Mortgage Calculator

Definition

  • A computer program that allows an individual to find out what kind of mortgage they can qualify for or to easily compare differences in the cost of a mortgage when one changes mortgage terms, interest rates, payment schedules, pre-payments, or down payment sizes.

Notes
CanEquity's mortgage calculator has been rated number one by the Globe and Mail.

Synonyms
mortgage calculation, mortgage payment calculator, interest calculation

Alternate Spellings
mtg. calculator, loan calculator, calculation, mortgage calc

Related Terms and Acronyms

  • Amortization Definition,
    • Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
  • Amortized Loan Definition,
    • A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
  • Compound Interest Definition,
    • Interest that is calculated by adding the interest earned in the current period to the principal and figuring the next period's interest on this "compounded" total amount.
  • Compounding Method Definition,
    • Used in Bank rate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
  • Conventional Mortgage Definition, Important,
    • A mortgage that is not insured or guaranteed by CMHC or GE Capital.
  • Interest (int, IN) Acronym & Abbreviation,
    • Money paid for the use of borrowed funds, usually expressed as an annual percentage.
    Bank account transaction code.
  • Interest Rate (IR) Acronym, Very Important,
    • The rate a lender charges an individual to borrow money.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Term Definition,
    • The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
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