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Mortgage Calculator (Canadian)

Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.

Your payment is MONTHLY_PI for PAYMENTS_LBL.

Your mortgage has an rate of INTEREST_RATE, these results assume that the interest rate does not change during the amortization period. **GRAPH**

Mortgage Summary
Loan amountLOAN_AMOUNT
Balance at end of LOAN_TERM_END year term BALANCE_TERM_END
Loan will be paid off afterPAYMENTS_LBL with scheduled paymentsPREPAY_PAYOFF_MESSAGE
Interest rateINTEREST_RATE
Total of paymentsTOTAL_OF_PAYMENTS
Total interest paidINTEREST_PAID

Prepayment Results

Principal prepayments on your mortgage can save you a great deal of interest. They can also shorten the time it takes to pay off your mortgage, in many cases, by several years, assuming the interest rate does not change during the amortization period. PREPAY_MESSAGE

Prepayment Summary
Start with paymentPREPAY_STARTS_WITH 
Balance at end of LOAN_TERM_END year term PREPAY_BALANCE_TERM_END

Payment Schedule


Mortgage Calculator (Canadian) Definitions

Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Amortization period
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
Mortgage payment
Your principal and interest payment (PI) per period.
Payment type
The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi-monthly 24.

Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Total amount of interest you will save by prepaying your mortgage.
Report amortization
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.

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