The term of a mortgage is the length of time before it comes due for renewal, and for which the interest rate is either fixed or floating. Select the desired term for your mortgage. This term will be used in creating the amortization schedule, and calculating the balances.
You cannot select a term which is greater than the amortization period you enter.
Select how often you would like to make your mortgage payments. Number of payments per year:
Monthly: 12 (once a month). Semi-Monthly: 24 (twice a month). Bi-Weekly: 26 (once every two weeks). Weekly: 52 (once a week).
Enter a number representing over how many years you would like to repay your mortgage. The standard is 25 years.
Minimum: 1 Year
Enter the amount of money you want to borrow. Do not enter a dollar sign. You can calculate the maximum mortgage amount you qualify for (based on income and debt) by using the Maximum Mortgage calculator.
Minimum: $10,000
Enter the interest rate you would like to use for calculating your payment and amortization schedule. Enter the interest rate in a whole number format. For example: '4.56' NOT '.0456'
