Financial Tools

Mortgage Booster — Mortgage Prepayment Calculator

Wondering what a little extra towards your mortgage could actually do? This calm mortgage prepayment calculator lets Canadian families see how adding an extra amount to their regular payment can change:

  • How much interest you pay over the life of the mortgage.
  • How many years and months you could knock off your payoff date.
  • How your regular payment compares with a plan that includes extra payments.

Want to explore related questions? Try the Mortgage vs Investing Calculator, plan your month in the Family Budget Planner, or see everything together in your Family Finance Snapshot Dashboard.

1. Enter Your Mortgage Details

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.

2. See Your Payoff Picture

A calm snapshot of how your mortgage could unwind over time.

Enter your details to see your potential savings.

Debt-free timeline

⏱️ Estimated payoff (no extra)
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✨ Estimated payoff (with extra)
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What you’ll pay in total

💰 Monthly payment (no extra)
$0
📈 Total paid — no extra
$0
📉 Total paid — with extra
–
💸 Interest you’ll pay (no extra)
$0
🧮 Interest with extra payments
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🌱 Interest saved by extra payments
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Enter your details to see how much of your total cost is principal versus interest.

Enter your mortgage details and an extra monthly amount to see how much faster you might become mortgage-free and how much interest you could save.

When you eventually free up this payment, you can redirect some of it into longer-term goals using the TFSA Contribution & Growth Calculator or RRSP Growth Calculator.

How mortgage prepayments work in Canada

A mortgage prepayment is any extra amount you put toward your mortgage principal above your required payment. In Canada, most lenders allow some form of monthly or annual prepayment without penalty.

Because interest is calculated on the remaining balance, even small extra payments early in your mortgage can significantly reduce total interest and shorten your amortization.

Is making extra mortgage payments worth it?

Mortgage prepayments offer a guaranteed return equal to your interest rate. For families who value certainty or dislike debt, this can be a powerful strategy.

Others may prefer investing surplus cash instead. You can explore that trade-off using our mortgage vs investing guide