The Mortgage Ledger

Canada

Canada overpayment calculator

See how much interest you would save, and how many years you would cut off the mortgage, by paying a little extra each month.

Your mortgage

Paid on top of your normal payment, straight off the principal.

Overpaying $200.00/mo

$59,219

saved in interest over the life of the loan

Time cut off the mortgage
4 yrs 8 mos
Interest without overpaying
$275,826
Interest with overpaying
$216,607
Canadian closed mortgages cap penalty-free prepayment (commonly 10–20% of the original balance per year). Go over that and you may owe a prepayment charge (often the greater of 3 months' interest or the interest-rate differential). Check your lender's privilege terms first.

An estimate to help you plan — not financial advice. Assumes the extra amount is paid every month for the life of the loan and applied to principal.