Mortgage Calculator
What is a mortgage?
Most people have to borrow money when they buy a home. A loan for a home is called a mortgage. To get a mortgage, you sign a mortgage document with a money lender. Examples of money lenders are banks, credit unions, trust companies, life-insurance companies, finance companies, and private lenders.
The mortgage document lists the rules for paying the debt that you own on your home. The mortgage document also pledges the home as security to the financial institution until you pay the debt. If you don’t pay the debt, the financial institution can repossess your home.
Mortgage Calculator using Canadian Funds
This calculator calculates Canadian monthly mortgage payments based on principal, interest and term. Canadian mortgages are compounded semi-annually.