Mortgage Calculator Help

Loan Amount
A sum of borrowed money (principal) that is generally repaid with interest.  This is the amount at which you expect to pay at closing.

Interest
The original interest rate of the mortgage at the time of closing. This rate changes for an variable rate mortgage.

Amortization term
The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of years.

Annual Tax
Municipal tax payable when title passes from one owner to another

Annual Insurance
The annual amount for which it would cost to ensure the mortgaged property.

Monthly Principle
The part of the monthly payment that reduces the remaining balance of a mortgage

Monthly Tax
The amount each month that is accrued against the yearly municipal tax.

Monthly Insurance
The amount each month that is accrued against the yearly insurance costs.

Total Payment
Calculated total of the Principle + Monthly Tax + Monthly Insurance.  This is the estimated monthly payment.  Please see your local or preferred mortgage center or bank for exact amounts.

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