Mortgage Payment Calculator Canada
It's an official Canadian mortgage payment calculator
This official Canada Mortgage and Housing Corporation (CMHC) calculator lets you calculate and compare your mortgage payments at different interest rates, amortization and payment frequency. This also gives you cost of borrowing information for the amortization period. The same calculator is used by mortgage broker Canada professionals. Also see mortgage help for the our mortgage loan application process.
You can compare up to three different scenarios and choose which option is best for you.
Here is how the calculator works:
- Interest rate -- take a look at different interest rate scenarios to see the change in your monthly mortgage payments if your interest rate should increase – this is your affordability tool helping you plan for the future;
- Amortization – I want you to pay off your mortgage faster. You can save on interest by working with your amortization. Use this tool to create 3 different amortization scenarios and see how much you can afford to pay. Look at all scenarios for the same loan, interest rate and payment frequency. Next, calculate how much to increase your payments to pay off your mortgage faster. Now you can see how much you'll save on interest during the period. Go to best mortgage lenders for more information on this topic;
- This calculator is a tool that lets you calculate your mortgage payment at the interest rate, amortization and payment frequency of your choice to determine what your can handle financially;
- Interest cost tool gives you the amount of interest you will pay on your loan at various interest rates, amortization and payment frequency. It allows you to forecast by controlling the amount of interest you pay on your home mortgage.
It's a tool to let you plan how to pay off your mortgage faster and save on interest.
Contact me for a FREE assessment of your situation. New features and options are being introduced every day. You are too busy with work and family to try and figure out which is your best solution.
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