If you have a mortgage—or you’re planning for one—it helps to understand what your payment covers and how much interest you’ll pay over time. The Mortgage Calculator on the RHN website estimates your payment, compares total principal versus interest, and can generate an amortization schedule by year or by period.
This guide includes a video walkthrough, a link to the live calculator, and the full transcript below. For property tax, home buying, and real estate accounting in BC, see our Real Estate hub.
Video walkthrough
Try the calculator
Open the Mortgage Calculator (Canadian) on the RHN website and follow along with the video or transcript.
Key takeaways
- What it does: Estimates mortgage payment, total payments versus total interest, and an amortization schedule; supports modeling principal prepayments.
- Main inputs: Mortgage amount, amortization period, term, payment frequency, interest rate, and optional prepayments.
- What to look for: Real-time payment and totals as you change inputs; principal-versus-interest chart; Mortgage Summary and year-by-year Payment Schedule in the full report.
- Limitations: Assumes the interest rate does not change over the amortization period. Does not include property taxes, insurance, fees, or CMHC. Results are illustrative—not a guarantee.
Video transcript
Introduction
If you have a mortgage—or you’re planning for one—it’s helpful to understand what your payment covers and how much interest you’ll pay over time.
This short tutorial walks you through the Mortgage Calculator on the RHN website. It’s a Canadian calculator that estimates your mortgage payment, shows total payments versus total interest, and can generate an amortization schedule—either by year or by period. It also lets you explore the impact of principal prepayments.
We’ll cover what to enter, what the results mean, and how to use them as a starting point. This tool is for education only. It’s not mortgage, tax, or financial advice. For advice tailored to your situation, talk to a qualified professional.
Let’s get started.
Where to find the calculator
Open the calculator from the RHN website. You’ll see the title “Mortgage Calculator (Canadian)” and the mortgage loan calculator interface.
Keep the page’s disclaimer in mind: the calculator is a self-help tool. It’s not meant to replace personalized advice from a mortgage professional, accountant, or financial advisor.
Entering your information — in order
Work through the loan information from top to bottom. Some fields show a slider, and some use a dropdown.
Mortgage amount. Enter the mortgage principal—the amount you’re borrowing. You can type a number or use the slider.
Mortgage amortization. Choose the total amortization period—how long it would take to pay off the mortgage if you kept the same payment schedule. For example, 25 years. You can use the dropdown or slider.
Mortgage term. Choose the term length—how long your current rate and mortgage contract period lasts before renewal. For example, 5 years. This matters because the report will show your balance at the end of the term.
Payment type. Choose how often you make payments, such as monthly. Changing the payment frequency will change the payment amount.
Interest rate. Enter the annual interest rate you want to model, as a percentage. The calculator will use this rate for the schedule it generates.
Mortgage payment. After you’ve entered your details, the calculator will display your estimated mortgage payment.
Report amortization. Choose how detailed you want the amortization schedule in the report. You can select Annually for a year-by-year summary or By period for a more detailed schedule.
Below loan information, you’ll also see a Prepayments section. If you’re planning extra payments toward principal, this is where you would model them.
Calculating and reading the results
You’ll notice that as you update values, the results update in real time.
Below the inputs, you’ll see a quick summary of Total Payments and Total Interest for the mortgage based on the assumptions you entered.
You’ll also see a chart that breaks the total into two parts: principal and interest. This is a useful way to see how much of the total cost is interest over the full amortization.
For the full details, click View Report.
At the top of the report, you’ll see a sentence summarizing the payment and amortization—for example, “Your payment is [amount] for [years].” You’ll also see a note that the results assume the interest rate does not change during the amortization period.
The report repeats the principal-versus-interest chart and then shows a Mortgage Summary table. Look for:
- Your loan amount
- Your amortization
- Your interest rate
- Your payment
- Your total of payments and total interest paid
- Your balance at the end of the mortgage term (for example, the balance at the end of a 5-year term)
Next is Prepayment Results, which explains that principal prepayments can save interest and shorten the time it takes to pay off the mortgage—assuming the interest rate does not change. The Prepayment Summary table will show details when prepayments are entered.
Finally, you’ll see the Payment Schedule table. This lays out the schedule year by year with columns like total payments, principal paid, interest paid, and the ending principal balance. Use this to understand how your balance changes over time and how much interest you pay each year.
You can Print the report, or click Hide Report to return to the calculator.
Try changing one input at a time—like the interest rate, the amortization, or the payment frequency—and watch the totals and chart change. Small changes can have a big impact on the total interest paid.
Important reminders
This calculator is a starting point. It uses the assumptions you enter, and real life can include changing rates, fees, taxes, and other costs. The results are not a guarantee.
If you’re making decisions about buying a home, refinancing, or budgeting for a mortgage, use this tool as a way to ask better questions—and then confirm your options with qualified professionals.
FAQ
What is the Mortgage Calculator on the RHN website?
It is a free Canadian tool that estimates your mortgage payment, total interest over the amortization period, and a principal-versus-interest breakdown, with an optional amortization schedule and prepayment modeling.
How do I use the Canadian Mortgage Calculator?
Enter the mortgage amount, amortization, term, payment frequency, and interest rate. Review the payment, total interest, and chart. Click View Report for the full Mortgage Summary and year-by-year Payment Schedule.
Does the calculator include property taxes or CMHC?
No. It models principal and interest based on your inputs. Property taxes, insurance, strata fees, and mortgage default insurance are not included—budget for those separately.
What is the difference between mortgage term and amortization?
Amortization is the total length of time to pay off the loan (e.g. 25 years). Term is the length of your current rate contract before renewal (e.g. 5 years). The calculator shows your balance at the end of the term.
Related reading
- Taxes and Real Estate
- BC First-Time Home Buyers: Payment Loans
- Who Must File UHT and Bare Trust Reporting
- Surging Property Values and Property Taxes
Next steps
Use the Mortgage Calculator to understand payment, interest, and amortization before you buy or renew—but confirm rates, affordability, and tax implications with qualified professionals.
For more on property tax, strata, UHT, and real estate accounting in BC, visit our Real Estate hub.
If you’re in BC or the Okanagan and want tax or financial guidance connected to home ownership, contact RHN to discuss your situation.
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation. Please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.
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