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  • Home > learn/share > Tools & Calculators > Mortgage Calculator

    Mortgage Loan Calculator

    Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.

    This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN's Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:

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    Calculator results are for information only and may vary from information received from the Contact Centre or your branch.

    To view the calculator, you must have an up to date version of Java installed on your computer.

    Visit www.Java.com to download the most recent version.

    Definitions

    Mortgage amount
    Original or expected balance for your mortgage.
    Interest rate
    Annual interest rate for this mortgage.
    Amortization period
    The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
    Mortgage payment
    Your principal and interest payment (PI) per period.
    Accelerated weekly and bi-weekly payments
    Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

    The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
    Total payments
    Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
    Total interest
    Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
    Prepayment type
    The frequency of prepayment. The options are none, monthly, yearly and a one time payment.
    Prepayment amount
    Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
    Start with payment
    This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
    Savings
    Total amount of interest you will save by prepaying your mortgage.

    Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.