Mortgage Calculator
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Rate
Your mortgage interest rate can either be Fixed for the term or Variable (which changes with the prime rate). The Rate Term is the contract length with a lender.
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Amortization
Amortization is the total time it takes to pay off your mortgage in full. New mortgages usually start with an amortization of 25 years or 30 years in Canada.
25 years 0 months
Pay your mortgage faster
Increasing your mortgage payments or paying a lump sum towards your principal have a huge impact. You'll pay off your mortgage much sooner and save tons of interest.
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New Balance
Balance
Mortgage Payment
$2,980 Monthly
Payment breakdown
Principal Paid
$815.64 Interest Paid
$2,163.95 Total payment $2,979.59
Balance end of Term $444,256.88
Effective Amortization 25 Years