Buying in Quebec carries one charge that exists nowhere else in Canada in the same form: the droit de mutation, known as the welcome tax, payable to the municipality after closing. Quebec also splits property tax into municipal and school lines, and adds provincial sales tax to mortgage insurance premiums. Each one belongs in the cash you need and the payment you carry.
See how each payment splits between principal and interest, and what extra payments do to the payoff date. Everything updates as you type.
The principal you are borrowing, not the property price. For a refinance, use the payoff balance.
Paying a loan down to zero through equal scheduled payments. Each payment covers that month’s interest first; the remainder reduces the balance.
Extra payments shorten the loan and cut total interest, even small ones.
Any amount paid beyond the scheduled payment. It reduces the balance immediately, which cuts future interest and shortens the loan.
Payments here compound monthly. Canadian fixed mortgages compound semi-annually, so use the mortgage module for Canadian payment math.
As the loan matures, more of each payment goes to principal and less to interest, until the balance reaches zero.
Hover the chart or drag the slider. Shared links reopen at this point.
The full year-by-year table is in the .
Illustrative schedule only. Not advice; your lender’s schedule governs.
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The rest of this suite. Each answers one question.
The welcome tax, or droit de mutation, is a one-time duty your municipality charges when a property changes hands. It is calculated on brackets of the higher of the purchase price and the municipal assessment, and the bill arrives after closing rather than at the notary. Budget for it separately: it is not part of your down payment and it is not collected with your mortgage payment.
Plain-language definitions of every term this calculator uses.
Paying a loan down to zero through equal scheduled payments. Each payment covers that month’s interest first; the remainder reduces the balance.
A payment-by-payment table showing how much of each payment goes to principal, how much goes to interest, and the balance remaining after it.
How one payment divides between reducing the balance and paying the lender. The split shifts toward principal as the balance falls.
What is still owed on the loan at a point in time. It is also the payoff amount, before any prepayment penalty or per-diem interest.
The date of the final scheduled payment, when the balance reaches zero. Extra payments pull this date earlier.
Any amount paid beyond the scheduled payment. It reduces the balance immediately, which cuts future interest and shortens the loan.
The payment where the principal share first exceeds the interest share. Before it, most of each payment is interest.
A large lump sum due at the end of a loan whose term is shorter than its amortization period. The schedule assumes it is refinanced or paid at maturity.
A stretch of payments that cover interest but none of the balance. The balance does not fall until the period ends.