Toronto Real Estate Direct

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Re/Max Performance Realty Inc.

Toronto Real Estate Direct 100 - 10th Avenu S.W.
Toronto, Ontario, Canada T2R0B3
Direct: 647.724.9002






Mortgage and Amortization Calculator

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

Purchase & Financing Information
(In Dollars)

%

years

%

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Mortgage Payment Information

Down Payment:

$4,925.00

Amount Financed:

$93,575.00

Monthly Payment:

$443.74
(Principal & Interest ONLY)

Since you are putting LESS than 20% down, you will need to pay PMI (Private Mortgage Insurance), which tends to be about $55 per month for every $100,000 financed (until you have paid off 20% of your loan). This could add $51.47 to your monthly payment.

Monthly Payment:

$495.21
(Principal & Interest, and PMI)

Residential (or Property) Taxes are a little harder to figure out... In Massachusetts, the average resedential tax rate seems to be around $14 per year for every $1,000 of your property's assessed value.

Let's say that your property's assessed value is 85% of what you actually paid for it - $83,725.00. This would mean that your yearly residential taxes will be around $1,172.15 This could add $97.68to your monthly payment.

TOTAL Monthly Payment:

$592.89
(including PMI and residential tax)

Table: Payment summary and explanation of the formulas used to come up with payment chart.
1 The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)

$4,925.00 = $98,500.00 X (5 / 100)
2 The interest rate = The annual interest percentage divided by 100

0.03 = 3% / 100
The monthly factor = The result of the following formula:
3 The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)

0.0025 = 0.03 / 12
4 The month term of the loan in months = The number of years you've taken the loan out for times 12

300 Months = 25 Years X 12
5 The montly payment is figured out using the following formula:
Monthly Payment = 9357500 * (00025 / (1 - ((1 + 00025)-(300))))

The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan.


Amortization For Monthly Payment: $443.74 over 25 years.

Year 1

Table: Amortization of monthly payments in the first year.
Month Interest Paid Principal Paid Remaing Balance
1 $233.94 $209.81 $93,365.19
2 $233.41 $210.33 $93,154.86
3 $232.89 $210.86 $92,944.01
4 $232.36 $211.38 $92,732.62
5 $231.83 $211.91 $92,520.71
6 $231.30 $212.44 $92,308.27
7 $230.77 $212.97 $92,095.30
8 $230.24 $213.50 $91,881.79
9 $229.70 $214.04 $91,667.76
10 $229.17 $214.57 $91,453.18
11 $228.63 $215.11 $91,238.07
12 $228.10 $215.65 $91,022.42
Totals for year 1
You will spend $5,324.92 on your house in year 1
$2,772.34 will go towards INTEREST
$2,552.58 will go towards PRINCIPAL

Year 2

Table: Amortization of monthly payments for year 2
Month Interest Paid Principal Paid Remaing Balance
13 $227.56 $216.19 $90,806.24
14 $227.02 $216.73 $90,589.51
15 $226.47 $217.27 $90,372.24
16 $225.93 $217.81 $90,154.43
17 $225.39 $218.36 $89,936.07
18 $224.84 $218.90 $89,717.17
19 $224.29 $219.45 $89,497.72
20 $223.74 $220.00 $89,277.72
21 $223.19 $220.55 $89,057.17
22 $222.64 $221.10 $88,836.07
23 $222.09 $221.65 $88,614.41
24 $221.54 $222.21 $88,392.21
Totals for year 2
You will spend $5,324.92 on your house in year 2
$2,694.70 will go towards INTEREST
$2,630.22 will go towards PRINCIPAL

Year 3

Table: Amortization of monthly payments for year 3
Month Interest Paid Principal Paid Remaing Balance
25 $220.98 $222.76 $88,169.44
26 $220.42 $223.32 $87,946.12
27 $219.87 $223.88 $87,722.25
28 $219.31 $224.44 $87,497.81
29 $218.74 $225.00 $87,272.81
30 $218.18 $225.56 $87,047.25
31 $217.62 $226.13 $86,821.12
32 $217.05 $226.69 $86,594.43
33 $216.49 $227.26 $86,367.18
34 $215.92 $227.83 $86,139.35
35 $215.35 $228.39 $85,910.96
36 $214.78 $228.97 $85,681.99
Totals for year 3
You will spend $5,324.92 on your house in year 3
$2,614.70 will go towards INTEREST
$2,710.22 will go towards PRINCIPAL

