A payoff date. A few ways there.
Start with where you are and where you want to be. Connect your mortgage and budget, then see what each path would require.
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Start with the goal
CanadaCounted from the next projected payment, not the original mortgage start date.
Current extras, contract & available cash
Included in your current path. Some goal options may lower this if the required or affordable amount is smaller. Your contract may not allow that.
One-time cash already available, applied after payment 1. Exclude emergency reserves, borrowed money and expected refunds.
This monthly, constant-rate illustration calculates your scheduled payment from the balance, rate and remaining amortization. Check it against your lender’s actual payment and prepayment privileges.
What can your budget support?
Use actual pay after payroll deductions. Do not include an expected tax refund.
Additional after-tax income. Include another household member’s net pay here, rather than combining salaries.
Monthly spending & savings
Property tax, insurance, utilities, condo fees and maintenance. Exclude the mortgage or rent payment.
Your protected savings and reserve contribution. The planner does not spend this for you.
Only this category is considered for optional spending reductions.
Conditional regional tax illustration
Use actual CRA records and review the 2026 salary and province fields above. This is a one-time income-tax reduction assumption, not guaranteed refund cash. It is separate from the budget.
A path to your payoff goal
AssumptionsCurrent path: 25 yr · Goal: 15 years
$3,051.48 CAD
DollarMath provides calculators and information for educational purposes. It does not provide financial advice. Read the disclaimer.
- Current monthly mortgage payment
- $2,213.89
- Available after spending & savings
- $3,000.00
- Monthly goal funding gap
- $51.48
- Protected savings included in budget
- $400.00
Your current mortgage leaves $786.11 unallocated monthly. A zero goal gap only describes this entered budget.
Monthly payment for your goal
15 yr projected payoffProjected interest: $149,264.42. Meets the entered payoff horizon under these assumptions.
Different ways to approach your goal
Compare funding and timing, then select a path to view its chart. These options are illustrations, not ranked recommendations. Lender charges and prepayment limits are excluded.
| Path | Monthly payment | One-time cash | Monthly gap | Payoff | View |
|---|---|---|---|---|---|
| Monthly payment for your goal | $3,051.48 | $0.00 | $51.48 | 15 yrWithin goal | |
| Use the available monthly budget | $3,000.00 | $0.00 | $0.00 | 15 yr 5 moBeyond goal | |
| Keep current payments + a lump sum$110,201.71 more than entered earmarked cash is needed. | $2,213.89 | $110,201.71 | $0.00 | 15 yrWithin goal | |
| Reduce entered flexible spendingReduce flexible spending by $51.48 monthly. | $3,051.48 | $0.00 | $0.00 | 15 yrWithin goal | |
| Accelerated biweekly | $2,398.39Annual average | $0.00 | $0.00 | 21 yr 9 moBeyond goal |
The available-budget path may lower your current extra payment. Essential spending and savings stay fixed. The flexible-spending path changes only the entered flexible category. A lump sum may reduce liquidity and can trigger lender charges.
Yearly balances for monthly payment for your goal
| Year | Remaining balance |
|---|---|
| 1 | $380,827.13 |
| 2 | $360,781.77 |
| 3 | $339,824.24 |
| 4 | $317,913.01 |
| 5 | $295,004.67 |
| 6 | $271,053.86 |
| 7 | $246,013.15 |
| 8 | $219,832.90 |
| 9 | $192,461.31 |
| 10 | $163,844.15 |
| 11 | $133,924.74 |
| 12 | $102,643.80 |
| 13 | $69,939.36 |
| 14 | $35,746.69 |
| 15 | $0.00 |
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Quick comparison
Keep one quick baseline, then change your numbers. Use named plans above to keep several alternatives.
What would it take to pay off my mortgage in 15 years?
Enter the current mortgage balance, rate, remaining amortization and target horizon. The planner finds the smallest extra monthly amount in cents that repays the projected balance within the goal, using the original schedule without a balloon payment at the target. Compare that payment against net income after entered spending and protected savings. Other paths use earmarked cash, accelerated biweekly payments or a reduction in flexible spending. All paths hold the entered rate constant.
Reviewed October 26, 2026 by DollarMath. Educational estimates. Sources and calculation scope.
Common questions
Does a zero monthly gap mean the goal is affordable?
It means the projected monthly payment fits the income and expenses entered. It does not confirm cash for a lump sum, lender approval, liquidity, future income or future rates. Savings and essential spending stay fixed. Only the flexible-spending path reduces its named category.
Does the planner use my actual lender payment?
