Is a company: no
Is a proper noun: no
Notes: CanEquity's mortgage calculator has been rated number one by the Globe and Mail.
- mortgage calculation
- interest calculation
- mortgage payment calculator
- loan calculator
- mortgage calc
- mtg. calculator
Definition of Mortgage Calculator
- 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,
➥ Bank account transaction code.
- Money paid for the use of borrowed funds, usually expressed as an annual percentage.
- 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,
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
- The interest rate on a mortgage loan.
- 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.