Year 4

Table: Amortization of monthly payments for year 4
Month Interest Paid Principal Paid Remaing Balance
37 $214.20 $229.54 $85,452.45
38 $213.63 $230.11 $85,222.34
39 $213.06 $230.69 $84,991.65
40 $212.48 $231.26 $84,760.39
41 $211.90 $231.84 $84,528.55
42 $211.32 $232.42 $84,296.12
43 $210.74 $233.00 $84,063.12
44 $210.16 $233.59 $83,829.54
45 $209.57 $234.17 $83,595.37
46 $208.99 $234.75 $83,360.61
47 $208.40 $235.34 $83,125.27
48 $207.81 $235.93 $82,889.34
Totals for year 4
You will spend $5,324.92 on your house in year 4
$2,532.27 will go towards INTEREST
$2,792.65 will go towards PRINCIPAL

Year 5

Table: Amortization of monthly payments for year 5
Month Interest Paid Principal Paid Remaing Balance
49 $207.22 $236.52 $82,652.82
50 $206.63 $237.11 $82,415.71
51 $206.04 $237.70 $82,178.01
52 $205.45 $238.30 $81,939.71
53 $204.85 $238.89 $81,700.81
54 $204.25 $239.49 $81,461.32
55 $203.65 $240.09 $81,221.23
56 $203.05 $240.69 $80,980.54
57 $202.45 $241.29 $80,739.25
58 $201.85 $241.90 $80,497.35
59 $201.24 $242.50 $80,254.85
60 $200.64 $243.11 $80,011.75
Totals for year 5
You will spend $5,324.92 on your house in year 5
$2,447.33 will go towards INTEREST
$2,877.59 will go towards PRINCIPAL

Year 6

Table: Amortization of monthly payments for year 6
Month Interest Paid Principal Paid Remaing Balance
61 $200.03 $243.71 $79,768.03
62 $199.42 $244.32 $79,523.71
63 $198.81 $244.93 $79,278.78
64 $198.20 $245.55 $79,033.23
65 $197.58 $246.16 $78,787.07
66 $196.97 $246.78 $78,540.30
67 $196.35 $247.39 $78,292.90
68 $195.73 $248.01 $78,044.89
69 $195.11 $248.63 $77,796.26
70 $194.49 $249.25 $77,547.01
71 $193.87 $249.88 $77,297.13
72 $193.24 $250.50 $77,046.63
Totals for year 6
You will spend $5,324.92 on your house in year 6
$2,359.80 will go towards INTEREST
$2,965.12 will go towards PRINCIPAL

Year 7

Table: Amortization of monthly payments for year 7
Month Interest Paid Principal Paid Remaing Balance
73 $192.62 $251.13 $76,795.51
74 $191.99 $251.75 $76,543.75
75 $191.36 $252.38 $76,291.37
76 $190.73 $253.01 $76,038.35
77 $190.10 $253.65 $75,784.71
78 $189.46 $254.28 $75,530.42
79 $188.83 $254.92 $75,275.51
80 $188.19 $255.55 $75,019.95
81 $187.55 $256.19 $74,763.76
82 $186.91 $256.83 $74,506.93
83 $186.27 $257.48 $74,249.45
84 $185.62 $258.12 $73,991.33
Totals for year 7
You will spend $5,324.92 on your house in year 7
$2,269.62 will go towards INTEREST
$3,055.30 will go towards PRINCIPAL

Year 8

Table: Amortization of monthly payments for year 8
Month Interest Paid Principal Paid Remaing Balance
85 $184.98 $258.76 $73,732.56
86 $184.33 $259.41 $73,473.15
87 $183.68 $260.06 $73,213.09
88 $183.03 $260.71 $72,952.38
89 $182.38 $261.36 $72,691.02
90 $181.73 $262.02 $72,429.00
91 $181.07 $262.67 $72,166.33
92 $180.42 $263.33 $71,903.01
93 $179.76 $263.99 $71,639.02
94 $179.10 $264.65 $71,374.37
95 $178.44 $265.31 $71,109.07
96 $177.77 $265.97 $70,843.10
Totals for year 8
You will spend $5,324.92 on your house in year 8
$2,176.69 will go towards INTEREST
$3,148.23 will go towards PRINCIPAL

Year 9

Table: Amortization of monthly payments for year 9
Month Interest Paid Principal Paid Remaing Balance
97 $177.11 $266.64 $70,576.46
98 $176.44 $267.30 $70,309.16
99 $175.77 $267.97 $70,041.19
100 $175.10 $268.64 $69,772.55
101 $174.43 $269.31 $69,503.24
102 $173.76 $269.99 $69,233.25
103 $173.08 $270.66 $68,962.59
104 $172.41 $271.34 $68,691.25
105 $171.73 $272.02 $68,419.24
106 $171.05 $272.70 $68,146.54
107 $170.37 $273.38 $67,873.17
108 $169.68 $274.06 $67,599.11
Totals for year 9
You will spend $5,324.92 on your house in year 9
$2,080.93 will go towards INTEREST
$3,243.99 will go towards PRINCIPAL

