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Amortization Calculator

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Our free Amortization Calculator app is now available to download in the Google Play marketplace.

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What is an amortization calculator?

An amortization calculator determines payment information for any type of loan although it is most commonly used for mortgages. It requires a starting amount (principal), an annual interest rate and a length in years or months (term). Based on that information it calculates the monthly payment that is required to pay off the loan in the term length. In most cases, it is assumed the interest rate is fixed and does not change over the course of the loan. It is also assumed that there is only one payment per month.

How is the monthly payment determined?

Calculating the monthly payment amount requires a complex formula because it has to account for interest. Each month the amount of interest that is owed changes as the remaining balance of the loan decreases. Taking this into consideration, the formula generates the exact amount that needs to be paid each month to account for interest and be able to pay off the loan in the term length. Don’t worry about the specifics of this formula as is it is much too complex to calculate yourself!

What is an amortization schedule?

Most amortization calculators will also give you the option to generate an amortization schedule. Think of an amortization schedule like a detailed payment plan for your loan. It lists each payment and breakdowns how much of that payment is interest and how much goes toward the principal. It will also track the remaining principal and how much total interest you’ll end up paying. Be aware that amortization schedules are somewhat simplified as they don’t account for taxes, fees, extra payments, refinancing or changes in the interest rate. Additionally, rounding needs to be done to display payment amounts so that can be lead to results that appear slightly different but are still accurate.


Mortgage Calculators, Mortgage Calculator Canada, free mortgage calculator.#Free #mortgage #calculator


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  • 1 Yr Fixed – 2.69% – Try this rate
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  • 5 Yr Fixed – 2.74% – Try this rate

Rates last updated on 16/11/2017

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Mortgage Variable Isolator

See what kind of effects different financial and mortgage factors can have on a single, isolated variable.

Mortgage Principal Calculator

It’s good to understand how your future looks like. Using this tool, you can determine the remaining balance of your mortgage after several of your regular mortgage payments.

Mortgage Length Calculator

What would your overall savings look like if you shortened the length of your mortgage by making larger payments? Take a look with our Mortgage Length Calculator.

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Additional Payments Calculator

By putting more money towards you mortgage payments, you will see your mortgage reduced. Use this to calculate how mortgage prepayments affect your overall mortgage.

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From the blog.

When you find yourself in seemingly insurmountable debt, working on building your credit score and saving money at the same time can seem like an impossible feat. As you struggle to climb to the top of the mountain of bills, it seems like a never-endin.

Another year is here and so are the many resolutions that accompany the New Year trends. We all know that nine out of 10 times resolutions are not kept and so we end up with broken promises and a series of disappointments. When resolutions are too high.

While several items in Canada remain to have low interest rates, one sector is on the rise. Homeowners can expect to see a rise in mortgage interest rates later in 2013. For quite some time, interest rates were staying right around 2.99% for qualified .

MortgageCalculatorCanada.com aims to provide its users with the best mortgage tools and calculator resources on the web. We are proud to offer our customers with a complete set of mortgage analysis resources to assist them in preparing their financial futures. We recognize and value the importance of home loans and the significance such transactions can have on one’s life. We hope that our extensive set of resources and information will help you in your search for a home mortgage and a better future. Our tools take your income, budget, loan amount and payment period into consideration to provide you with personalized solutions for your mortgage.

If you require any assistance or explanations of any of our tools, or if you’re ready to make the next move and obtain a mortgage for a home, do not hesitate to contact us. An experienced mortgage professional is ready to assist you with all of your needs.

Canadian Mortgages: Learn the Basics

Purchasing a home in Canada can be a complicated process, but it doesn’t have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.

Variable Rates vs Fixed Rates

The first thing you need to know about mortgages and mortgage interest rates is the difference between a variable mortgage rate and a fixed mortgage rate. A fixed mortgage rate stay constant (unchanged) through the term length of a mortgage. A variable rate fluctuates over time. As the prime rate (set by the Bank of Canada) changes, the variable rate will change with it. When the prime rate rises, a larger portion of your mortgage payment will go to interest and when the prime rate falls, a larger portion of your mortgage payment will go to principal.

Mortgage Down Payment

A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home. It is not required in all cases, however, in the case that it is, there is a minimum. How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay. To qualify for a mortgage with no down payment, you need a credit score of at least 680.

Open Mortgage, Closed Mortgage – What’s the difference?

An open mortgage is a mortgage that can be paid out at any time without financial penalties. You are also able to make additional mortgage payments with no financial penalties. Typically, open mortgage terms range from 6 months to 1 year and can have either fixed or variable mortgage interest rates. On the other hand, closed mortgages have lower interest rates than open mortgages. Closed mortgage terms can range from 6 months to 10 or more years. You are not able to pay out a closed mortgage early with no penalty although with most lenders you are still allowed to pre-pay up to 20% of your original principle balance every year.


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Rangers losses leave club relying on interest-free loans, interest free loans.#Interest #free #loans


Rangers losses leave club relying on interest-free loans

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Rangers made a £6.7m net loss last season and are relying on chairman Dave King securing the release of a similar amount of money to allay fears over their ability to continue as a going concern.

The losses – revealed in the Rangers International Football Club plc annual accounts – are double that of the previous campaign, when the club were in the Ladbrokes Championship.

Season ticket sales increased and non-ticket revenues were up by 55 per cent but operating expenses increased by almost £8m to £32.9m.

The accounts – for the year ending June 30, 2017 – revealed Rangers had outstanding interest-free loans totalling £15.9m from investors.

Recent loans include money received from King’s New Oasis Asset Limited group, which is the biggest shareholder in the club.

The report, which was released after 8pm on Friday night, added: “At the time of preparation, the forecasts identified that the group would require a minimum of £4.0m additional funding by the end of season 2017/18 in order to meet its liabilities as they fall due. The first tranche of funding is required in November 2017.

“Further funding amounting to £3.2m is forecast to be required during the 2018/19 season.

“However, the final amount is dependent on future football performance and European football participation amongst other factors. The board have discussed the club’s forecast cash shortfall and have reached an agreement with New Oasis Asset Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.

“Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to July 2019.

“The board is satisfied that those parties will continue to provide financial support to the group and have satisfied themselves as to the validity of the undertakings.

“The board acknowledge that had these assurances not been secured then a material uncertainty would exist which may cast doubt over the groups’ ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.

“With the appropriate assurances obtained and the continued support of the investors, the board believe that such uncertainty has been removed.”

King’s lawyer was last month quoted as describing the South Africa-based businessman as “penniless” in the Court of Session, claiming that he did not have control over the finances of New Oasis.

King is awaiting a judgement after the Takeover Panel instigated action claiming that he acted in concert with other shareholders to assume control in March 2016. A judge could rule that King has to lodge offers for the rest of the club’s shares.

Download: The STV News app is Scotland’s favourite and is available for iPhone from the App store and for Android from Google Play. Download it today and continue to enjoy STV News wherever you are.


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