MORTGAGE BASICS
Learn how your Canadian mortgage works
Short, practical explanations for the numbers you see in the calculator.
Term vs. amortization
Why a five-year mortgage term can sit inside a 25-year repayment plan.
→ PAYMENTSPayment frequency
Compare monthly, bi-weekly, weekly and accelerated schedules.
→ PREPAYMENTSPaying principal sooner
See how extra payments may reduce interest and shorten payoff time.
→ RENEWALYour next mortgage term
Understand why a new rate changes the payment on your remaining balance.
→ METHODOLOGYCanadian rate math
See how nominal rates compounded semi-annually become payment rates.
→ AFFORDABILITYGDS and TDS
Learn what lenders may consider beyond the mortgage payment.
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