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    Mortgage Payoff Calculator (Canadian)

    Dinkyown.net Financial Calculators
    Get a Mortgage Payoff Calculator (Canadian) branded for your website! Colorful, interactive, simply The Best Financial Calculators!
    How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage!
    By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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    **FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

    Mortgage Payoff Calculator (Canadian) Definitions

    Original mortgage amount

    The original amount financed with your mortgage, do not confuse this with the remaining balance or principal balance.

    Interest rate

    Annual interest rate for this mortgage.

    Original amortization

    The number of years over which you will repay this loan. The most common mortgage amortization periods are 25 years and 30 years.

    Payment type

    The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi monthly 24.

    Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. The tool calculates an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you make 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.

    Years Remaining

    Total number of years remaining on your original mortgage.

    Additional payment

    Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the selected additional payment frequency.

    Additional payment frequency

    The frequency of prepayment. The options are weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.

    Report amortization

    Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.

    Current mortgage payment

    Your principal and interest payment (P&I) per period.

    Total scheduled 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 accelerated payments

    Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

    Accelerated savings

    Total amount of interest you will save by prepaying your mortgage.