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Full payment schedule, all six payment frequencies including accelerated bi-weekly and weekly, prepayment impact simulator, year-by-year interest vs. principal chart, and period comparison — all calculated with Canada's semi-annual compounding mortgage math.
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| Frequency | Payment | Annual Total | Total Interest | Actual Amortization | vs. Monthly |
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| Year | Payment | Interest | Principal | Cumul. Interest | Balance |
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In Canada, mortgages use nominal rates compounded semi-annually — not monthly like in the United States. This is mandated by the federal Interest Act and means the math is slightly different from US mortgage calculators. A 5.24% Canadian rate does not equal a 5.24% effective rate — you need to convert it properly, which this calculator does automatically.
Amortization vs. term: These are two different concepts that many buyers confuse. Your amortization period is the total time to pay off the mortgage (typically 25 years). Your term is how long your current rate is locked in (typically 5 years). At renewal, rates are renegotiated — your amortization simply continues from where it left off.
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On a $600,000 mortgage at 5.24% over 25 years, about $471,600 of the total $1.07 million you repay is interest. Adding a lump-sum or paying accelerated bi-weekly shortens the amortization and cuts that interest.
An amortization schedule splits every payment into interest and principal. Early payments are mostly interest; the principal share grows each month. Canadian fixed-rate mortgages compound semi-annually. Extra payments go straight to principal, so they save interest for the rest of the term.
Reviewed November 2026 by the mortgage team at Top Mortgages Inc. Figures are estimates for general information. They are not a quote, an approval or financial advice, and lenders set their own final terms.
Amortization is the total time to pay off the mortgage (typically 25 years, up to 30 for qualifying insured buyers). The term (1 to 10 years, commonly 5) is how long your rate and lender agreement last before renewal.
It makes 26 half-monthly payments a year, equal to one extra monthly payment, which usually cuts several years off a 25-year amortization and tens of thousands in interest.
Most lenders let you pay an extra 10% to 20% of the original balance a year, and raise your payment by a similar amount, without a penalty.
Usually at renewal, with your lender or a new one. Longer amortization lowers the payment and raises total interest.
A calculator gives an estimate. A licensed mortgage professional can tell you what you actually qualify for, at no cost, and your credit is not checked to start.
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