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Mortgage & Early Payoff
What difference could extra payments make?
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Editable example. Replace these numbers with your own; results update immediately.
- Regular payment · Monthly
- $2,908.02
- Payment including extra
- $2,908.02
- Annual scheduled payments including extra
- $34,896.30
- Payoff with extra payments
- 300 payments (about 25.00 years)
- Time saved versus same frequency without extras
- 0.00 years
- Interest saved versus same frequency without extras
- $0.00
- Total interest with extras
- $372,407.48
- Total paid, including one-time payment
- $872,407.48
- Payoff without extras
- 300 payments (about 25.00 years)
- Interest without extras
- $372,407.48
A useful next step
Compare monthly with accelerated biweekly. Acceleration means paying more each year. Keep your extra amount affordable and check prepayment privileges before acting.
How this estimate works
Uses a nominal annual rate compounded semi-annually, a common Canadian fixed-rate convention. Monthly payment is calculated over the entered amortization. Semi-monthly is monthly ÷ 2; regular biweekly is monthly × 12 ÷ 26; regular weekly is monthly × 12 ÷ 52. Accelerated biweekly is monthly ÷ 2 and accelerated weekly is monthly ÷ 4, giving 13 monthly-equivalent payments per year. Interest uses the equivalent rate for 12, 24, 26 or 52 equal periods annually. The one-time payment occurs now; extras start next payment. Savings compare with the same frequency without extras. Final payments are capped; intermediate amounts use full precision. Annual scheduled amounts assume a full year before payoff. Rates stay constant through amortization; renewal rates, variable-rate conventions, exact dates and lender rounding differ. Excludes taxes, fees, insurance and prepayment penalties; include any financed default insurance in the balance.
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Educational estimates only, not financial, legal or lending advice, an offer, approval or eligibility decision. Confirm terms, costs and affordability with your lender. Amounts are Canadian dollars.