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 that the amount fits within 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.
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Common questions
What is accelerated bi-weekly?+
Instead of one monthly payment, you pay half of that amount every two weeks. Because there are 26 bi-weekly periods in a year (not 24), you end up making the equivalent of 13 monthly payments instead of 12 — one extra payment per year goes straight to principal. Plain bi-weekly is a different thing entirely: it splits the same yearly total into 26 and barely changes the payoff. The difference between the two is set out on the payment calculator.
How much can I prepay penalty-free?+
Most Canadian lenders allow 10%–20% per year in lump-sum prepayments against original principal, plus a 10%–20% increase to your regular payment. Exact limits depend on your lender and product — check your mortgage agreement.
Does this work for variable-rate mortgages?+
The math is built around the Canadian semi-annual compounding standard used for fixed-rate mortgages. Variable-rate results will be close but the actual interest amount changes as prime moves.
Is prepaying always the best move?+
Not always. If you have higher-interest debt (credit cards, CRA, lines of credit), pay those down first. Also consider RRSP/TFSA contributions and emergency savings before maxing prepayments.
Case Studies — files like this
Anonymized case studies from our desk. Names and identifying details removed.
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 →
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.