How To Use This Canadian Mortgage Calculator
- Enter your mortgage amount in the proper denomination. This is the amount of your existing mortgage or a new mortgage you want to open.
- Next, enter your amortization period. This is the amount of time in months and years for which you want your mortgage amortized.
- You will then enter your interest term in months and years. This is the length of time that your mortgage terms and conditions are in effect.
- You will also need to enter the type of loan, either variable rate or fixed rate.
- Next, enter your interest rate. This is the rate you will be charged by your bank or financial institution.
- Choose your start date, including the month and year.
- Finally, enter your loan term. This refers to how often you will be paying your mortgage, whether it is monthly, bi-monthly, and so on.
- Press "Calculate Now". You will see a graph showing you your payment amounts, your total payments, and your total interest. You will also see your figures in different scenarios if you decide to change your payment frequency.
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All of the Canadian mortgage calculators we provide for our visitors are completely free as we are trying to build the most visited and well-liked finance website. Each day, thousands of Canadians use our website to access important information on mortgages to help them make decisions with regards to mortgage planning. Our two most popular tools with our Canadian visitors are our Mortgage Affordability Calculator as well as our Advanced Mortgage Calculator, which both offer great insight into payments and planning for an affordable mortgage. In addition to those calculators, we also offer a ton of other useful calculators to keep you informed and ready to get a mortgage in Canada while planning for a successful future for you and your family.
