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Mortgage Loan

Whether you’re shopping for your dream home, renovating or just renewing your mortgage, it’s helpful to know where you stand. Use this calculator to quickly see how much interest you might pay, what your payment schedule could be and your principal balances. You can even determine the impact of any principal prepayments. Press the report button for a full amortization schedule, either by year or by month.

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Discover more about strategies to help you save money by making the interest payments on your mortgage effectively tax-deductible.

Contact your nearest Investors Group Consultant to find out how The PlanTM can help you fulfill your goals for life.

Definitions

Total payments bar chart:
= Total principal paid
= Total interest paid
Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Amortization period
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
Mortgage payment
Your principal and interest payment (PI) per period.
Accelerated weekly and bi-weekly payments
Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, monthly, yearly and a one time prepayment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
Savings
Total amount of interest you will save by prepaying your mortgage.

*Assumption: Mortgage is compounded semi-annually and paid monthly.

I.G. Investment Management Ltd. is a licensed mortgage broker, Investors Group Trust Co. Ltd. is a trust company licensed to lend money in all jurisdictions in Canada. Clients with mortgage inquires will be referred to an Investors Group Mortgage Planning Specialist.

Information and interactive calculators are made available to you as illustrative tools for your independent use, are not intended to provide investment advice and is not an approval for a mortgage. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.