It calculates the scheduled monthly payment from the entered balance, rate, compounding and remaining amortization, then adds your current extra payment. Your actual contract payment can differ. The model assumes a constant rate throughout, excludes lender fees and penalties, and does not enforce prepayment privileges. Review the monthly goal in the detailed mortgage calculator to explore renewal and rate changes.
What cash does the lump-sum path assume?
It works backward to the one-time amount needed after payment 1 while keeping the current calculated monthly payment. The table shows how much more is needed than your entered earmarked cash. That required amount is not assumed to be available. Cash explicitly earmarked for prepayment has its own path and excludes emergency reserves and expected refunds.
How does the conditional RRSP illustration work?
It estimates the 2026 income-tax reduction from claiming an eligible, already-funded and reported unused contribution using your salary and province or territory. The claim must fit the entered unused contributions and deduction limit. The illustration adds that reduction once at an assumed receipt payment, separately from the baseline budget. It does not assume a new contribution, loan, guaranteed refund or future tax rules. RRSP withdrawals can be taxable.
Can T1213 create additional mortgage money?
An approved T1213 request may bring an eligible deduction’s tax relief into payroll earlier. It does not create a second tax saving in addition to a refund. This planner uses one assumed receipt of the same relief and does not determine eligibility or approval. Quebec provincial withholding can require a separate request.
Are these financial recommendations or all government programs?
No. These are calculation paths and information, not financial advice, an eligibility assessment or a search of every government program. The Canadian tax example uses a bounded 2026 employment model. Benefits, family credits, investment borrowing, future rates, cross-border rules and lender restrictions need separate review. US, UK and Irish versions of this connected planner are not yet available.
Can I save plans or use my results in Excel or Google Sheets?
Yes. Save named plans in this browser without an account, then reopen, compare, rename or duplicate them. JSON backups can restore editable plans after local validation and a review step. Download a spreadsheet for typed inputs, results and detailed schedules where available, then open it in Excel or import it into Google Sheets yourself. Workbooks are snapshots, not live calculator formulas. Plans and files are not encrypted; clearing browser data can remove device plans. Nothing is automatically uploaded or synchronized.
How the goal paths work
Canada-first planning illustration. Method and qualitative sources reviewed October 26, 2026. Regional tax inputs use the separately reviewed 2026 dataset.
Work backward without a balloon payment
The scheduled payment uses your current balance, entered rate and remaining amortization. The planner searches whole cents of extra monthly payment against that original schedule, stopping at the target month to check for zero debt. It never moves the whole remaining balance into a balloon payment at the goal date. It holds rates constant and rounds payments and interest to cents. At 0%, a $120,000 balance over 20 years has a $500 scheduled payment. A 10-year goal needs $1,000 monthly, or $500 extra.
Budget capacity and one-time cash
Available mortgage cash is net monthly income less entered spending and savings. The payment gap is the positive difference between a path’s payment and that capacity. The budget path uses the full available capacity, subject to the scheduled-payment minimum, and reports any shortfall. The flexible path cuts only the entered flexible category by up to the goal gap. It never cuts savings or essentials.
Earmarked cash is applied after the first regular payment. A separate search finds the lump sum needed while keeping current monthly payments. It does not assume that cash exists. Accelerated biweekly uses half the calculated monthly scheduled payment plus the annual current extra divided across 26 payments, rounded to cents. Its monthly cost is an annual average; three-payment months need cash planning.
Conditional RRSP relief is a separate assumption
Only already-funded, reported unused contributions are eligible for this illustration. The claim is bounded by entered records, the deduction limit and supported employment income. Tax relief is the difference in calculated 2026 income tax before and after that additional claim. No second contribution cost is subtracted, no new contribution is suggested, and future withdrawals may be taxable. The assumed relief is applied once after the selected mortgage payment, capped at debt remaining. It is excluded from baseline income and available cash.
The result is a tax-liability difference, not a refund forecast. Actual withholding, other income, credits and obligations can change cash received. T1213 may change timing with approval, but must not be counted in addition to the same tax relief. Provincial withholding, including Quebec requests, needs separate review. See the T1213 guide and RRSP calculator.
Review the contract and the risks
Prepayment limits, penalties and the ability to lower an increased payment depend on your lender. This does not find every government program or choose a suitable strategy. Renewal, future rates, benefits, family credits, borrowing to invest and cross-border rules are excluded. Use the detailed mortgage calculator to stress-test rate changes. Calculators and information only, not financial advice.
- FCAC: Making a budget
- FCAC: Paying off your mortgage faster
- CRA: Unused RRSP contributions and deductions
- CRA: T1213 request to reduce deductions at source
Numerical tax data, effective dates and source review. Calculation verification and corrections.