Canadian Mortgage Acceleration Calculator
Compare a standard mortgage against smart payoff strategies.
Use one strategy or combine all three: lower the amortization, switch to weekly or biweekly payments, and make an annual anniversary lump-sum payment against the balance.
Estimated Savings
Interest saved
$0
Time saved
0 months
Mortgage Details
Use accelerated weekly/biweekly payments
Accelerated biweekly equals half the monthly payment; accelerated weekly equals one-quarter of the monthly payment.
Standard Mortgage
Monthly payment
$0
Payoff time
0 months
Total interest
$0
Total paid
$0
Accelerated Strategy
Payment amount
$0
Payoff time
0 months
Total interest
$0
Total paid
$0
Total anniversary lump sums
$0
Broker note
This is an estimate for education and planning. Canadian lenders may calculate interest, compounding, prepayment privileges, and penalties differently. Always check your mortgage commitment or renewal agreement before making extra payments.
How this Canadian mortgage calculator helps you save money
This calculator shows how small mortgage payment changes can create large long-term savings. By reducing the amortization, paying more frequently, and applying annual lump sums, more money goes toward reducing principal instead of paying interest.
Three ways to pay off your mortgage faster
- Shorter amortization: A shorter amortization usually increases your payment, but it can reduce total interest significantly.
- Weekly or biweekly payments: More frequent payments reduce the mortgage balance faster. Accelerated biweekly payments can be especially effective.
- Annual lump-sum prepayments: Using bonuses, commissions, tax refunds, or savings can lower the principal and reduce future interest.
Important Canadian mortgage reminder
Before making extra payments, check your lender’s prepayment privileges. Some lenders allow 10%, 15%, or 20% lump-sum payments each year, while others may apply penalties if you exceed the allowed amount.
Want to see your own savings?
Enter your mortgage balance, rate, amortization, payment frequency, and annual lump-sum amount above. Then compare your standard mortgage against the accelerated strategy.