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Mortgage Calculator: What type of mortgage is right for you?

Mortgage Calculator Tool

This calculator determines your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.

Payment Plan

The amount you expect to borrow from your financial institution. It is calculated as the purchase price of your home, minus the down payment plus any applicable mortgage loan insurance premium you have to pay.

Mortgage Amount:

Annual interest rate for this mortgage.

Interest Rate:

The number of years and months over which you will repay this loan. The most common amortization period is 25 years. Not to be confused with the term of your loan, which is the duration of the loan agreement you signed with your financial institution and that has to be renewed regularly. Terms are generally for 1 to 10 years.

Amortization Period:

By choosing an accelerated payment frequency, you can reduce your amortization period and save thousands of dollars in interest in the long run. For example, the accelerated bi-weekly payment allows you to pay half of your monthly payment every two weeks. You will therefore make 26 payments a year, the equivalent of one extra monthly payment a year.

Payment Frequency:

The number of term years.

Term:

Prepayment Plan

Amount that you will prepay on your mortgage. This amount will be applied to the mortgage principal balance, at a frequency of prepayments that you determine.

Prepayment Amount:

The frequency under which you will make prepayments on your mortgage. The options are one time payment, yearly and the same as regular payment.

Prepayment Frequency:

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.

Start With Payment:

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We want to hear from you! Please tell us what you think of this tool and how we can make it better.

We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.

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