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FINANCIAL TOOLS / UNDERSTAND THE CHANGE

Mortgage Prepayment

Compare your payoff path with and without an extra monthly payment.

All dollar amounts are CAD. Required fields are marked. Enter 0 for zero; leave optional amounts blank to exclude them.

Your scenario
0 CAD or more. Whole-dollar amounts.
0–20 %. Increments of 0.01 %.
Use 1–35 years in 0.1-year increments only when they form whole months (for example 1 or 1.5 years). Unsupported fractions such as 1.1 are rejected, not rounded.
0 CAD or more. Whole-dollar amounts.

Ready when you are

YOUR RESULT

A clear answer starts here.

Enter your scenario, or use the labelled example to explore. Your result will explain the amounts and assumptions that matter.

Assumptions

Public simplified model: effective monthly rate from semiannual compounding.

The same rate and extra payment continue to payoff, with a 480-month simulation cap.

What this leaves out

Lender prepayment privileges, limits, penalties and future rate changes are excluded.

A payoff duration is not time saved.

Original tool notes

This projection estimates your monthly payment based on your remaining balance, rate, and years left, then compares it with a plan where you add a steady extra amount every month.

* This mortgage calculator is for educational purposes only and does not provide personalized financial or lending advice. Actual mortgage terms, prepayment rules, and interest costs will differ. Use these estimates as a starting point for conversations with your lender or a qualified financial professional.

Keep the question in context

Understand amortization and mortgage terms → Try the mortgage payment calculator → Review your manually entered household balances →

Also explore: Mortgage vs investing guide · Family Budget Planner · TFSA Growth · RRSP Growth

Calculations stay separate from Your Finances. Nothing is transferred or saved there.