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By Trouver-un-courtier.ca on April 22, 2024

Mortgage Payment and Amortization Calculator

Mortgage Payment and Amortization CalculatorMortgage Payment and Amortization Calculator

Mortgage Amortization Calculator

Discover how your mortgage works with our amortization calculator! Compare monthly payments to accelerated bi-weekly payments and see how you can save on interest by paying off your mortgage faster.

Principal paid

$200,000

Total interests

$150,754

Monthly payments

$1,169

Total paid

$350,754

$14,031$10,523$7,016$3,5080
1
Principal paid$4,124
Interests paid$9,907
2
Principal paid$4,335
Interests paid$9,696
3
Principal paid$4,557
Interests paid$9,474
4
Principal paid$4,790
Interests paid$9,241
5
Principal paid$5,035
Interests paid$8,996
6
Principal paid$5,292
Interests paid$8,738
7
Principal paid$5,563
Interests paid$8,468
8
Principal paid$5,848
Interests paid$8,183
9
Principal paid$6,147
Interests paid$7,884
10
Principal paid$6,461
Interests paid$7,569
11
Principal paid$6,792
Interests paid$7,239
12
Principal paid$7,139
Interests paid$6,891
13
Principal paid$7,505
Interests paid$6,526
14
Principal paid$7,889
Interests paid$6,142
15
Principal paid$8,292
Interests paid$5,738
16
Principal paid$8,717
Interests paid$5,314
17
Principal paid$9,162
Interests paid$4,868
18
Principal paid$9,631
Interests paid$4,399
19
Principal paid$10,124
Interests paid$3,907
20
Principal paid$10,642
Interests paid$3,389
21
Principal paid$11,186
Interests paid$2,844
22
Principal paid$11,759
Interests paid$2,272
23
Principal paid$12,360
Interests paid$1,670
24
Principal paid$12,993
Interests paid$1,038
25
Principal paid$13,657
Interests paid$373
Principal paid
Interests paid

Yearly breakdown

The table below illustrates the breakdown of payments by year, including the interests paid, the principal paid and the remaining balance.

Year
Interests
Principal
Balance
1
$9,906
$4,124
$195,876
2
$9,695
$4,335
$191,541
3
$9,474
$4,557
$186,985
4
$9,240
$4,790
$182,195
5
$8,995
$5,035
$177,160
6
$8,738
$5,292
$171,868
7
$8,467
$5,563
$166,305
8
$8,182
$5,848
$160,457
9
$7,883
$6,147
$154,310
10
$7,569
$6,461
$147,849
11
$7,238
$6,792
$141,057
12
$6,891
$7,139
$133,918
13
$6,525
$7,505
$126,413
14
$6,141
$7,889
$118,524
15
$5,738
$8,292
$110,232
16
$5,314
$8,717
$101,515
17
$4,868
$9,162
$92,353
18
$4,399
$9,631
$82,722
19
$3,906
$10,124
$72,598
20
$3,388
$10,642
$61,956
21
$2,844
$11,186
$50,769
22
$2,271
$11,759
$39,011
23
$1,670
$12,360
$26,650
24
$1,037
$12,993
$13,657
25
$373
$13,657
$0

Understanding Mortgage Amortization

Mortgage amortization is the gradual repayment process of your home loan over time. It includes two commonly used payment types: monthly and bi-weekly (accelerated).

Monthly Payments vs. Bi-Weekly Payments (Accelerated)

Monthly Payments (12 payments per year)

Monthly payments are made once a month, 12 times a year. Each payment covers a portion of the interest and a portion of the principal.

Bi-Weekly Payments (Accelerated, 26 payments per year)

Bi-weekly payments are an accelerated repayment method. Instead of making 12 payments per year, you make 26, or one payment every two weeks. These more frequent payments help reduce the principal of your mortgage loan more quickly.

Potential Savings with Accelerated Payments

By opting for bi-weekly payments, you can realize significant savings on interest over the long term. By paying more frequently, a larger portion of each payment is allocated to the principal rather than interest.

Principal Paid

The principal paid represents the portion of your payment used to repay the initial borrowed amount. By reducing the principal more quickly, you decrease the total amount of interest paid over the term of your loan.

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