Mortgage Length Calculator

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Amount :	($)
Interest Rate :	(%)
Length :	(Years)
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Monthly Payment :	($)
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Financial Analysis (Switch to Plain English)

Original Payment :	$1,334.23
New Payment :	$1,304.12
New Length of Loan :	32 Years 2 Months

Results: In Plain English (Switch to Financial Analysis)

If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment. If you took out a mortgage loan for $250,000.00 with a 5.000% interest rate, for example, you could expect to pay $1,334.23 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 32 year(s) and 2 month(s) instead of 30 years.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult a Mortgages Canada representative for more information.

Mortgage Length Calculator

Rates updated on May 19, 2012