Mortgage Amortization Calculator
Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.
See how your mortgage pays down over time, and how extra payments can shorten it. This is an estimate to help you plan, not an offer or approval. Since December 2021, HB Mortgage Centre has funded over $1 billion in mortgages through more than 50 lenders.
Build your amortization schedule
Monthly Payment
$2,908.02
Total Interest
$372,407
Total Paid
$872,407
Year-by-Year Amortization Schedule
| Year | Opening Balance | Principal | Interest | Closing Balance |
|---|---|---|---|---|
| 1 | $500,000 | $10,386 | $24,510 | $489,614 |
| 2 | $489,614 | $10,912 | $23,984 | $478,702 |
| 3 | $478,702 | $11,465 | $23,432 | $467,237 |
| 4 | $467,237 | $12,045 | $22,851 | $455,192 |
| 5 | $455,192 | $12,655 | $22,242 | $442,538 |
| 6 | $442,538 | $13,295 | $21,601 | $429,242 |
| 7 | $429,242 | $13,968 | $20,928 | $415,274 |
| 8 | $415,274 | $14,676 | $20,221 | $400,598 |
| 9 | $400,598 | $15,418 | $19,478 | $385,180 |
| 10 | $385,180 | $16,199 | $18,697 | $368,981 |
| 11 | $368,981 | $17,019 | $17,877 | $351,962 |
| 12 | $351,962 | $17,881 | $17,016 | $334,081 |
| 13 | $334,081 | $18,786 | $16,110 | $315,295 |
| 14 | $315,295 | $19,737 | $15,159 | $295,558 |
| 15 | $295,558 | $20,736 | $14,160 | $274,822 |
| 16 | $274,822 | $21,786 | $13,110 | $253,036 |
| 17 | $253,036 | $22,889 | $12,007 | $230,147 |
| 18 | $230,147 | $24,048 | $10,849 | $206,099 |
| 19 | $206,099 | $25,265 | $9,631 | $180,834 |
| 20 | $180,834 | $26,544 | $8,352 | $154,290 |
| 21 | $154,290 | $27,888 | $7,008 | $126,403 |
| 22 | $126,403 | $29,300 | $5,597 | $97,103 |
| 23 | $97,103 | $30,783 | $4,113 | $66,320 |
| 24 | $66,320 | $32,341 | $2,555 | $33,979 |
| 25 | $33,979 | $33,979 | $918 | $0 |
This is an estimate only. Subject to qualification. Not an offer or approval. Uses Canadian semi-annual compounding convention. Prepayment privileges vary by lender and contract.
Estimate only. Prepayment privileges vary by lender. Canadian semi-annual compounding. Subject to qualification.
How to use it
Enter your mortgage details and watch the schedule build. Add an extra monthly amount or a lump sum to see how much time and interest you could save. Small, regular extra payments often make a surprising difference over the life of a mortgage.
A note on prepayments
What it does not do
Want to pay down faster?