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.

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Please enter the following information:
MORTGAGE PARTICULARS
1

Purchase Price: (the price agreed upon between a buyer a seller. Typically selling prices are negotiated with offers and counter offers being facilitated through a real estate agent.)

$
2

Down Payment: (an initial deposit required by the mortgage lending institution. If the down payment is less than 20% it will necessitate a 3rd party such as CMHC to insure the mortgage.)

%
3

Mortgage Rate: (the rate of interest charged by the mortgage lender. It can be either fixed and remain constant throughout the term, or variable and flucuate according to the prime lending rate.)

%
4

Amortization Period: (the number of years to pay off a mortgage. For downpayments that are less than 20% of the purchase price, the maximum amortization period allowed is 25 years.)

years
5

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.)

years

MORTGAGE BREAKDOWN
6

Down Payment Required: (calculated from the property purchase price and the percentage down, this will be this total deposit amount required to secure the mortgage.)

$
7

Mortgage Amount: (this figure will be the total amount of financing required to complete the real estate transcation — the purchase price minus the down payment.)

$
8

Monthly Payment: (monthly mortgage payments are comprised of both principal and interest. Property taxes can also be factored in. Bi-weekly payments are other options to be considered.)

$
9

Mortgage Balance: (the outstanding balance that is left owing at the end of the term. At this time either the balance could be paid out, or else the mortgage renegotiated 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 Saviifinancial.com ©
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