CMHC Mortgage Calculator Loan amount: Interest Rate: Loan Period: Monthly Payment: function calculateMortgage() { // Get the loan values from the form var loanAmount = document.forms["mortgageCalculator"]["loanAmount"].value; var interestRate = document.forms["mortgageCalculator"]["interestRate"].value / 100 / 12; var loanPeriod = document.forms["mortgageCalculator"]["loanPeriod"].value * 12; // Calculate the monthly payment var x = Math.pow(1 + interestRate, loanPeriod); var monthly = (loanAmount*x*interestRate)/(x-1); //Display the result document.getElementById("monthlyPayment").innerHTML = monthly.toFixed(2); } What Are CMHC Mortgage Calculators? A CMHC mortgage calculator is a useful tool for Canadian homeowners who are looking to refinance or making changes to their existing home loan. The Canada Mortgage and Housing Corporation (CMHC) provides calculators that allow home buyers and owners to calculate a variety of aspects of their mortgage. This includes calculating their monthly payment, amortization schedule, and even adjusting the repayment period for a loan. CMHC mortgage calculators are especially helpful because they can be applied to virtually any type of mortgage product. They are especially beneficial to those who are unsure what type of mortgage to get or are looking to make changes to their existing home loan. This makes the CMHC mortgage calculator a great go-to resource when exploring different types of mortgages or refinancing options. Advantages of a CMHC Mortgage Calculator The main advantages of the CMHC mortgage calculator are that it’s very user-friendly, easy to use, and can provide detailed information about a number of different mortgage options. With just a few clicks, homeowners can get an estimated monthly payment, view an amortization table, and determine their loan’s repayment period. The calculator can also be used to compare interest rates and terms from different lenders. This helps borrowers make an informed decision when selecting their mortgage product. Another advantage of the CMHC mortgage calculator is that it is a free resource. No fees or sign ups are required to use the calculator, making it an accessible and cost-effective tool for those interested in exploring their loan options. Lastly, this calculator is available online 24/7, giving borrowers the ability to calculate their loan options anytime, anywhere. How to Use a CMHC Mortgage Calculator Using the CMHC mortgage calculator is a straightforward process. The calculator can be found on the CMHC website. Once you’re on the homepage, click the “Mortgage Calculators” link at the top of the page. This will redirect you to a page where you can choose the type of calculator that best suits your needs. The calculator will ask for information like your loan amount, interest rate, and amortization period in order to accurately calculate and display the results. Once you’ve entered the correct information, the calculator will provide a detailed breakdown of your loan. This includes a projected monthly payment, as well as an amortization table that can provide more in-depth information on the loan’s repayment period. Using the CMHC mortgage calculator can help you make an informed decision on choosing the right mortgage for your needs. It’s a helpful resource regardless if you’re just looking into buying a home or refinancing an existing loan. The calculator can provide valuable insight into the total cost of your mortgage. Conclusion The CMHC mortgage calculator is an invaluable tool that can be used when looking into home loans and refinancing options. With just a few clicks, the calculator can provide detailed information on an estimated monthly payment, amortization schedule and potential repayment period for any loan. It’s free, easy to use, and available online 24/7, making it an ideal go-to resource for any homeowner.