Find out exactly what your mortgage balance will be on any future date. Compare how different payment frequencies — including accelerated options — affect your payoff timeline.
See your balance at any point
Including accelerated options
Semi-annual compounding
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Balance on Feb 2031
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Principal Paid
Interest Paid
Payments Made
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*Uses Canadian semi-annual compounding. Estimates only — actual balance may vary.
Know exactly what your balance will be when your term comes up for renewal — no surprises.
Compare how accelerated bi-weekly or weekly payments reduce your balance faster than standard frequencies.
Track how much equity you're building over time by seeing principal paid vs. interest paid.
Understand your future balance to decide when refinancing makes financial sense.
Monthly (12/yr), Semi-Monthly (24/yr), Bi-Weekly (26/yr), and Weekly (52/yr) all result in the same annual payment — they just split it into smaller, more frequent instalments.
Semi-monthly pays exactly twice per month. Bi-weekly pays every two weeks, which results in 26 payments — slightly more frequent than semi-monthly's 24.
Accelerated Bi-Weekly takes your monthly payment, divides by 2, and pays it 26 times per year. This equals 13 monthly payments annually — one extra payment compared to standard.
Accelerated Weekly divides your monthly payment by 4 and pays 52 times per year, also equalling 13 monthly payments. Both options can shave years off your mortgage.
Our mortgage experts can help you find the best strategy to pay off your mortgage faster. Get pre-approved in minutes with no obligation.
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Your balance is calculated using a month-by-month amortization schedule. Each payment covers interest (calculated on your outstanding balance using Canadian semi-annual compounding) plus principal repayment. The balance decreases with each payment as more goes to principal over time.
Interest is calculated on your outstanding balance. In the early years, your balance is highest, so interest charges are largest. As you pay down the principal, the interest portion shrinks and more of each payment goes to principal. This is why the last years of a mortgage pay down much faster than the first.
Accelerated biweekly payments (monthly payment ÷ 2, paid every 2 weeks) result in 26 half-payments per year — equivalent to 13 monthly payments instead of 12. This extra payment goes entirely to principal, reducing your balance faster and saving years on your amortization.
Use this calculator with your original mortgage details and set the date to your renewal date. The result shows your exact projected balance, which is the amount you'll be renewing. This helps you plan ahead and compare renewal options from different lenders.
Most Canadian mortgages allow annual lump-sum prepayments of 15-20% of the original mortgage amount without penalty. These payments go directly to principal and can save you thousands in interest over the life of the mortgage.
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