The Mortgage Loan Calculator provides you with a tool to estimate what a mortgage payment would be and total amount payable at completion of the term as well as demonstrating how principal prepayments impact the amortization schedule.
Mortgage amount
Enter the expected amount of the mortgage.
Amortization period
Enter the number of years over which you expect to have the mortgage. The most common mortgage amortization periods are 20 years and 25 years.
Payment Type
This is the increments you have chosen for your repayment schedule.
Accelerated weekly payment option is calculated by taking a monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment.
Accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage
Interest Rate
This is the expected rate the loan will be calculated at
Mortgage payment
This is the amount of principal and interest your payment will be for the term specified.
Total payments
Total amount of all regularly scheduled payments as stated in the payment type made over the full term of the mortgage.
Total interest
Total amount of all interest paid through the regularly schedule payments over the full term of the mortgage.
Prepayment type
This field is for any amount you know you will be paying in addition to the regular scheduled payments.
Prepayment amount
Amount that will be prepaid on your mortgage as stated in the prepayment type field.
Start with payment
This is the number that your prepayments will begin with.
Savings
Total amount of interest you will save by prepaying your mortgage.
Upon input completion you have two options
Calculate button will display a breakdown by Principal Balances or Total Payments based on regular scheduled repayment terms.
View Report Button will provide you with a hard copy of the breakdown by Principal Balances, Summary and Payment breakdown based on regular scheduled repayment terms.