Mortgage Payment Calculator

Because lenders calculate loans in many different ways with widely varying results, many people have been paying their mortgages more often than monthly with little actual saving in time and money. The mortgage payment calculator below provides details of the different weekly, bi-weekly, semi-monthly and monthly payment plans.
To see how effective the various types of mortgages are, it's necessary to have a yardstick against which to compare other calculations which is (Regular monthly payment mortgage).

Enter mortgage amount: Maximum $1,000,000,000.00	$
Enter amortization time: Maximum 30 years	years
Enter annual interest rate: Maximum 25%	%
Enter compounding frequency: Canada=2, USA=12
PLEASE CLICK ONLY ONCE!

Mortgage amount - The amount originally borrowed from a lender (PRINCIPAL).
Amortization - The period of time needed to payoff a mortgage if there are no prepayments and no late payments. Naturally, the shorter the amortization period, the more money you save on interest; but, on the other hand, the amount of the payment is higher.
Annual interest rate - The amount charged by a lender to a borrower as 'rent' for the use of the lender's money. Interest charges generally accrued as a percentage of the amount borrowed. The interest rate is usually quoted in percent per year.
Compounding frequency - A number that determines how many times a year the interest rate is calculated ( annually=1, semi-annually=2, monthly=12 ). The more often interest is calculated during a year, the greater the yield to the lender and the more expensive the loan for the borrower.