Property Value: The total value of the property in dollars.
Down Payment: This is the amount you wish to put down on the property, or the amount of equity that has been built in the property. You can enter this as a dollar amount or as a percent of property value. (eg. $100,000 or 10%)
CMHC / GE Insuance: Mortgage Insurance is required on loans greater than 75% of the property value. By increasing your Downpayment, you can significantly reduce your Mortgage Insurance Premium. Currently two companies in Canada offer this insurance: Canada Mortgage and Housing Corporation, and GE Capital.
Total Mortgage: This is the actual loan amount being calculated. It is the difference between the Property Value or Purchase Price, and the Downpayment or Equity in the Property. If Mortgage Insurance is required, the premium will be added to the Total Mortgage.
Interest Rate: This is the rate the Lender will charge for loan.
Amortization Period: This is the period of time over which payments are evenly divided. It is the total length (in years) of the loan. By Checking the Interest Only box, you effectively make the amortization period 0 years, and the loan becomes a simple interest calculation.
Term: Terms are the period of time for which the rate and terms are locked in (Usually 1 to 5 years in length).
Payment Schedule: Mortgages can be repayed Monthly, Semi-Monthly, Bi-Weekly, or Weekly. This is called the Payment Schedule. Accelerated Payment Schedules effectivly create an extra payment per year, and can greatly reduce the time and interest it takes to repay a mortgage.
Property Tax: Every municipality charges taxes to its land owners. This tax rate is calculated anually and then divided evenly over 12 months. You can enter this as a dollar amount or as a percent of property value. (eg. $15,000 or 1%)
Income: This is your total Annual Income. It is used to calculate your ability to pay for this loan.
Debt: This is your total MONTHLY Debt Payment. It includes anything that would appear on you Credit Report. For Example, Car Payments, Credit Cards, Lines of Credit. Loans that would not be included would be from personal sources, like family. Monthly Debt Payments are used to calculate your ability to pay for this loan.
First Payment Date: This option can be used to help illustrate payment dates. By including a First Payment Date the calculator is able to extrapolate all future payment dates and include that information on the amortization schedule.
Additional Payment Type: Additional Payments can be made One-Time, Annually, Semi-Annually, Monthly, Semi-Monthly, Bi-Weekly, or Weekly. By increasing the frequency of Additional Payments, you significantly reduce the time it takes to repay your mortgage, as Additional Payments are applied directly to the Principal Balance.
Additional Payment Amount: This is the amount of additional payment you wish to make. You can enter this as a dollar amount or as a percent of the Original Mortgage Balance or Total Mortgage. (eg. $100,000 or 10%)
Additional Payment Start: This is the payment you wish to start your additional payment schedule. For example, if you wanted to make an additonal annual payments of 15% of the original balance, starting at the end of the first year of a mortgage repayed Monthly, then you would enter an Additional Payment Start of 12. If this same mortgage were repayed Bi-Weekly, then you would start your additional payments on payment 26.
Payment: This is the actual monthly Payment calulated for the specified loan. This Cell is normally not editable, however you can choose to make it editable (by checking the increase payment box) in order to calculate what would happen if you were to increase your Scheduled Payment. Increasing your payment will significantly reduce the time required to repay your mortgage, as the difference is applied directly to the principal balance.
Loan to Value: This is the ratio between the Value of the Property against which the mortgage is applied, and the Mortgage Amount. For Example, a property worth $100,000 with a mortgage of $90,000 would have a Loan to Value Ratio of 90%. Mortgage Insurance is not included in this calcualtion.
Gross Debt Service: This is the ratio between your Annual Income and the Monthly payments of the Mortgage, plus the taxes and heat required by the property (PITH). GDS represents your ability to repay the loan; most Lenders will not allow it to exceed 32% of your income.
Total Debt Service: This is the ratio between your Annual Income and the Monthly payments of the Mortgage, plus the taxes and heat required by the property, plus any other Monthly Debt Payments you have (PITHOD). TDS represents your ability to repay the loan; most Lenders will not allow it to exceed 40% of your income.

Canadian Mortgage Calculator

Include CMHC / GE Insurance Calculate Annual Property Tax Calculate Required Income
Schedule Additional Payments Include First Payment Date Include Amortization Schedule

Property Value
Downpayment
(or Equity in Property)
Total Mortgage
Interest Rate
Amortization Period
(Years) 		Interest Only
Mortgage Term
(Years)
Payment Schedule
Quick Facts:
Payment:
Increase Payment
LTV:

Mortgage Summary

  • This Mortgage will require 299 payments of $808.38 per month over 25 years, plus a final payment of $808.36 in order to repay a $135,000.00 loan, at a rate of 5.30%.

  • There will be $126,497.51 remaining at the end of a 3 Year term.

  • At the end of a 3 Year term, there is $234.95 in interest savings by switching to a bi-weekly-accelerated payment schedule, or $252.04 in interest savings by switching to a weekly-accelerated payment schedule.

  • Switching to a bi-weekly-accelerated payment schedule would cut more than 4 years off of a 25 year mortgage, and save $18,160.09 in interest, or save $18,362.99 in interest by switching to a weekly-accelerated payment schedule.

Mortgage Specifics
 
Payment:    ($808.38 a month)
Balance:  after term  
       
Payments:  over term (12 Pmts per year)
Total Payment:  over term (3 Year)
Total Principal:  over term  
Total Interest:  over term (Rate of 5.30%)
       
Payments:  over amort. (12 Pmts per year)
Total Payment:  over amort. (25 years)
Total Principal:  over amort.  
Total Interest:  over amort. (Rate of 5.30%)
       

Amortization Graph

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