When calculating mortgage repayments it's very important to remember that different countries can use different systems to calculate the compound interest. A perfect example of this is the fact that the US and Canada to use different systems in this regard. The compound interest rates on mortgages in the US are calculated on a monthly basis while the compound interest rates on mortgages in Canada are calculated semi annually.
On small personal loans this fact would not make that much of a difference but on the type of sums normally involve the mortgage this can make a significant difference to your monthly repayments and should really be taken into account. Therefore, we've put together a mortgage calculator that will allow you to calculate your mortgage in the Canadian format and also compare that to the US format so you have all of the information before you when it comes to making a decision about what level of repayments would suit you over a longer period of time.
We hope you find this Canadian mortgage calculator to be useful in terms of putting together your numbers. As you know, buying your own home is one of the largest investments that any single individual will ever undertake so getting the numbers right at the start is vitally important.
getting the figures right when it comes to your mortgage is absolutely vital. a lot of people don't necessarily realize the difference in the way rates are calculated on compound interest in Canada compared to the US. This to allow you to see and recalculate based on those differences so you can see if you need to adjust your main numbers accordingly.
