Start Up Business Loan Calculator – We’ve offered a downloadable Windows application for mortgage calculators for many years, but recently we’ve had a lot of people asking for Excel spreadsheets that show loan amortization tables.
Interest rate – APR indicated on the loan. For your convenience, we’ve posted local Los Angeles mortgage rates below to help you see what rates are currently available.
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Loan Term in Years – Most fixed income home loans in the US are scheduled to be amortized over 30 years. Other common domestic loan periods include 10, 15 and 20 years. Some foreign countries, such as Canada or the United Kingdom, have loans that are amortized over 25, 35, or even 40 years.
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Annual payments – up to 12 arrears are used to calculate the monthly loan payment, which is amortized over a specified period of years. If you want to pay twice a month, enter 24, or if you want to pay every two weeks, enter 26.
Loan start date – the start date of loan repayment, usually one month after the start of the loan.
Optional Additional Payment – If you want to add an additional amount to your monthly payment, add that amount here and your loan will amortize faster. If you add an additional payment, the calculator will show how much payment you saved over the original term of the loan and how many years you saved.
To change the variable amounts you need to click [Enable Edit] on the yellow banner at the top of the table.
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Right click on any of the images above to save a copy of our Excel Loan Calculator Spreadsheet or click on them to open directly.
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The table below shows locally available mortgage rates that you can use to calculate your monthly home loan payments.
The Federal Reserve has begun tapering its bond-buying program. Lock in today’s low rates and save on your loan.
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Answer a few questions below and contact a lender who can help you refinance and save today! There are 26 fortnightly payments per year. This is because there are 52 weeks in a year. Since the payment is bi-weekly, 52 weeks divided by 2 means that there will be 26 bi-weekly mortgage payments per year.
Another way to look at this is to see how often biweekly payments are made. Bi-weekly payments are made every 14 days. Since there are 365 days in a year, 365 days divided by the payments made every 14 days gives us 26 fortnightly payments per year.
With a semi-monthly mortgage payment, your mortgage payment will be made twice a month. For example, you can make a payment on the 1st of the month and the second payment on the 15th of the month.
Semi-monthly mortgage payments are split into two each month. This makes two payments each month. For 12 months a year, you make 24 semi-monthly mortgage payments each year. You simply divide the regular monthly mortgage payment in two.
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Biweekly payments do not divide months into two. Instead, mortgage payments are made every two weeks, which is considered every 14 days. Although bi-weekly payments are made over 28 days, there are 30 days or 31 days in a month except February. Over the course of a year, this means you make 26 fortnightly mortgage payments, which means there are 52 weeks in the year.
A bi-weekly mortgage payment has two additional payments each year, equivalent to one month’s mortgage payments, over and above the monthly or semi-monthly mortgage payment.
Accelerated fortnightly and accelerated weekly mortgage payments also give you the equivalent of an additional monthly mortgage payment each year, but they differ from non-accelerated fortnightly and weekly payments in that the mortgage payment amount is not reduced.
Non-accelerated bi-weekly and weekly mortgage payments are based on what the monthly mortgage payment would be. For a non-accelerated fortnightly, you would calculate the payment by taking the monthly mortgage payment, multiplying it by 12 to get the amount due each year, and then simply dividing it by 26 to make the fortnightly payment. You’ll still pay the same total amount each year as you would with a monthly mortgage payment. You’ll just pay it off in two extra payments, which means each unaccelerated fortnightly payment is smaller.
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The same thing happens with weekly mortgage payments without prompting. To calculate it, you also multiply the monthly mortgage payment by 12 to get the amount you have to pay per year and then divide it by 52 weeks. Weekly payments are made every 7 days and are not accelerated, meaning you will still pay the equivalent of your monthly mortgage payment, compared to smaller individual payments.
Accelerated mortgage payments are payment frequency options that allow you to pay off your mortgage faster and save you potentially thousands in mortgage interest costs.
With accelerated bi-weekly payments, you’ll still make a payment every 14 days (two weeks), making up to 26 bi-weekly payments per year. The part that makes it faster is that instead of calculating how much the equivalent monthly mortgage payment will add up to in a year, and then simply dividing it by 26 biweekly payments, Accelerated Biweekly Payments does the opposite.
To find your accelerated bi-weekly payment amount, you divide your monthly mortgage payment by two. Note that there are 12 monthly payments per year, but bi-weekly payments equal 13 monthly payments. By taking the total annual amount of the monthly payment frequency without adjusting the additional monthly payment, the accelerated bi-weekly frequency will give you an additional monthly payment each year. This pays off your mortgage faster and shortens your amortization period.
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The same calculation is used for accelerated weekly payments. To find your accelerated weekly payment amount, you divide your monthly mortgage payment by four.
There isn’t much difference between paying your mortgage weekly or monthly if we’re looking at non-accelerated weekly payments. This is because the total amount paid per year is exactly the same for both payment frequencies. You’ll just pay a small amount in weekly payments, but you’ll pay more often. It makes a real difference when you choose accelerated weekly payments. Accelerated payments can shave years off your depreciation and save you thousands of dollars.
Let’s compare mortgage payment rates in Ontario by looking at a $500,000 mortgage with a 25-year amortization and assuming it has a fixed mortgage rate of 1.5% for a 5-year term.
The monthly mortgage payment will be $2,000. Now let’s see how much the semi-monthly, bi-weekly and weekly mortgage payments will be.
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Monthly, semi-monthly, bi-weekly and weekly all add up to the same amount paid per year, $24,000 per year. For accelerated payments, you pay an additional $2,000 per year, which equates to an additional monthly mortgage payment. This extra mortgage payment will pay off your mortgage principal faster, meaning you can pay off your mortgage faster.
This mortgage calculator lets you choose between monthly and bi-weekly mortgage payments. Choosing between them allows you to easily compare how your mortgage payment can be affected, and the amortization schedule below the Canadian mortgage calculator also shows the payment frequency.
A down payment is the amount you pay upfront to get a mortgage. A larger down payment will reduce the amount you need to borrow, which means your mortgage payments will be smaller.
The down payment entered in the mortgage calculator will affect the opening balance of your mortgage. If you choose to pay less than 20% down, then the mortgage payment calculator will include the cost of the CMHC insurance premium in your mortgage, in addition to your principal balance.
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A mortgage with a down payment of less than 20% is known as a high ratio mortgage. The term ratio refers to the size of your mortgage loan amount as a percentage of your total purchase price. All high-ratio mortgages require the purchase of CMHC insurance because they typically carry a high risk of default.
Your mortgage amortization period is the length of time it will take to pay off your mortgage. A shorter amortization period means your mortgage will be paid off faster, but your mortgage payments will be larger. A longer amortization period means your mortgage payments will be smaller, but you’ll pay more in interest. You can use a mortgage amortization calculator to see how changing your mortgage amortization period will affect your mortgage payment. This mortgage calculator also allows you to customize your mortgage amortization.
You can enter any amortization period from 1 year to 30 years in the mortgage calculator above. Some mortgages in Canada, such as commercial mortgages, allow for up to 40 years of amortization.
The term of your mortgage is the length of time that your mortgage agreement is in effect. Your mortgage agreement covers your mortgage
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