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Today: 20.01.2018 - 15:13:35
   Canada Mortgage Hub Discussion Board -> Mortgage Ottawa -> How do you calculate what your mortgage payment will be without using a mortgage calculator?

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Autor Post

racpacelli

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How do you calculate what your mortgage payment will be without using a mortgage calculator?
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Canadian mortgage rules
Post # 1.

oytun

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Easiest way to do that is to take the purchase price of the house and divide it by 100. The figure will be very close to your mortgage amount including property tax and insurance if you were paying roughly 9% interest. It's good to figure it this way too, because then you've estimated on the high end, so you know it will be less than that. If you're getting a 5% interest, than divide your figure by 50.
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Post # 2.

retro_king

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1288.60
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Canadian mortgage corporation
Post # 3.

nitro_hd

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Hi NeedInfo06,Microsoft Excel has an amortization table template that you can use. If you do not have in your computer, go to Microsoft's website. Type amortization table in the search bar. Download it from there.
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prt_alien

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With mortgages, we want to find the monthly payment required to totally pay down a borrowed principal over the course a number of payments.The standard mortgage formula is:M = P [ i(1 + i)n ] / [ (1 + i)n - 1]Where M is the monthly payment. i = r/12. The same formula can be expressed many different way, but this one avoids using negative exponentials which confuse some calculators.
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pnjoleary

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1288.60 but that doesn't include taxes or insurance. This is just P&I. Also take in account if you have HOA dues.
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nmx775

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I'm not exactly sure off the top of my head without using a mortgage calculator but, someone has told me to just say 1% will be your mortgage payment. So with $200,000 mortgage i would estimate your payment to be 2000/mth.
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Canadaian living
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orlygur

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monthly payment = interest portion + principal portion m1=12 in us the interest is compounded monthly(in canada m1=2, interest is compounded semi-annual)m2=12 payment every monthYR=25%int=6 percent annual interestn= m2 * YR = 12 * 25 = 300int=%int / 100 / m1 = 6 / 100 / 12 = 0.005INT = (1 + int)
Post # 8.


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(m1 / m2) -1INT = (1 +0.005)
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Post # 9.


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(12 /12) -1 = 0.005PV = loan = 200,000F1 = interest portion of mortgF1 = PV * INT = 200,000 * 0.005 = 1000F2 = equal monthly payment factorF2 = 1 - [1 + INT]
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Post # 10.


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[ - n ]F2 = 1 - [1 + 0.005]
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Post # 11.

[ - 300 ]F2 = 0.77603432PMT = monthly payment = F1 / F2 = 1000 / 0.77603432PMT = 1288.60



Post # 12.
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