TaxTips.ca - Loan and mortgage calculator

	Option 1	Option 2	Option 3
Loan amount
Annual % interest rate
Amortization period, select mos or yrs

Payment frequency
Payments per year
Compounding frequency
# compounding periods per year
Effective annual rate
Regular payment amount
Increase payment by
Increased payment amount
Additional payment every 12 months
Tip: Increase the bi-weekly payment to 1/2 of the monthly payment, and see the savings.
Total payments and interest with regular payment amount:
Total # of payments
Total payments
Total interest paid

Total payments and interest with increased payments:
Total # of payments
Total payments
Total interest paid

Interest saved by increased payments
Amortization period shortened by

Outstanding balance after specified number of months or years, including any increased payments:
Enter # of periods, select mos or yrs
Outstanding balance
Tip: Pay down your non-tax-deductible debt as quickly as possible, starting with the debt with the highest interest rates!

Fixed rate mortgages are usually compounded semi-annually, other loans are usually compounded monthly.
Interest charged by Canada Revenue Agency is compounded daily.