Mortgage Strategy
Extra Payment & Payoff Calculator
See how extra payments and lump sums can shorten your amortization and reduce total interest paid.
Your Mortgage
$
Illustrative rate — not a live lender offer. Assumed constant beyond the current term.
%
Extra Payments
Added to every regular payment
$
Applied immediately to principal
$
With extra payments
Interest saved
$49,845
Time saved
3 yrs 4 mos
Schedule Comparison
Original schedule
Payoff time
22 yrs
Total interest
$271,787
Total paid
$651,787
With extra payments
Payoff time
18 yrs 8 mos
Total interest
$221,942
Total paid
$601,942
Base monthly payment$2,468.89
With extra payment$2,668.89
Prepayment privileges vary by mortgage contract — most lenders allow 10–20% of the original principal per year as a lump sum, and 10–20% payment increases. Exceeding these limits may trigger a prepayment penalty. Confirm your prepayment privileges with your lender.
This calculator assumes the interest rate stays unchanged for the full amortization. Actual costs will vary when the rate changes at renewal.
Canadian semi-annual compounding. Lump sum applied at start of schedule. Rate assumed constant beyond current term. Calculated: 2026-10-22.
Want to review your mortgage strategy?
WealthKey can help you find a mortgage with the prepayment privileges that match your goals.
Review My Mortgage StrategyWealthKey Mortgage Brokerage Inc. · FSRA Lic. #13857 · 1.888.887.3642