# Interest Only Mortgage Calculator (Canadian)

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Use this calculator to generate an amortization schedule for a interest only mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.

## Interest Only Mortgage Calculator (Canadian) Definitions

Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Mortgage amortization
The number of years over which you will repay this loan. This calculator has two options. The 5/20 Interest Only option has a repayment period of 25 years. The first five years are interest only, the payment is then increased to fully payoff the loan balance over the remaining 20 years. The 10/15 Interest Only option has a repayment period of 25 years. The first 10 years are interest only, the payment is then increased to fully payoff the loan balance over the remaining 15 years.
Mortgage payment
Your principal and interest payment (P&I) per period.
Payment type
The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi monthly 24.

Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. The tool calculates an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you make 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.