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Clover MortgageCalculators

Mortgage Payment & Amortization Calculator

See your payment, how much of it goes to interest, and what you will still owe at the end of your term — using the semi-annual compounding Canadian lenders actually apply.
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years
years

Your monthly payment is $3,317.50. Over a 5-year term you pay $125,741.28 in interest and your balance falls to $526,691.28.

Your monthly payment

$3,317.50

At 4.49% compounded semi-annually, on a $600,000 mortgage over 25 years. That is an effective annual rate of 4.54%.

Interest over your 5-year term
$125,741.28

Term only — not the whole amortization.

Balance at end of term
$526,691.28

What you renew.

Total interest over the amortization
$395,251.63

If nothing changes for the full term.

Time to mortgage-free
25 years
Your balance over time
01325

Years

Payments assume a constant rate for the full amortization, which will not happen in practice — you renew at market rates at the end of each term. Clover Mortgage Inc. is a licensed mortgage brokerage. This calculator provides estimates for information only and is not an offer of credit, an approval, or financial advice.

Every mortgage is different. A Clover Mortgage broker can confirm what you actually qualify for across more than 50 lenders — at no cost to you.

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Monthly payment

$3,317.50

Common questions

Why is a Canadian mortgage payment different from an American one?
Canadian fixed-rate mortgages are quoted as a nominal annual rate compounded semi-annually, not monthly. The periodic rate is (1 + rate/2)^(1/6) − 1 for a monthly payment, which is slightly lower than simply dividing the rate by twelve. On a $500,000 mortgage at 4% over 25 years, the correct Canadian payment is about $8 a month lower than the US convention would suggest.
What is the difference between my term and my amortization?
Your amortization is how long it would take to pay the mortgage off completely — commonly 25 or 30 years. Your term is how long your current rate and contract last, usually one to five years. At the end of the term you renew whatever balance is left.
Is accelerated biweekly the same as biweekly?
No. A true biweekly payment divides the annual cost across 26 payments, so you pay roughly the same each year as monthly. An accelerated biweekly payment is half of the monthly payment paid every two weeks, which works out to one extra monthly payment a year and can shorten a 25-year amortization by roughly three years.