Mortgage Payments Calculator
This free mortgage calculator estimates your payments, generates a full amortization schedule, and shows how extra payments can save you years and money.
Your inputs are saved so you can return and edit later. (Turn off to prevent saving. Use private/incognito mode for completely private sessions.)
Property Details
Loan Terms
Payment Breakdown
Payment Breakdown Over Time
Principal vs. Finance Charges
Amortization Schedule (Annual Summary)
| Year | Starting Balance | Total Paid | Principal | Finance Charge | Ending Balance |
|---|
How This Mortgage Calculator Works
Enter your property price and down payment (or a loan amount directly), your finance rate and terms, and any extra costs or extra payments. The calculator projects your full payment schedule, including how much of each payment goes to principal versus finance charges, and how much you could save by paying extra.
Why Amortization Matters
Early in a mortgage, most of each payment goes toward finance charges, not principal ā the balance barely moves for the first several years even though you’re paying consistently. This is simply how amortized loans work: charges are calculated on the remaining balance, so they’re highest when the balance is highest. Understanding this curve is what makes extra payments so powerful early on, since every extra dollar of principal paid down reduces the balance that all future charges are calculated on.
This is also why comparing amortization periods matters more than most buyers realize. Stretching from a 20-year to a 30-year amortization lowers the monthly payment, but usually increases the total amount paid over the life of the loan substantially. Running both scenarios through this calculator makes the tradeoff concrete rather than abstract.
Once you know your numbers, see how the same cash flow could grow if invested instead using ezRizq’s Compound Interest Calculator.
Continue Planning on ezRizq
Frequently Asked Questions
What’s the difference between mortgage term and amortization period?
The term is how long your current rate and lender agreement lasts, typically 1-10 years, after which you renew. The amortization period is the total time to pay off the mortgage entirely, commonly 25 years. You’ll likely renew several times across one amortization period.
How do extra payments save money?
Extra payments go entirely toward principal, which reduces the balance that future finance charges are calculated on. That compounds over the life of the loan, which is why even modest extra payments can shave years off your amortization.
Why does this calculator say “Finance Rate” instead of “Interest Rate”?
ezRizq uses “Finance Rate” as a faith-neutral term. This calculator is math-only and works for any financing structure, including halal/Murabaha-style home financing where the cost is structured as a profit rate rather than conventional interest.
Is halal mortgage financing available in Canada?
Yes, several Canadian providers now offer Sharia-compliant home financing structured to avoid conventional interest. Terms and structures vary by provider, so compare carefully and confirm compliance directly with each one.
Should I choose a shorter or longer amortization period?
A shorter amortization means higher payments but far less total finance cost over the life of the loan. A longer amortization lowers your payment but increases total cost. Try both in this calculator to see the exact tradeoff in dollars.
Can I save my progress and come back later?
Yes. With Auto-save turned on, your inputs are saved in your browser and reload automatically next time you visit. Turn it off, or use a private/incognito window, if you’d rather nothing be saved.