Mortgage Amortization Calculator
Year-by-year amortization schedule for Canadian mortgages — 25, 30 or 35-year amortizations, fixed vs variable compounding, and interest-only payments for private/HELOC scenarios.
Mortgage details
Canadian fixed-rate mortgages use semi-annual compounding (Interest Act, s.6). Variable / HELOC use monthly compounding. The math here matches what a Canadian lender will quote.
- Amortization chips carry honest lane warnings — 35-year is flagged as private/B-lender territory, interest-only as private + HELOC only with a balloon at term
- Full year-by-year schedule and balance curve, built by real period-by-period simulation rather than formula shortcuts
- Accelerated payment frequencies genuinely compress the payoff date, matching how Canadian lenders administer them
Balance over time
How your outstanding principal drops each year.
Year-by-year amortization schedule
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $9,255 | $18,400 | $490,745 |
| 2 | $9,605 | $18,050 | $481,140 |
| 3 | $9,967 | $17,688 | $471,172 |
| 4 | $10,344 | $17,311 | $460,829 |
| 5 | $10,734 | $16,921 | $450,095 |
| 6 | $11,139 | $16,516 | $438,955 |
| 7 | $11,560 | $16,095 | $427,396 |
| 8 | $11,996 | $15,659 | $415,399 |
| 9 | $12,449 | $15,206 | $402,950 |
| 10 | $12,919 | $14,736 | $390,031 |
Schedule assumes the rate stays constant for the entire amortization. In reality you'll renew every 1–5 years (your term) at whatever rate is available then. Use this as a planning tool, not a guarantee.
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Common questions
What is mortgage amortization?+
Amortization is the total length of time scheduled to pay off your mortgage in full. In Canada this is typically 25 years (the standard) or 30 years. A longer amortization lowers your monthly payment but increases the total interest you pay over the life of the loan.
Can I get a 35-year amortization in Canada?+
Not from insured (CMHC, Sagen, Canada Guaranty) or A-lender conventional mortgages. Insured mortgages cap at 25 years — 30-year insured amortization is available only to first-time buyers, or to any buyer of a newly-built home. Uninsured (20%+ down) A-lender mortgages allow 30. 35-year amortizations are only available through select private lenders and some alternative (B) lenders, typically at higher rates.
What is interest-only payment?+
An interest-only payment covers only the interest charged each month, with no reduction to the principal balance. The full loan amount remains outstanding and is owed as a balloon at the end of the term. Interest-only is offered on private 1st and 2nd mortgages and HELOCs, not on standard A-lender mortgages.
How does Canadian semi-annual compounding work?+
Under section 6 of the Interest Act, Canadian fixed-rate mortgages must disclose interest compounded no more frequently than semi-annually. In practice this means a 5% fixed rate has an effective monthly rate slightly lower than 5/12, and payments are calculated using (1 + i/2)^(2/12) − 1. Variable-rate mortgages and HELOCs use monthly compounding instead.
What is an amortization schedule?+
An amortization schedule breaks down each payment into the portion going to principal versus interest, year by year, until the loan is paid off. Early in the amortization most of each payment goes to interest; over time the principal portion grows. This calculator shows the full year-by-year schedule for any inputs you choose.
Case Studies — files like this
Anonymized case studies from our desk. Names and identifying details removed.
How to read your schedule: early years are interest-heavy because interest is charged on a large outstanding balance. As principal shrinks, each payment carries more principal and less interest — that's the curve you see in the chart.
Also see: Pay off faster → · Affordability + stress test → · Blended rate → · Mortgage insurance (CMHC) →
Every calculator here is built on published Canadian government rules and lender methodology, and was last checked for accuracy on August 1, 2026 — the arithmetic re-verified and every page re-read on screen. Rates and thresholds change — we confirm the current numbers for your file before you rely on them.