Mortgage Payoff Calculator
Find out how much interest can you save
by increasing your mortgage payment just a few dollars a
month. The savings is HUGE ... it can be years sooner and tens
of thousands of dollars.
Pay Off


          Click Here For Mortgage Payoff Calculator
              Find out how much interest can you save
                by increasing your mortgage payment.

Definitions

Original mortgage amount
The original amount financed with your mortgage, not to be confused with the remaining balance or principal
balance
.
Interest rate
Annual interest rate. Maximum interest rate is 20%. All Canadian mortgages use semi-annual compounding of
interest.

Amortization period
Total length of your original mortgage in years. Most common lengths are 20 years and 25 years.

Accelerated weekly and bi-weekly payments
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.

Number of years remaining
This is the total number of years you have left to pay on your mortgage. The earlier you start your payoff plan, the
more interest you can save. Just starting a few years earlier can really add up.

Prepayment type
This is the type of prepayment you are going to make. You can choose from one time, monthly, weekly, bi-weekly,
semi-monthly or yearly.

Additional payment
Your proposed extra payment per period, e.g. weekly, bi-weekly, semi-monthly, etc. This payment will be used to
reduce your principal balance.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can
not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are
hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Dominion
Lending Centres qualified Expert regarding all personal finance issues.