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How long will it take to pay off my mortgage?

See how a few smart decisions could help you pay off your house faster.

Small changes can help you shave years off the length of your mortgage. Use our calculator to find out how quickly you can pay off your mortgage – and own your home faster – by making extra payments.

Calculator fields

  • Loan amount. This refers to how much you owe on your mortgage or plan to borrow from a lender.
  • Interest rate. You can find the rate you’re currently paying on your mortgage statement or by looking at current rates offered by specific providers.
  • Repayments. These are the payments you make towards your mortgage to pay if off.
  • Repayment frequency. This refers to how often you’ll make payments. You can choose weekly, bi-weekly or monthly installments depending on your pay structure, loan terms and personal preference.

Ready for a mortgage? Compare lenders below

Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
Tangerine Mortgages
2.14%
5 Year Fixed Rate
620
All of Canada
Get competitive rates and make annual lump sum prepayments up to 25% of your original mortgage amount with a Tangerine mortgage.
Meridian Mortgages
2.29%
5 Year Fixed Closed Rate
600
ON
Meridian is a credit union that provides Ontario residents featured rates and the option to defer one payment every 12 months without penalty.
Homewise Mortgages
Varies
Varies
600
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
Loans Canada Mortgages
1.79%
5 Year Fixed Rate
400
All of Canada
Loans Canada connects borrowers with a mortgage broker in their area. Bad credit, EI and CERB applicants are considered.
intelliMortgage Mortgages
1.42%
5 Year Fixed Rate
680
AB, BC, NL, ON, PE
intelliMortgage is an online mortgage broker that works with over 100+ banks and mortgage lenders across Canada.
Breezeful Mortgages
1.74%
5 Year Fixed Rate
600
All of Canada
Breezeful is a 100% online mortgage broker that connects borrowers to competitive rate offers from over 30+ banks and mortgage lenders.
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Compare up to 4 providers

Tips to pay off your mortgage faster

  • Make payments more often. Make weekly or bi-weekly payments instead of monthly payments. Because there are a little over four weeks in a month, you’ll end up make two extra payments a year by making bi-weekly payments.
  • Choose accelerated payments. Avoid paying so much interest and pay off your mortgage faster by choosing accelerated payments. You can pay slightly more than a regular weekly or bi-weekly payment by choosing the accelerated option.
  • Repay more when you have unexpected funds. Consider dumping your tax refunds, work bonuses or dividends from any other investments onto your mortgage – this can also help you cut down the interest payable. But watch out for early repayment fees.
  • Increase your payments when interest rates are low. If you have a variable interest rate, keep making the same (or higher) monthly payments when your interest rate goes down — the difference will go directly to your principal balance.
  • Consider refinancing. Your mortgage rate may not be the most competitive product on the market anymore. Consider refinancing to a mortgage with a lower interest rate.

Bottom line

Paying extra on your mortgage can help you cut down the length of your loan and save money on interest. If your interest rate is currently so high that you can barely afford your monthly payments, consider refinancing to a new, more competitive mortgage.

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