Canadian mortgage calculator is simple to use tool which helps you to know monthly mortgage payments. Besides using this simple mortgage calculator you have idea of monthly payment, total payment along with total interest that you pay. You also check out ways on how to calculate mortgage payments by hand as there is simple mortgage formula given here. This is ‘mathematical monthly payment formula’ used for mortgage computations.

## What is mortgage calculator?

Mortgage calculator is nothing but a tool which is quite useful to check different values involved in mortgaging. Additionally you know monthly repayment amount so that you identify if you are eligible for loan or not. So next time you are looking for loan all you do is enter values mentioned below.

## Mortgage Calculator

As soon as you enter these values you know what is down payment amount apart from the other important things. In Canada when you buy any property then you also check for mortgage loans.

Know how to use Canadian GST calculator.

## Uses of mortgage calculator in Canada

There are essentially many uses of a Canadian mortgage calculator. As here you have an option for getting a loan that has low rate of interest thereby helping you to get one of the best loans in town. You understand what will be the effects of this mortgage loan to you. This is most important thing that you should know about.

In following paragraphs you find steps to use Canadian mortgage calculator besides formula for mortgage calculator. Hence you keep reading to know process to use mortgage calculator for Canada.

## How to use Canadian mortgage calculator

• To use simple mortgage calculator for Canada you first enter mortgage amount
• And you remember that this amount is in Canadian dollars
• In next field you enter mortgage term
• It means that it is duration or number of years
• Further you enter rate of interest in percentage

When you enter above values you find answers below while these answers are for monthly mortgage payment and total payment in Canadian dollars. You even know about total interest paid on mortgage amount entered. Another aspect is that here mortgage amount means the amount that you borrowed.

Note:

Use of this mortgage calculator is for calculating mortgage interest calculation in Canada. It is so because different places have different calculator for calculating mortgage interest. While below you find mathematical formula for calculating mortgage.

### Calculate mortgage manually

$$M = P.\frac{r (1+r)^{{n}}}{ (1+r)^{{n}}-1}$$

This is the formula for calculating mortgage payments month wise. While here M is monthly payment, P = principal, r is rate and n = number of payments.

Therefore in simple manner you calculate mortgage using formula or with help of Canadian mortgage calculator. Learn use of Canadian HST calculator.