Mortgage Payment
Calculator
Mortgage Amount
Mortgage Term & Type
Mortgage Term: Length of the mortgage term (ex. 1 year). At end of the term, the mortgage needs to be renewed.

Mortgage Type: Fixed - Interest rate is fixed for the mortgage term. Variable Closed - Interest rate is variable and may fluctuate during the mortgage term.
Interest Rate
Interest rate is assumed to remain constant throughout the mortgage term and amortization period.
Amortization Period
The length of time to pay off the mortgage in full.
Payment Frequency
Semi-Monthly: Semi-monthly payments are calculated as: (monthly payment X 12) ÷ 24. Payments are made twice per month on set dates (ex. 1st & 15th).

Bi-Weekly:
Bi-weekly payments are calculated as: (monthly payment X 12) ÷ 26 weeks. Payments are made every two weeks.

Weekly:
Weekly payments are calculated as: (monthly payment X 12) ÷ 52 weeks. Payments are made every week.
Add additional payments
Payment Amount
Enter the amount you will pay on your mortgage, at the frequency indicated below, in addition to your regularly scheduled mortgage payments.
Payment Frequency
Monthly: One additional mortgage payment each month.
Annually: One additional mortgage payment each year.
Per Payment: One additional mortgage payment with each regularly scheduled mortgage payment.
Your Monthly Payment
$108.88
Balance Start of Term
$300,000.00
Balance End of Term
$263,606.72
Interest Rate: 5 Years
Mortgage Term: 5 Years
Total payments
over mortgage term
$100,126.20
Interest paid
over mortgage term
$100,126.20
Principal paid
over mortgage term
$100,126.20
Year
Principal
+
Interest
=
Payment
Outstanding Balance
Start
$5,500.00
1
$447.87
$32.33
$102.46
$4,160.95

Total Interest Over Loan Term

$10000

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