What is an extra $200 a month — or one lump sum — actually worth? See the interest you save, the time cut off your mortgage, and your new mortgage-free date, using the same Canadian payment engine as the rest of this site.
Every prepaid dollar comes straight off the principal, so it stops attracting interest for the entire remaining life of the mortgage. A dollar prepaid in year 2 of a 25-year mortgage at 4.49% avoids roughly $1.45 of interest by payoff — early money works hardest.
Lump sums today beat the same money spread out later, and extra monthly payments quietly shorten your amortization without refinancing. Dates above are estimates projected from today at a constant rate — in real life your rate changes at each renewal, so treat the mortgage-free date as a target, not a promise.
How much home you can afford on your salary — GDS/TDS limits, qualified at the stress-test rate like a lender does.
Open calculator →Your exact payment with Canadian semi-annual compounding, all frequencies, CMHC insurance and a full amortization schedule.
Open calculator →Your qualifying rate, the payment you're actually tested on, and a clear pass/fail under the federal B-20 rules.
Open calculator →Rent or buy in the GTA? The true net cost of each — land transfer tax and CMHC included — over your time horizon.
Open calculator →Ontario + Toronto land transfer tax, first-time buyer rebates, minimum down payment and CMHC premium in one estimate.
Open calculator →Breaking your mortgage to refinance? New payment, monthly savings, penalty estimate, and the break-even month.
Open calculator →Every cash cost at closing in Ontario: land transfer tax, legal, appraisal, inspection, and the total cash you need.
Open calculator →First Home Savings Account: $8,000/yr up to $40,000, tax refunds, growth, and your total down payment fund.
Open calculator →Withdraw up to $60,000 from your RRSP tax-free — and see the exact 15-year repayment schedule.
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