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1. Mortgage Amount |
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.
Minimum:
$10,000 |
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2. Interest Rate |
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
Minimum: 2.0 |
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3. Initial Amortization Period |
Enter
a number representing over how many years you would like to repay
your mortgage. The standard is 25 years.
Minimum: 1 Year
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4. Initial Mortgage Payment |
The
mortgage payment is the amount the borrower would finance in order
to pay off the desired loan. The payment corresponds to the selected
frequency.
Minimum: $1.00 |
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5. Payment Frequency |
Select how
often you would like to make your mortgage payments. Number of
payments per year:
Monthly: 12 (once a month).
Semi-Monthly:
24 (twice a month).
Bi-Weekly:
26 (once every two weeks).
Weekly:
52 (once a week).
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6. Lump Sum Payment (Annually) |
The
amount of principal you are allowed to pay off every year without
paying a penalty to the lender. Usually expressed as a percentage
of the original mortgage balance.
Minimum: 0% or $0
Maximum: 100% or $ (Mortgage Amount Entered) |
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7. Mortgage Payment Increase (Annually) |
The amount
of principal you are allowed to pay off every year without paying
a penalty to the lender. Usually expressed as a percentage of
the original mortgage balance.
Minimum: 0% or $0
Maximum: 100% or $ (Mortgage Amount Entered)
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FAMILY GROUP
