Simple Mortgage Calculator

Maximum Mortgage calculator

This simple mortgage calculator can be used to calculate monthly mortgage payments based on the purchase price, interest and term. Canadian mortgages are compounded semi-annually. Simply enter the required information in the fields below. Avoid using commas or blank spaces and do not leave any empty fields. Decimal points are allowed. Then press calculate for a complete schedule of your required down payment, mortgage principal, monthly payment, and what will still be owing at the end of the term. Find out how much of a mortgage you can qualify for by contacting a mortgage specialist.

Please enter the following information:
Amortization Period: (this is the length of time it takes to pay off a mortgage in full. If the down payment is less than 20% of the purchase price, the longest amortization period allowed is 25 years..) yrs
Mortgage Term: (this is the length of time your mortgage agreement will be in effect (example 5yrs) At the end of each term, you will need to renew or renegotiate your mortgage.) yrs
Yearly Interest Rate: (the rate of interest charged by a mortgage lender. It can be fixed or variable is sometimes negotiable.) %
Purchase Price: (The final selling price as agreed upon between a buyer a seller. Typically prices are negotiated through offers and counter offers.) $
Down Payment: (an initial deposit required by the lender which if less than 20% will require a 3rd party such as CMHC to insure the mortgage.) %

Down Payment Required: (based on the purchase price of the property and the percentage of down payment you selected above, this will be your total deposit amount required to secure your mortgage.) $
Mortgage Amount: (this is the total amount to be financed, the purchase price minus your down payment.) $
Monthly Payment: (your regularly scheduled mortgage payment that include a blend of both principal and interest. In addition property taxes payments may also be factored in.) $
Still Owing at End of Term: (the outstanding mortgage balance left to be paid at the end of the term. At this time you can either repay the balance (remaining principal), or renegotiate the mortgage for another term. $

DISCLAIMER: The administrator and owner of this website take no responsibility for any financial decisions made based upon the use of this calculator. The information provided by this calculator is intended solely for general information and educational purposes. Rates of return may fluctuate over time and especially for long-term investments. Final calculated results are not guaranteed to be completely accurate and are in no way endorsed, offered or guaranteed by Savii Financial Concepts. Copyright 2009 ©