Refinance

Refinance Interest Savings

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you. You can do this for any location: Calgary, Edmonton, Alberta, or all throughout Canada.
This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN’s Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:Get the Java(TM) Plug-in!

 

Calculate  View ReportGlossary of Terms

Glossary of Terms

Original mortgage balance
Total amount for your original mortgage.

Original rate
Annual percentage rate of your original mortgage.

Original amortization
The total number of years for your original mortgage.

Number of payments made
The total number of payments you have made on your original mortgage.

New rate
Annual percentage rate of your new mortgage.

New amortization
The total number of years for your new mortgage.

New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance
on your original mortgage. All closing costs and prepayment penalties are assumed to be paid
at the time of closing. These additional costs are not added to your new mortgage balance.

Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing.
This calculator assumes that all closing costs are paid with proceeds other than the new mortgage
(closing costs are not added to the total for your new mortgage amount).

Prepayment penalties
Some mortgages require you to pay a penalty if the mortgage is paid off early. If you current
mortgage has a penalty for prepayment, enter that amount here. Your prepayment penalties are
assumed to be an additional cost that is paid at the time of closing.

Breakeven point
The breakeven point occurs when your interest savings equals your additional closing costs and prepayment
penalties. If you have no closing costs or prepayment penalties, there is no breakeven point.

Bi-weekly Payment Calculator

This calculator shows you the possible savings by using an accelerated bi-weekly mortgage payment. Bi-weekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.
This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN’s Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:Get the Java(TM) Plug-in!

 

Calculate  View ReportGlossary of Terms

Glossary of Terms

Accelerated Weekly and Bi-weekly Payments: Accelerated weekly and accelerated bi-weekly
payment options are calculated by taking a monthly payment schedule and assuming only four
weeks in a month. We calculate an accelerated bi-weekly payment, for example, by taking your
normal monthly payment and dividing it by two. Since you pay 26 bi-weekly payments, by the end
of a year you have paid the equivalent of one extra monthly payment. This additional amount
accelerates your loan payoff by going directly against your loan’s principal. The effect can
save you thousands in interest and take years off of your mortgage.

The accelerated weekly payment is calculated by dividing your monthly payment by four.
You then make 52 weekly payments. Just like the accelerated bi-weekly payments, you are in
effect paying an additional monthly payment each year.

Mortgage Amount: The total amount for this mortgage.

Interest Rate: The interest rate on this mortgage.

Mortgage Amortization: The number of years over which you would repay this loan if you made your normal monthly payment. The most common amortizations for mortgages are 20 years and 25 years.

Mortgage Comparison Calculator

Determining which mortgage provides you with the best value is more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new mortgage. By comparing these important variables side by side, this calculator can help you pick the mortgage that works best for you.
This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN’s Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:Get the Java(TM) Plug-in!

Calculate  View ReportGlossary of Terms

Glossary of Terms

Mortgage amount: Original or expected balance for your mortgage.
Mortgage amount: The total amount for this mortgage.
Interest rate: The interest rate on this mortgage.
Mortgage amortization: The number of years over which you will repay this mortgage. The most common amortization for mortgages are 20 years and 25 years.
Fees: Any fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.
Mortgage payment: Monthly principal and interest payment (PI) using semi- annual compounding.
Equivalent monthly payment: The sum of periodic payments for a year divided by 12 months.
Accelerated weekly and bi-weekly payments: Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan’s principal. The effect can save you thousands in interest and take years off of your mortgage.
The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.
Annual percentage rate (APR): A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different amortizations. It is important to note that the APR calculation for mortgages can be less than the stated rate. This is due to the way interest is compounded in Canada. All mortgages calculated with this calculator use semi-annual compounding which produces a lower APR than a mortgage compounded more frequently such as monthly, or weekly.

 

Mortgage Payoff Calculator

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage! You can do this for any location: Calgary, Edmonton, Alberta, or all throughout Canada.This Financial Calculator requires a Browser with Java(TM) applet Support. If you are seeing this message you will need to download SUN’s Java(TM) Plug-in. This can be done simply, and automatically, by clicking the link below:Get the Java(TM) Plug-in!

 

Calculate  View ReportGlossary of Terms

Glossary of Terms

Original mortgage amount: The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance.

Interest rate: Annual interest rate. Maximum interest rate is 20%. All Canadian mortgages use semi-annual compounding of interest.

Mortgage amortization (years): Total length of your original mortgage in years. Most common lengths are 20 years and 25 years.

Accelerated weekly and bi-weekly payments: Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan’s principal. The effect can save you thousands in interest and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

Number of years remaining: This is the total number of years you have left to pay on your mortgage. The earlier you start your payoff plan, the more interest you can save. Just starting a few years earlier can really add up.

Prepayment type: This is the type of prepayment you are going to make. You can choose from one time, monthly, weekly, bi-weekly, semi-monthly or yearly.

Additional payment: Your proposed extra payment per period, e.g. weekly, bi-weekly, semi-monthly, etc. This payment will be used to reduce your principal balance.

Dominion Lending Centres Westcor 114 1212 1st ST. SE, Calgary, Alberta. Phone: 403-228-7800. .