|Copyright © 2005 Henry Olders|
|This calculator allows you to specify either the amount of each payment, or the amortization in years. Payments can be on a weekly, biweekly, semi-monthly, or a monthly basis. You can specify whether compounding follows the Canadian formula (semi-annually, or 2 compounding intervals per year), or the American (monthly, or 12 compounding intervals per year). ||For variable rate mortages, simple interest (no compounding) is usually used, so this option should be selected.
||The calculator can generate a table with details of each payment, over terms ranging from 3 months to 10 years, or for the entire amortization interval.
||If you find this calculator useful, and especially if it helps you to save money, a contribution would be much appreciated! (10% of the amount you save is suggested). Please send to: Henry Olders, 369 Lansdowne Avenue, Westmount, QC H3Z 2L5, Canada.
||Please report any errors to Henry Olders.