Mortgage Calculator
Compare different amortization periods and interest-only mortgages side-by-side with Canadian calculations
$600,000
| Comparison | Column 1 | Column 2 | Interest-Only |
|---|---|---|---|
| Amortization Period | years | years | Not applicable |
| Rate | % | % | % |
| Extra Monthly Payment | $0 | $0 | Not applicable |
| Monthly Payment | $3,153 $1,979 interest + $1,174 principal | $2,918 $2,077 interest + $841 principal | $3,445 Interest-only payment (principal unchanged) |
| Balance at End of Term | $522,232 After 5y term | $544,022 After 5y term | $600,000 After 5y term |
| Payoff Time | 25y 0m Trimmed vs original: 0y 0m | 30y 0m Trimmed vs original: 0y 0m | Does not amortize Interest-only mortgages do not amortize |
| Interest Saved | $0 | $0 | — |
Uses Canadian mortgage convention: nominal annual rate compounded semi-annually
For illustration purposes only. Actual mortgage terms may vary.