This calculator computes U.S. and Canadian monthly mortgage payments based on principal, interest and term. U.S. mortgages are compounded monthly while Canadian mortgages are compounded semi-annually. Simply enter all the numbers above the Calculate Buttons, then choose either the Canadian or American Calculation and push the appropriate button.
This calculator is offered for your convenience only. No guarantees or warranties are offered. Always rely on your mortgage loan officer for mortgage program details, current rates, and final calculations.
- Fill in all fields above the "Submit" button and then click on that button when you have finished.
- Enter only numerical data and decimal points. Do not use dollar signs, percent signs, commas or other non-numerical symbols. For example, "ten thousand" should be entered as 10000 or 10000.00 but not 10,000 or 10,000.00 or $10,000.
- Enter monthly amounts for all income and expense items. For example, if your gross annual salary is $48,000, enter your "Salary/Wages" as 4000.
- Enter the loan term in years.
- Enter the interest rate as the following examples show: 8, not .08 or 8%; 7.5, not .075 or 7.5%.