4207 33 Avenue SW, Calgary, AB T3E 0Y1 - 403.313.3089

Mortgage Calculator

The following Calgary mortgage broker calculator allows you to play around with different principal amounts, interest rates, payment types, amortization periods, and term lengths. You can evaluate and compare such things as your maximum eligible loan amount, what amortization period is needed to make your payments affordable, or the total interest paid over the life of the mortgage.

If you require additional clarification with any of the fields, just move your cursor over its adjacent question mark to receive an more in-depth explanation. If you still have questions, please feel free to call us and we can go through it together.

If known, please enter the principal amount required (after down payment). Otherwise, fill out the next 5 fields below and click the ‘Principal’ button to determine the amount that you can afford to borrow.
If known, please enter the interest rate you’ve been quoted. Otherwise, fill out the other 5 fields and click the ‘Interest’ button to determine the interest rate you require.
Payment Type
Please enter your payment type preference.
Amortization Period (Years)
Please enter your preferred amortization period. It’s important to note that although a longer amortization period reduced monthly payments, it substantially increases the overall interest that is paid over the life of the mortgage. As a quick exercise, select different amortization periods and see how the ‘Amortization Interest’ figure changes.
Mortgage Term (Years)
Please enter your mortgage term preference.
If known, please enter your maximum payment amount in order to determine either the maxium loan amount you qualify for (Principal field), or the interest rate you would require to afford the proposed mortgage entered in (Interest field).

Payment
Term Interest
Term interest indicates the total amount of interest that that you would have to pay over the selected term given the other factors entered into the calculator.
Term Balance
Term balance indicates what your outstanding balance on the principal will be at the end of the term.
Amortization Interest
The amortization interest figure is the amount of interest that you will pay over the course of the amortization period. Please note that it is hypothetical in that it assumes that you’ll maintain a mortgage with the same interest rate throughout the amortization period (which is rarely the case). This figure, however, is still worth making note of as it gives you an general idea of a borrower’s interest commitments over the life of the mortgage.
Actual Amortization
The actual amortization number only changes if you select an accelerated payment type. Since an accelerated payment type includes additional payments that go towards paying off the principal, the loan is paid off more quickly under this scenario.



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