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See the payment, cash needed at closing, monthly ownership cost, qualification ratios and how extra payments can change your mortgage.
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Amortization schedule
| Year | Starting balance | Principal | Interest | Extra payments | Ending balance |
|---|---|---|---|---|---|
| 1 | $800,000 | $18,078 | $34,523 | $0 | $781,922 |
| 2 | $781,922 | $18,882 | $33,719 | $0 | $763,040 |
| 3 | $763,040 | $19,722 | $32,879 | $0 | $743,318 |
| 4 | $743,318 | $20,599 | $32,002 | $0 | $722,719 |
| 5 | $722,719 | $21,516 | $31,085 | $0 | $701,203 |
| 6 | $701,203 | $22,473 | $30,128 | $0 | $678,731 |
| 7 | $678,731 | $23,472 | $29,129 | $0 | $655,258 |
| 8 | $655,258 | $24,517 | $28,084 | $0 | $630,742 |
| 9 | $630,742 | $25,607 | $26,994 | $0 | $605,134 |
| 10 | $605,134 | $26,746 | $25,855 | $0 | $578,388 |
| 11 | $578,388 | $27,936 | $24,665 | $0 | $550,452 |
| 12 | $550,452 | $29,179 | $23,422 | $0 | $521,273 |
| 13 | $521,273 | $30,477 | $22,124 | $0 | $490,797 |
| 14 | $490,797 | $31,832 | $20,769 | $0 | $458,964 |
| 15 | $458,964 | $33,248 | $19,353 | $0 | $425,716 |
| 16 | $425,716 | $34,728 | $17,874 | $0 | $390,988 |
| 17 | $390,988 | $36,272 | $16,329 | $0 | $354,716 |
| 18 | $354,716 | $37,886 | $14,715 | $0 | $316,830 |
| 19 | $316,830 | $39,571 | $13,030 | $0 | $277,259 |
| 20 | $277,259 | $41,331 | $11,270 | $0 | $235,927 |
| 21 | $235,927 | $43,170 | $9,431 | $0 | $192,757 |
| 22 | $192,757 | $45,090 | $7,511 | $0 | $147,667 |
| 23 | $147,667 | $47,096 | $5,505 | $0 | $100,571 |
| 24 | $100,571 | $49,191 | $3,410 | $0 | $51,379 |
| 25 | $51,379 | $51,379 | $1,222 | $0 | $0 |
Understand the estimate
Useful planning—not a lender approval.
Mortgage insurance is estimated when the down payment is below 20%. The premium can usually be added to the mortgage, while Ontario sales tax on the premium is included in cash needed at closing.
The qualification section uses the federal mortgage stress-test rate and CMHC’s 39% GDS / 44% TDS guidelines. Rates, lender policies, taxes, rebates and eligibility can change.
Toronto land-transfer tax uses the residential rates effective April 1, 2026. Confirm the property type, rebate eligibility and final statement of adjustments with your lawyer and lender.
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