1 Stop Mortgage Calculator
Calculate your Mortgage payments in Seconds!
Need to know the monthly
payments or the
This combined monthly mortgage calculator and bi-weekly mortgage calculator gives you an estimate of what your monthly mortgage payments or bi-weekly mortgage payments could be when you contract a loan.
This is only an estimate of your possible monthly payments or bi-weekly payments. The actual lending institution determines your exact monthy mortgage payments or bi-weekly mortgage payments.
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Mortage calculator definitions
Principal loan balance or mortgage amount
The total dollar amount the mortgage calculator will use for the mortgage calculations. This is how much you presently owe or wish to borrow.
The interest rate (in percentage) is what the mortgage calculator will use for the mortgage calculations.
Amortization in years
The number of years over which you would repay this mortgage loan if you made your normal monthly payments. The most common terms for mortgages are 15 years and 30 years (25 years for Canadian mortgages). The mortgage calculator will use this number in it’s mortgage calculations.
Canadian mortgage formula
Did you know that the Canadians don't use the same compound system as the rest of the world? In the USA, and every where else, the rates are compounded monthly. In other words, when you repay your loan, your rates are compounded at every month, if you repay bi-weekly, the rates will again be compounded monthly.
Well... In Canada, it's different. The Canadians mortgages are compounded every six months. Even when someone pays monthly, the interest rate is calculated on a semi-annual base. Check out your payments with this easy to use Canadian mortgage calculator.
If you want to use an online mortgage calculator, keep these caveats in mind:
As a consumer, you have to understand that an online mortgage calculator only gives the bare bones results (and those results are rounded figures). When you do take a mortgage loan, even with the lowest mortgage ones, the monthly payments or bi-weekly mortgage payments usually include a mortgage insurance (a mortgage insurance is usually required by the lending institution). Some home loans also include an impound account for property taxes and casualty insurance.
A mortgage calculator can’t predict the mortgage payments on an hybrid or adjustable-rate mortgage (ARM). Beyond the initial fixed interest rate, no one can!
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