Pay Off Your Mortgage Faster Calculator
See how much faster you'll be mortgage-free — and how much interest you'll save — by switching to accelerated payments, bumping each payment up, or making annual lump-sum prepayments.
Your mortgage
Enter your current balance, interest rate and remaining amortization. Canadian fixed-rate math (semi-annual compounding) is used so results line up with what your lender will quote.
1 · Change payment frequency
Switching to an accelerated schedule means you pay half the monthly amount every two weeks (or a quarter every week). That's one extra monthly payment per year — and it knocks years off your mortgage with no real effort.
2 · Increase each payment
Most Canadian lenders let you bump every regular payment by 10%–20% per year without penalty. Every extra dollar goes straight to principal.
3 · Annual lump sum
Most lenders allow lump-sum prepayments up to 10%–20% of your ORIGINAL principal per year, penalty-free — this calculator applies whatever dollar amount you enter to the balance, so check the amount fits your contract's privilege. Tax refunds, bonuses and inheritances are perfect for this.
Side-by-side
Estimates use Canadian fixed-rate (semi-annual) compounding and assume your rate stays the same for the rest of the amortization. Real lender prepayment rules vary — check your mortgage contract before maxing things out.
- Built around real Canadian prepayment privileges — per-payment increases and annual lump sums against original principal, the way your mortgage contract actually words them
- Stacks all three levers at once (accelerated frequency + payment bump + annual lump) in one compounding simulation
- Ends with the question that matters at renewal: blend, break, or switch — not just 'pay more'
Lifetime interest · original vs accelerated
The shorter bar is real money kept in your pocket — the difference is your savings.
Get your real mortgage approval amount
Calculators give estimates. We give exact numbers — based on your income, credit, and the lender most likely to say yes. Free, no obligation, same-day reply.
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How it works: we use Canadian fixed-rate (semi-annual) compounding so the payment numbers match what your lender quotes. The simulation runs your amortization payment-by-payment, applying any payment increase every period and any lump sums on each anniversary, then compares the new payoff date and total interest against the original monthly schedule.
Also see: Blended rate → · Land transfer tax → · Financing fees →