Mortgage Calculator

Importance: 1

Is a company: no

Is a proper noun: no

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

Synonyms

  • mortgage calculation
  • interest calculation
  • mortgage payment calculator

Alternate Spellings

  • loan calculator
  • calculation
  • mortgage calc
  • mtg. calculator

Definition of Mortgage Calculator

  1. 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.

Related Terms and Acronyms

  • Interest (int, IN) Bank,
    • Money paid for the use of borrowed funds, usually expressed as an annual percentage.
    Bank account transaction code.
  • Amortized Loan Bank,
    • A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
  • Compound Interest Bank,
    • 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.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Conventional Mortgage Definition, Important,
    • A mortgage that is not insured or guaranteed by CMHC or GE Capital.
  • Compounding Method Bank,
    • 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.
  • Term Bank,
    • 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.
  • Interest Rate (IR) Bank, Very Important,
    • The rate a lender charges an individual to borrow money.
  • Amortization Bank,
    • 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.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage