Extra Payment Analyzer
Can you pay off your mortgage sooner?
Our purchase calculator has everything you need to estimate your total monthly cost of a purchase. It includes thing like property taxes, mortgage payments, heat and condo fees and lots of cool features to determine your loan amount, minimum down payment and whether you need mortgage insurance or not.
In fact, the purchase calculator is the first tool that was ever created on CMA. It’s flexibility, ease of use and comprehensiveness contributed to over 10,000 5-star ratings on the app store and google play. Oh yes, it’s also featured by Apple and picked by Google as one of the top five apps for home buyers.
The Canadian Mortgage App team has added the Extra Payment Calculator to help you determine how quickly you are able to pay off your loan.
Our calculator helps you determine how making an additional payment can change the term of your loan. You have the option to make extra payments by choosing the dollar amount or by the percentage.
Also, see how much additional you must pay each month if you want to reduce your loan term by a certain amount of time. We recommend that you experiment with different payment options to find the best option for you.
Keep in mind that there are things that you may want to consider before making extra payments on your mortgage. For example, if you have other debts that have a higher rate of interest than your mortgage, you will save more money and time if you pay off the higher-interest debt first.