Year 10

Table: Amortization of monthly payments for year 10
Month Interest Paid Principal Paid Remaing Balance
109 $169.00 $274.75 $67,324.36
110 $168.31 $275.43 $67,048.93
111 $167.62 $276.12 $66,772.81
112 $166.93 $276.81 $66,496.00
113 $166.24 $277.50 $66,218.49
114 $165.55 $278.20 $65,940.30
115 $164.85 $278.89 $65,661.40
116 $164.15 $279.59 $65,381.81
117 $163.45 $280.29 $65,101.53
118 $162.75 $280.99 $64,820.54
119 $162.05 $281.69 $64,538.84
120 $161.35 $282.40 $64,256.45
Totals for year 10
You will spend $5,324.92 on your house in year 10
$1,982.26 will go towards INTEREST
$3,342.66 will go towards PRINCIPAL

Year 11

Table: Amortization of monthly payments for year 11
Month Interest Paid Principal Paid Remaing Balance
121 $160.64 $283.10 $63,973.35
122 $159.93 $283.81 $63,689.54
123 $159.22 $284.52 $63,405.02
124 $158.51 $285.23 $63,119.79
125 $157.80 $285.94 $62,833.84
126 $157.08 $286.66 $62,547.18
127 $156.37 $287.38 $62,259.81
128 $155.65 $288.09 $61,971.72
129 $154.93 $288.81 $61,682.90
130 $154.21 $289.54 $61,393.37
131 $153.48 $290.26 $61,103.11
132 $152.76 $290.99 $60,812.12
Totals for year 11
You will spend $5,324.92 on your house in year 11
$1,880.59 will go towards INTEREST
$3,444.33 will go towards PRINCIPAL

Year 12

Table: Amortization of monthly payments for year 12
Month Interest Paid Principal Paid Remaing Balance
133 $152.03 $291.71 $60,520.41
134 $151.30 $292.44 $60,227.96
135 $150.57 $293.17 $59,934.79
136 $149.84 $293.91 $59,640.89
137 $149.10 $294.64 $59,346.24
138 $148.37 $295.38 $59,050.87
139 $147.63 $296.12 $58,754.75
140 $146.89 $296.86 $58,457.89
141 $146.14 $297.60 $58,160.30
142 $145.40 $298.34 $57,861.95
143 $144.65 $299.09 $57,562.86
144 $143.91 $299.84 $57,263.03
Totals for year 12
You will spend $5,324.92 on your house in year 12
$1,775.83 will go towards INTEREST
$3,549.09 will go towards PRINCIPAL

Year 13

Table: Amortization of monthly payments for year 13
Month Interest Paid Principal Paid Remaing Balance
145 $143.16 $300.59 $56,962.44
146 $142.41 $301.34 $56,661.11
147 $141.65 $302.09 $56,359.02
148 $140.90 $302.85 $56,056.17
149 $140.14 $303.60 $55,752.57
150 $139.38 $304.36 $55,448.21
151 $138.62 $305.12 $55,143.08
152 $137.86 $305.89 $54,837.20
153 $137.09 $306.65 $54,530.55
154 $136.33 $307.42 $54,223.13
155 $135.56 $308.19 $53,914.94
156 $134.79 $308.96 $53,605.99
Totals for year 13
You will spend $5,324.92 on your house in year 13
$1,667.88 will go towards INTEREST
$3,657.04 will go towards PRINCIPAL

Year 14

Table: Amortization of monthly payments for year 14
Month Interest Paid Principal Paid Remaing Balance
157 $134.01 $309.73 $53,296.26
158 $133.24 $310.50 $52,985.76
159 $132.46 $311.28 $52,674.48
160 $131.69 $312.06 $52,362.42
161 $130.91 $312.84 $52,049.58
162 $130.12 $313.62 $51,735.97
163 $129.34 $314.40 $51,421.56
164 $128.55 $315.19 $51,106.37
165 $127.77 $315.98 $50,790.40
166 $126.98 $316.77 $50,473.63
167 $126.18 $317.56 $50,156.07
168 $125.39 $318.35 $49,837.72
Totals for year 14
You will spend $5,324.92 on your house in year 14
$1,556.65 will go towards INTEREST
$3,768.27 will go towards PRINCIPAL

