![]() ![]() ![]() Online Canadian Mortgage Payment Calculator - by CanEquity.There are many other great calculators on this site, also. Mortgage Calculators : Provides a formula for converting between Canadian and US mortgage rates.A Guide to Mortgage Interest Calculations in Canada at : Includes some Excel spreadsheets!.Canada Mortgage and Housing Corporation : Contains a lot of excellent material and guides for buying and selling homes in Canada, such as information about CMHC Mortgage Loan Insurance.Please note the disclaimer, and report any errors you may find in our spreadsheet. ASIC is simplifying the superannuation and retirement planner calculators while. Our spreadsheet DOES round, and it also adjusts the last payment to bring the balance to zero. Keep in mind that some online calculators do not round the payment and interest to the nearest cent, so if you see a small discrepancy in the calculations, this is likely the issue. We also offer three other options you can consider for other additional payment scenarios. We used a number of different online calculators to verify this spreadsheet. This calculator allows you to enter an initial lump-sum extra payment along with extra monthly payments which coincide with your regular monthly payments. The normal weekly payment would be $134.00, so the extra payment would be 145.40-134.00= 11.40.Īnother way to estimate the effect of making one extra monthly payment each year is to choose the Monthly option in the Payment Frequency and set the Extra Payment equal to payment/12. Account for interest rates and break down payments in an easy to use amortization schedule. A normal bi-weekly payment, found by setting the Payment Frequency to bi-weekly, would be $268.14 rounded.Īccelerated Weekly plans are similar, but each weekly payment would be 1/4 of 581.60 or $145.40. Use our free mortgage calculator to estimate your monthly mortgage payments. There are 26 bi-weekly payments in a year so the difference between 581.60*12 and 581.60/2*26 is 581.60, or one extra monthly payment per year. In an Accelerated Bi-weekly plan, each bi-weekly payment would be 1/2 of 581.60 or $290.80. ![]() The total payments for the year would be 7560.80. The result is that by the end of a year you will have paid the equivalent of one extra monthly payment towards the principal.Įxample: A 100,000 mortgage at 5% interest, compounded semi-annually, with an amortization period of 25 years, results in a monthly PI (principal + interest) payment of $581.60 (rounded). By tradition, the "accelerated bi-weekly" payment is defined as 1/2 a normal monthly payment. Another situation where refinance is a better choice than recasting is when a borrower wants to shorten the mortgage term. If he still wants to pay a lump sum, he can make a one-time extra payment to reduce his mortgage balance before or after refinancing. The first thing to realize is that "accelerated" means that rather than a normal bi-weekly payment, you are also making an extra payment on the principal. HELOC Calculator: Refinance Calculator: Excel. You can see also in the table or in the picture above that the extra payment amount goes toward the principal, which lowers the total dollar amount that can be charged interest.įeel free to play around with your numbers and you can download the file here.This calculator allows you to analyze the effect of an Accelerated Bi-Weekly payment plan, a common type of mortgage repayment plan. In the second worksheet, there is the extra payment amortization table where you can see the profile of your loan with extra payment every month. This spreadsheet consist of two worksheets, where in the first worksheet you can put your extra payment plan in term of amount and payment period, and you can see the result of your loan without and with extra payments. I state this calculation is rough because usually there are additional calculation or penalties applied to your extra payments based on your initial loan aggreement. The result will give you a rough calculation about how much your interest can be saved on how long your loan period can be shortened. You can also plan to make extra payment regularly whether paying it monthly, quarterly, semi-annually or annually. ![]() Instead of thinking about making additional payment, you can use this calculator to calculate the impact of your extra payment to your existing loan or mortgage. In loan terms, it is called extra payment. And usually you think about this after you gain some profit in your investment, your salary is raised, or probably you won some lotteries. If you have a loan or mortgage, probably you have ever think about paying more money on top of your monthly payment to lower the amount of the total interest paid, as well as shorten the payment period over the life of the loan. ![]()
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