Toronto Mortgage Calculator
 

Monthly Payments?..... Consider Bi-weekly or Weekly Payments

Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.

Mortgage Term:
The term of a mortgage is the length of time before it comes due for renewal. **Mortgage Term must be greater than the amortization period you select.**


Payment Frequency:
Select how often you would like to make your mortgage payments. Number of payments per year:

Monthly: 12 (once a month).
Semi-Monthly: 24 (twice a month).
Bi-Weekly: 26 (once every two weeks).
Weekly: 52 (once a week).

Amortization Period:
Enter a number representing over how many years you would like to repay your mortgage.  The standard is 25 years. Minimum: 1 Year / Maximum: 40 Years

Mortgage Amount:
Enter the amount of money you want to borrow.  You can calculate the maximum mortgage amount you qualify for (based on income and debt) by using the Maximum Mortgage calculator.  Minimum: $10,000 / Maximum: $1,000,000

Interest Rate:
Enter the interest rate you would like to use for calculating your payment.  Minimum: 2.0 / Maximum: 25.0