Year 15

Table: Amortization of monthly payments for year 15
Month Interest Paid Principal Paid Remaing Balance
169 $124.59 $319.15 $49,518.57
170 $123.80 $319.95 $49,198.62
171 $123.00 $320.75 $48,877.87
172 $122.19 $321.55 $48,556.32
173 $121.39 $322.35 $48,233.97
174 $120.58 $323.16 $47,910.81
175 $119.78 $323.97 $47,586.85
176 $118.97 $324.78 $47,262.07
177 $118.16 $325.59 $46,936.48
178 $117.34 $326.40 $46,610.08
179 $116.53 $327.22 $46,282.86
180 $115.71 $328.04 $45,954.83
Totals for year 15
You will spend $5,324.92 on your house in year 15
$1,442.03 will go towards INTEREST
$3,882.89 will go towards PRINCIPAL

Year 16

Table: Amortization of monthly payments for year 16
Month Interest Paid Principal Paid Remaing Balance
181 $114.89 $328.86 $45,625.97
182 $114.06 $329.68 $45,296.29
183 $113.24 $330.50 $44,965.79
184 $112.41 $331.33 $44,634.46
185 $111.59 $332.16 $44,302.30
186 $110.76 $332.99 $43,969.32
187 $109.92 $333.82 $43,635.50
188 $109.09 $334.65 $43,300.84
189 $108.25 $335.49 $42,965.35
190 $107.41 $336.33 $42,629.02
191 $106.57 $337.17 $42,291.85
192 $105.73 $338.01 $41,953.84
Totals for year 16
You will spend $5,324.92 on your house in year 16
$1,323.93 will go towards INTEREST
$4,000.99 will go towards PRINCIPAL

Year 17

Table: Amortization of monthly payments for year 17
Month Interest Paid Principal Paid Remaing Balance
193 $104.88 $338.86 $41,614.98
194 $104.04 $339.71 $41,275.27
195 $103.19 $340.56 $40,934.72
196 $102.34 $341.41 $40,593.31
197 $101.48 $342.26 $40,251.05
198 $100.63 $343.12 $39,907.94
199 $99.77 $343.97 $39,563.96
200 $98.91 $344.83 $39,219.13
201 $98.05 $345.70 $38,873.43
202 $97.18 $346.56 $38,526.87
203 $96.32 $347.43 $38,179.45
204 $95.45 $348.29 $37,831.15
Totals for year 17
You will spend $5,324.92 on your house in year 17
$1,202.23 will go towards INTEREST
$4,122.68 will go towards PRINCIPAL

Year 18

Table: Amortization of monthly payments for year 18
Month Interest Paid Principal Paid Remaing Balance
205 $94.58 $349.17 $37,481.99
206 $93.70 $350.04 $37,131.95
207 $92.83 $350.91 $36,781.04
208 $91.95 $351.79 $36,429.25
209 $91.07 $352.67 $36,076.58
210 $90.19 $353.55 $35,723.02
211 $89.31 $354.44 $35,368.59
212 $88.42 $355.32 $35,013.27
213 $87.53 $356.21 $34,657.06
214 $86.64 $357.10 $34,299.96
215 $85.75 $357.99 $33,941.96
216 $84.85 $358.89 $33,583.07
Totals for year 18
You will spend $5,324.92 on your house in year 18
$1,076.84 will go towards INTEREST
$4,248.08 will go towards PRINCIPAL

Year 19

Table: Amortization of monthly payments for year 19
Month Interest Paid Principal Paid Remaing Balance
217 $83.96 $359.79 $33,223.29
218 $83.06 $360.69 $32,862.60
219 $82.16 $361.59 $32,501.02
220 $81.25 $362.49 $32,138.53
221 $80.35 $363.40 $31,775.13
222 $79.44 $364.31 $31,410.82
223 $78.53 $365.22 $31,045.61
224 $77.61 $366.13 $30,679.48
225 $76.70 $367.04 $30,312.43
226 $75.78 $367.96 $29,944.47
227 $74.86 $368.88 $29,575.59
228 $73.94 $369.80 $29,205.79
Totals for year 19
You will spend $5,324.92 on your house in year 19
$947.63 will go towards INTEREST
$4,377.29 will go towards PRINCIPAL

Year 20

Table: Amortization of monthly payments for year 20
Month Interest Paid Principal Paid Remaing Balance
229 $73.01 $370.73 $28,835.06
230 $72.09 $371.66 $28,463.40
231 $71.16 $372.58 $28,090.82
232 $70.23 $373.52 $27,717.30
233 $69.29 $374.45 $27,342.85
234 $68.36 $375.39 $26,967.46
235 $67.42 $376.32 $26,591.14
236 $66.48 $377.27 $26,213.87
237 $65.53 $378.21 $25,835.67
238 $64.59 $379.15 $25,456.51
239 $63.64 $380.10 $25,076.41
240 $62.69 $381.05 $24,695.36
Totals for year 20
You will spend $5,324.92 on your house in year 20
$814.49 will go towards INTEREST
$4,510.43 will go towards PRINCIPAL

