Enter details below to calculate how refinancing your mortgage would affect your payments and total interest.
Enter details below to calculate how refinancing your mortgage would affect your payments and total interest.
Enter an additional amount to pay monthly towards your mortgage principal.
Enter an additional amount to pay monthly towards your mortgage principal.
Total Monthly Housing Cost (Does not affect other outputs)$0
Lump Sum (1-3 Yr)
Lump Sum (4-6 Yr)
5-Year Refinancing
Monthly Payments
Lump Sums are calculated off previous year end principal. The refinancing quick scenario maintains original loan term.
Payment Breakdown
Remaining Mortgage & Cumulative Interest
Total Paid For Home
Principal Paid & Value Gains
Outputs and Tables
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This table shows how your monthly mortgage payment would change with different down payment percentages and interest rates.
Your current calculated payment is highlighted.
Swipe left/right to see more details
Swipe left/right to see more details
Year
Principal
Interest
Lump Sum Prepayments
Extra Monthly Payments
Balance
Home Equity
Home Appreciation
Mortgage Details Help
House Value
The total purchase price of the home.
Down Payment
The initial payment you make toward the home purchase. You can enter either a dollar amount or a percentage, and the other will update automatically.
Interest Rate
The annual interest rate for your mortgage loan. This calculator uses semi-annual compounding, as is common in Canada.
Term (years)
The length of your mortgage loan in years.
Home Appreciation
The estimated annual percentage increase in your home's value.
Payment Summary Help
Monthly Payment
Your regular monthly mortgage payment amount.
Refinanced Monthly Payment
If you use the refinancing feature, this shows your new monthly payment amount after refinancing.
Total Principal
The total amount borrowed, not including interest.
Total Interest
The total interest paid over the life of your mortgage.
Total Lump Sum Prepayments
The sum of all lump sum prepayments you've added to your calculation.
Total Extra Monthly Payments
The sum of all extra monthly payments over the life of your mortgage.
Total Interest Saved
The amount of interest you'll save by making prepayments and/or extra monthly payments.
Loan Term
The actual time it will take to pay off your mortgage, which may be shorter than your original term if you make prepayments.
Debt Principal Per $100 of Monthly Payment
This is how much extra debt you can take on for every $100 of payment that you are willing to pay, assuming you contribute the same percentage downpayment along with the sum. This, for example, can be used to understand the difference between buying something that has condo fees versus how much more debt you could take on for a house with no condo fees for the same monthly cash outflow.
Optional Features Help
Lump Sum Prepayments
Add one-time payments toward your mortgage principal in specific years.
Refinancing
Calculate how refinancing your mortgage at a future date would affect your payments and total interest.
Extra Monthly Payment
Add a consistent extra amount to your monthly payments to pay down your mortgage faster.
Additional Costs
Include other housing costs to see your total monthly housing expenses.
Quick Scenarios
Apply preset calculations to quickly see how different strategies would affect your mortgage.
Outputs and Tables Help
Payment Sensitivity Analysis
This table shows how your monthly payment would change with different down payment amounts and interest rates.
Payment Schedule
A year-by-year breakdown of your mortgage payments, showing principal, interest, and remaining balance.