How do I calculate my monthly mortgage payment in Canada?

How do I calculate my monthly mortgage payment in Canada?

This calculator can help prospective Canadian homebuyers compute the amount of the monthly payment on a mortgage. First enter the amount of money you wish to borrow, an expected interest rate, and the amortization term in years. Press CALCULATE and you’ll see what you’re monthly payment will be.

How does the interest rate calculator work?

The Interest Rate Calculator determines real interest rates on loans with fixed terms and monthly payments. For example, it can calculate interest rates in situations where car dealers only provide monthly payment information and total price without including the actual rate on the car loan.

What are the inputs of the Canadian Loan Calculator?

Our Canadian loan calculator has 3 inputs: Loan Amount – This is the total amount you are borrowing Interest Rate – This is the loan annual interest rate. Term (Amorthization period in months) – This is the term of your loan in months or how long it will take you to fully repay your loan.

How to calculate simple interest only?

This calculator for simple interest-only finds I, the simple interest where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100. r and t are in the same units of time. Calculate Interest, solve for I. I = Prt. Calculate Principal Amount, solve for P.