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Financial Calculators from
Dinkytown.net
Loan information: |
Prepayments: |
Total Payments KJE1 |
Mortgage Term KJE1 |
Definitions
Purchase price
The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs.
Mortgage amount
Original or expected balance for your mortgage including any financed mortgage insurance.
Interest rate
Annual interest rate for this mortgage.
Amortization period
The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.
Mortgage payment
Your principal and interest payment (PI) per period.
Payment type
The payment type determines the frequency of payments. Monthly will have 12 payments per year, weekly 52, bi-weekly 26 and bi-monthly 24.
Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.
The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
Mortgage Insurance Required?
Check this box if you wish to calculate the amount of mortgage insurance payable. Mortgage insurance is financed in your mortgage and does not increase your closing costs, but does increase your mortgage balance. For additional information regarding mortgage insurance please read the definition "Mortgage Loan Insurance Premium".
Mortgage Loan Insurance Premium (non-refundable)
Mortgage insurance is financed in your mortgage and does not increase your closing costs, but does increase your mortgage balance. Mortgage insurance makes it possible for home buyers to purchase a home using a lower down payment. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment. The Canadian Mortgage and Housing Corporation (CMHC) and Genworth Financial are two companies that offer Mortgage Loan insurance. For more information please visit their websites at www.chmc.ca and www.genworth.ca.
| Loan Size (% of property value) | Rate (as a % of loan) |
|---|---|
| Up to and including 65% (over 35% down payment) | 0.6% |
| Up to and including 75% (25% to 34.99% down payment) | 1.7% |
| Up to and including 80% (20% to 24.99% down payment) | 2.4% |
| Up to and including 85% (15% to 19.99% down payment) | 2.8% |
| Up to and including 90% (10% to 14.99% down payment) | 3.1% |
| Up to and including 95% (5% to 9.99% down payment) | 4.0% |
| Up to and including 95% Flex Down or Cash Back Equity Owner-Occupancy Program** (5% to 9.99% down payment. | 4.5% |
*An additional 0.25% is added for every 5 years of amortization beyond a 25 year mortgage amortization period.
This calculator assumes that your mortgage insurance premium can be financed by your mortgage, which can greatly reduce the amount of upfront money that is required to purchase a home.
This calculator does not include Genworth's Top-up Premiums or Blended Amortization for refinancing.
**Not all Financial Institutions offer CMHC's Flex Down and/or Genworth Financial's Cashback Equity Owner-Occupancy Program. Below is a brief summary of the two programs:
- CMHC's Flex Down
Own your own home sooner by using a wider range of sources for your down payment. If you have a proven track record of meeting your debt requirements and sufficient income to support mortgage loan payments, your lender may be able to provide you with CMHC's Flex Down product. Sources for your down payment can include: borrowed funds, gifts and lender cash back incentives. For more information please see: How much does CMHC cost? - Genworth Financial's Cashback Equity Owner-Occupancy Program
Some home buyers have an excellent credit history but have not yet saved the required down payment. Others have used their savings to build assets in different ways. Genworth Financial offers mortgage default insurance to both these groups. For more information please see:Genworth Premium Rate Table
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are none, weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your mortgage.
Report amortization
Choose how the report will display your payment schedule. Annually will summarize payments and balances by year. Monthly will show every payment for the entire term.