Year 21

Table: Amortization of monthly payments for year 21
Month Interest Paid Principal Paid Remaing Balance
241 $61.74 $382.00 $24,313.35
242 $60.78 $382.96 $23,930.39
243 $59.83 $383.92 $23,546.48
244 $58.87 $384.88 $23,161.60
245 $57.90 $385.84 $22,775.76
246 $56.94 $386.80 $22,388.96
247 $55.97 $387.77 $22,001.18
248 $55.00 $388.74 $21,612.44
249 $54.03 $389.71 $21,222.73
250 $53.06 $390.69 $20,832.05
251 $52.08 $391.66 $20,440.38
252 $51.10 $392.64 $20,047.74
Totals for year 21
You will spend $5,324.92 on your house in year 21
$677.30 will go towards INTEREST
$4,647.62 will go towards PRINCIPAL

Year 22

Table: Amortization of monthly payments for year 22
Month Interest Paid Principal Paid Remaing Balance
253 $50.12 $393.62 $19,654.12
254 $49.14 $394.61 $19,259.51
255 $48.15 $395.59 $18,863.91
256 $47.16 $396.58 $18,467.33
257 $46.17 $397.57 $18,069.76
258 $45.17 $398.57 $17,671.19
259 $44.18 $399.57 $17,271.62
260 $43.18 $400.56 $16,871.06
261 $42.18 $401.57 $16,469.49
262 $41.17 $402.57 $16,066.92
263 $40.17 $403.58 $15,663.35
264 $39.16 $404.58 $15,258.76
Totals for year 22
You will spend $5,324.92 on your house in year 22
$535.94 will go towards INTEREST
$4,788.98 will go towards PRINCIPAL

Year 23

Table: Amortization of monthly payments for year 23
Month Interest Paid Principal Paid Remaing Balance
265 $38.15 $405.60 $14,853.16
266 $37.13 $406.61 $14,446.55
267 $36.12 $407.63 $14,038.93
268 $35.10 $408.65 $13,630.28
269 $34.08 $409.67 $13,220.61
270 $33.05 $410.69 $12,809.92
271 $32.02 $411.72 $12,398.20
272 $31.00 $412.75 $11,985.46
273 $29.96 $413.78 $11,571.68
274 $28.93 $414.81 $11,156.86
275 $27.89 $415.85 $10,741.01
276 $26.85 $416.89 $10,324.12
Totals for year 23
You will spend $5,324.92 on your house in year 23
$390.28 will go towards INTEREST
$4,934.64 will go towards PRINCIPAL

Year 24

Table: Amortization of monthly payments for year 24
Month Interest Paid Principal Paid Remaing Balance
277 $25.81 $417.93 $9,906.19
278 $24.77 $418.98 $9,487.21
279 $23.72 $420.03 $9,067.19
280 $22.67 $421.08 $8,646.11
281 $21.62 $422.13 $8,223.98
282 $20.56 $423.18 $7,800.80
283 $19.50 $424.24 $7,376.56
284 $18.44 $425.30 $6,951.26
285 $17.38 $426.37 $6,524.89
286 $16.31 $427.43 $6,097.46
287 $15.24 $428.50 $5,668.96
288 $14.17 $429.57 $5,239.39
Totals for year 24
You will spend $5,324.92 on your house in year 24
$240.19 will go towards INTEREST
$5,084.73 will go towards PRINCIPAL

Year 25

Table: Amortization of monthly payments for year 25
Month Interest Paid Principal Paid Remaing Balance
289 $13.10 $430.64 $4,808.74
290 $12.02 $431.72 $4,377.02
291 $10.94 $432.80 $3,944.22
292 $9.86 $433.88 $3,510.34
293 $8.78 $434.97 $3,075.37
294 $7.69 $436.05 $2,639.32
295 $6.60 $437.14 $2,202.17
296 $5.51 $438.24 $1,763.93
297 $4.41 $439.33 $1,324.60
298 $3.31 $440.43 $884.17
299 $2.21 $441.53 $442.64
300 $1.11 $442.64 $-0.00
Totals for year 25
You will spend $5,324.92 on your house in year 25
$85.53 will go towards INTEREST
$5,239.39 will go towards PRINCIPAL

Year 26

Table: Amortization of monthly payments for year 26
End of Mortgage Payments