Canadian Mortgage Payment Calculator
How to Use The Mortgage Payment Calculator
This is a Canadian mortgage payment calculator that provides the monthly payments and the remaining balance at the end of the term based on the Canadian mortgage interest that is compounded semi-annually and not in advance.
The calculator is designed to be an easy to use tool that provides the two most important information to the user, namely the monthly payment as well as the remaining mortgage principal balance at the end of the term. Here is a brief explanation of the fields:
- Mortgage Amount: This is the loan amount provided to you by the financial institution
- Interest Rate: This is the interest rate offered by the lending institution
- Amortization: This is the period by which the entire mortgage amount would be paid. Typical amortizations are 25 years, 30 years and 35 years. Although shorter or longer terms are also offered by various lenders.
- Term: Canadian mortgages have terms that are generally much shorter than the amortization term. Most popular terms in Canada are 1, 2, 3, 4, 5, 7 and 10 year term. Although other terms are also used
- Monthly Payment: The calculator will take the above input and calculates for you the monthly payment based on the above information provided.
- End of Term Balance: The calculator will take the provided information above to determine what would be your mortgage balance at the end of your term. This information is very useful in case you need to repay your mortgage or decide to refinance, take out equity, etc. at that time