MD Banking Referral Service Calculators
Mortgage calculator
Calculate your mortgage details and determine the payment options, mortgage amount or amortization that best suits your financial needs. You can even determine the impact of any principal prepayments. Press the report button for a full amortization schedule, either by year or by month.
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Mortgage amount
Original or expected balance for your mortgage.
Interest rate
The interest rate for your mortgage.
Amortization period
The period of time required to reduce your mortgage debt to zero.
Mortgage payment
Your regularly scheduled payment that is blended to include principal and interest payment.
Accelerated weekly and bi-weekly payments
Accelerated bi-weekly payments are calculated by taking the regular monthly payment and dividing it by two. For accelerated weekly payments, divide the monthly payment by four. The effect of accelerated payments is that you are making the equivalent of one extra monthly payment per year, thus paying down the principal faster.
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are weekly, bi-weekly, semi-monthly, monthly, yearly and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in.
Interest Savings
Total amount of interest you will save by making prepayments on your mortgage.
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These calculators are made available to you as self-help tools for your independent use, and are not intended to provide financial advice. Calculation results are approximations, and are for informational purposes only. Calculations assume that the interest rate remains constant over the entire amortization period, but actual interest rates may vary over the amortization period depending on the mortgage type. Interest is compounded semi-annually, not in advance.
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Meet with your MD advisor to incorporate borrowing advice and home financing solutions into your integrated wealth management strategy.
1Banking products are provided by National Bank of Canada's Partnership Branch through a relationship with MD Management Limited.