Canadian Mortgage Calculator Principal Amount: Down Payment: Interest Rate: Loan Term (in months): Calculate Mortgage Payment: function calculateMortgage() { let principal = document.getElementById('principal').value; let downPayment = document.getElementById('downPayment').value; let interestRate = document.getElementById('interestRate').value / 100; let loanTerm = document.getElementById('loanTerm').value; let loanAmount = (principal - downPayment); let totalInterest = (loanAmount * interestRate) * loanTerm; let totalPayment = +loanAmount + +totalInterest; let mortgagePayment = totalPayment/loanTerm; document.getElementById('result').innerHTML = mortgagePayment.toFixed(2).toString().replace(/\B(?=(\d{3})+(?!\d))/g, ","); } What You Need to Know about Canadian Mortgage Calculators Are you considering taking out a mortgage loan in Canada? If so, it is important that you have the tools you need for making the best decisions. One of those is a Canadian mortgage calculator. This calculator helps you determine how much you would have to pay each month and how much interest would be included in your loan. The Canada Mortgage and Housing Corporation (CMHC) provides various online tools, like calculators, to help borrowers and renters find the best solutions for their needs. We’ll take a look at using the Canadian mortgage calculator and how it can help you determine the size of your loan. How Mortgage Calculators Work Canadian mortgage calculators are written in simple, easy-to-use pieces of software. They are available online and you can access them using a web browser. You just need to fill out a few details and the calculator will generate your results. Credit Karma, for example, offers calculators to help Canadians make better mortgage decisions. Although each calculator is slightly different, using them all involves providing the same basic information: The amount of your loan or mortgage The mortgage rate The number of years or terms you are planning on taking out the loan for Once the calculator has those details, it will give you the output including monthly payments and interest rates over the time you plan on having the loan. The Benefits of Canadian Mortgage Calculators One of the best aspects of Canadian mortgage calculators is that you can use them to compare different mortgage options. This means that you can find out which rate is best for you by entering different rates into the calculator with the amount and terms you are considering. You can also use the calculator to determine how much you can borrow and your estimated monthly payments. It can also help you understand the differences between different types of mortgages, such as variable rate versus fixed rate mortgages. The calculator can also be used to determine how to pre-pay your mortgage without adding penalties or changing the terms. If you're considering a mortgage, a Canadian mortgage calculator can provide important information that will help you make informed decisions. How to Choose a Canadian Mortgage Calculator To make sure that you're getting accurate results from your mortgage calculator, it is important to choose the calculator that best meets your needs. The kind of calculator you need depends on several factors, such as the type of loan you are considering, the amount of the loan, as well as the length of the loan. Some of the mortgage calculators will include additional features such as the ability to enter extra payments or to compare different lenders. You'll want to make sure that the calculator you choose offers the features that will be the most beneficial for you. Some calculators will even give you an “amortization schedule,” which will show the breakdown of your payments each month. Conclusion Canadian mortgage calculators are invaluable tools for those considering taking out a Canadian mortgage loan. With a calculator, you can compare different loan options and figure out the best one for you. You can also determine the amount you should borrow and the estimated payment amount. Once you have all of this information, you'll be better prepared to complete your mortgage transaction.