stress test.