Information is provided for sample purposes only. Its accuracy is not guaranteed. Information should be verified and should not be relied upon as legal, financial, or other advice.
The term of a mortgage is the length of time before it comes due for renewal, and for which the interest rate is either fixed or floating. The term will be used in creating the amortization schedule, and calculating the balances.
You cannot select a term which is greater than the amortization period you enter.
Monthly: 12 (once a month).
Semi-Monthly: 24 (twice a month).
Bi-Weekly: 26 (once every two weeks).
Weekly: 52 (once a week).
Minimum: 1 Year
Maximum: 40 Years
Enter the amount of money you want to borrow. Do not enter a dollar sign.You can calculate the maximum mortgage amount you qualify for (based on income and debt) by using the Maximum Mortgage calculator, located in the “Mortgage Calculator” section.
Enter the interest rate you would like to use for calculating your payment and amortization schedule. Enter the interest rate in a whole number format. For example: 4.56 NOT .0456