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Loan and Mortgage Calculator

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TaxTips.ca Calculators -> Loan and Mortgage Calculator information page   This calculator will retain data for you, using cookies on your own computer.  If you don't want this, click Reset before closing the web page.  Not retaining data?  See our main Calculators page.
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 (using "Increase payment by" field), 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.

Questions or comments on the Loan and Mortgage Calculator? 
We normally reply within 1 business day - no reply? Check your spam folder.
 

Revised: July 14, 2019

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