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 Canadian mortgages are usually compounded semi-annually, other loans are usually compounded monthly.
Interest charged by Canada Revenue Agency or the IRS is compounded daily, except for late or underpaid estimated US taxes owed to the IRS.

TaxTips.ca Loan & 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.