If you're looking for a Mortgage Broker, Sarah recommends Cory Lewis of Jencor Mortgage Corporation, who she has referred people to for the past several years with great success for her clients. For quality service and expert advice, call 1-877-245-3636 or send Cory an E-Mail at Cory@jencormortgage.com.
Use this free mortgage calculator to save money on your home loan today.
- Mortgage Principal
- This is the total amount you expect to mortgage. The number in this input area must be entered as a raw number with no commas. For example, $160,000.00 should be entered as 160000 without the dollar sign or comma.
- Interest Rate (%)
- This is the interest rate at which the lending institution will be loaning you the Mortgage Principal. The number in this input area must be entered as a raw number including the decimal point if the interest rate is a fractional integer. For example, 7.25% should be enter as 7.25 without the percentage sign.
- Amortization (# of years)
- This is the number of years your Mortgage will be amortized over. The number in this input area must be entered as a whole number representing the number of years.
- Payments per year
- This is the number of payments you will make on your mortgage each year. If you expect to be making monthly payments then the number to enter in this input area is 12, one for each month of the year. If you will only be making one annual payment then enter 1 (one) in this input area.
- Compounding periods per year
- The lending institution will compound the interest on a specific period each year. Normally, the lending institution will compound the interest twice a year. If the lending institution will be compounding the interest more or less than twice a year, enter the appropriate number in this input area.
- Calculate Your periodic payment
- Click on the "Calculate" button to calculate the amount you can expect each payment on your Mortage to be based upon the Mortage Principal, Interest Rate, and Compounding period you entered in the form.
This mortgage calculator is based on Canadian interest calculations and believed to be accurate, however, no guarantee can be given for its accuracy. In all cases, you should check with your lender to obtain final payment amounts.