Option 1     Option 2     Option 3  
Loan amount        
Annual % interest rate        
Amortization period    
Payment frequency        
Payments per year        
Compounding frequency      
# compounding periods per year      
Effective annual rate      
Regular payment amount        
Increase payment by        
Increased payment amount        
Additional payment every 12 months        
Tip:  Increase the bi-weekly payment to 1/2 of monthly payment to see savings.
Total payments and interest with regular payment amount:          
Total # of payments        
Total payments        
Total interest paid        
               
Total payments and interest with increased payments:            
Total # of payments        
Total payments      
Total interest paid      
             
Interest saved by increased payments      
Amortization period shortened by    
         
Outstanding balance after specified number of months or years, including any increased payments:  
Enter # of periods, select mos or yrs    
Outstanding balance        
Tip:  Pay down your non-tax-deductible debt as quickly as possible, starting with the debt with the highest interest rates.

Interest charged by Canada Revenue Agency is compounded daily.

Fixed rate mortgages are usually compounded semi-annually, other loans are usually compounded monthly.


These calculators are for educational purposes only. You should not rely on the results as an indication of your financial needs and we recommend that you seek out your own legal, accounting, tax or professional advice. Any information is neither intended to be, or should be construed to be, investment or legal advice or an endorsement of any particular method of investing.