Calculators
Mortgage Figures Organizer
Explore a simplified mortgage payment and declining balance using the Canadian semi-annual compounding convention. Optional other debts are listed beside the mortgage, not included in its payment schedule.
Arithmetic illustration
Mortgage figures
Enter or adjust the example values, then choose Calculate illustration.
Estimated level monthly mortgage payment
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- Total mortgage payments
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- Total mortgage interest
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- Starting mortgage + other debts
- —
- Equivalent monthly rate
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Payment and interest figures model the mortgage only. Other debts are listed separately and are not assigned a payment, rate, or schedule.
Declining mortgage balance
Year-end balances under the fixed-rate, level-payment assumptions entered above.
Show year-end mortgage balances
Assumes the entered rate and level monthly payment stay unchanged for the full remaining amortization.
| Year | Estimated balance | Balance view |
|---|
Six questions for comparing mortgage-related coverage
- Who receives the payout, and how is the coverage amount determined?
- Does the coverage amount change as the mortgage balance is paid down?
- When are health questions assessed — at enrolment, or at the time a claim is made?
- What happens to the coverage if the mortgage is refinanced, switched to another lender, or paid off early?
- Can the coverage be kept in place when moving to a new home?
- How do the premiums compare over the full life of the coverage, for a similar amount of protection?
The organizer does not answer these product or suitability questions; the relevant certificate or policy wording controls.
How this illustration works
- The entered annual rate is treated as a nominal Canadian mortgage rate compounded twice per year.
- The equivalent monthly rate is (1 + annual rate ÷ 2)1/6 − 1, preserving the same six-month growth factor.
- The payment uses a standard level-payment amortization formula over twelve monthly payments per entered year. A zero-rate scenario divides the balance evenly across those months.
- The entered rate and payment are held constant for the full remaining amortization. Renewals, rate changes, prepayments, fees, property taxes, and payment-frequency differences are not modelled.
- Optional other debts appear only in the starting total. Their rates, payments, and balances are not estimated.
- This is an arithmetic illustration, not an insurance amount, quote, or borrowing recommendation.
- All calculations happen in the browser. Inputs are not stored, transmitted, or logged.
Related plain-language guide
Mortgage protection and life insurance
Read the mechanics-neutral comparison and six questions that can help organize a later conversation.