Monthly Interest Rate: The monthly interest rate is calculated from the annual interest rate and the compound period. For example, to enter '10 years + 3 months', enter the following formula: =10+3/12įor Canadian mortgages, the definition of 'Term' is different, so for Canadian mortgages you may want to change this label to 'Amortization Period.' You can enter a formula to a specify the number of months. If you enter your current mortgage balance in the Loan Amount, then enter the number of years you have left on your mortgage. Mortgages usually have 15 or 30-year terms. Term of Loan (in Years): The total number of years it will take to pay off the mortgage. This calculator assumes a fixed annual interest rate. You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the mortgage.Īnnual Interest Rate: This is the rate that is usually quoted by the lender. Loan Amount: This is the amount that you have borrowed. Canadian mortgage rates are quoted based on a semi-annual compound period (enter 2 for Canadian mortgages). US mortgage rates are quoted based on a monthly compound period (enter 12 for US mortgages). Compound Period: The number of times per year that the quoted annual interest rate is compounded.

Mortgage payment calculator