Note: Please allow up to 30 seconds for the following video to appear on this page.
Want to compare the potential interest cost of two different mortgage terms? Peep the new Amortization Simulator on MLN's Mortgage Tools page. It's the first of multiple member-only mortgage analytics to come.
Above is a quick video on how it works. In a nutshell, however, you enter:
- your rate assumptions for the Bank of Canada
- the basic parameters of each mortgage you're comparing
(amount, amortization and compounding)
- the mortgage rate assumptions.
The tool then calculates the hypothetical interest expense for each term (or series of terms) over a 5-year period.