Mortgage payoff timeline
How long until you're mortgage-free at your current pace? Toggle the payment slider to see what a $100 extra per month buys you.
Your scenario
Result
Confirm prepayment privileges with your lender before increasing payments above contract.
How payoff timeline math works
Given a balance, interest rate, and monthly payment, this calculator computes how many months until the balance hits zero — and the total interest paid over that period. The math uses Canadian semi-annual compounding (Bank Act convention) — the same convention every Canadian lender uses internally.
The "what if I add $100" experiment
Try this: lock the balance + rate, then move the payment slider up by $100 and watch the years-to-free drop. On a typical $400k balance at 5%, an extra $100/month cuts roughly 2 years off the timeline and saves $40,000+ in interest. Adding $250/month often cuts 4-5 years.
Why payment increases compound so hard
Every extra dollar of payment goes 100% to principal (no interest portion). That principal then stops generating interest for the entire remaining life of the loan — so a small extra payment in year 1 saves interest in years 1, 2, 3, ..., 25. The effect is exponential.
What this calculator assumes
- Fixed interest rate for the entire payoff period (your real mortgage will renew at new rates)
- No rate changes from BoC / variable resets
- No lender prepayment privilege limits — confirm yours allow the larger payment
- No tax / insurance escrow components