What is a Mortgage?

A mortgage is a financial instrument typically used for the purchase of a house or other real property.

A borrower receives a loan for the purchase of a house which is, in turn, secured or collateralized by that house. An arrangement is made for regular payments over a period of time in order to pay off the loan. Usually, interest is charged to the borrower in exchange for the loan.

Mortgages come in many forms and varieties, usually differentiated by the time period over which they are paid, the way the borrower qualifies for the mortgage, and the way interest is charged on the loan.

Mortgage Calculator using Canadian Funds

This calculator calculates Canadian monthly mortgage payments based on principal, interest and term. Canadian mortgages are compounded semi-annually.

Amortization(Years) =

Term (Years) =

Yearly Interest Rate (%) =

Principal Amount ($) =

Downpayment (%) =

Downpayment Required ($) =

Mortgage Principal ($) =

Monthly Payment ($) =

Still Owing at End of Term ($) =

 












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