Alberta - Calculate the Mortgage Payment and Payment Schedule

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Procedure

Apply Online

1. To calculate the Mortgage Payment and Payment Schedule online, the applicant has to visit the following apply online link
2. The applicant has to click the link given above and use the calculator available in that link.
3. The calculator consists of two sections such as “Payment Plan” and “Prepayment Plan”.
4. In the “Payment Plan” section, the applicant must enter the amount of mortgage, period of amortization and other details related to mortgage, in the fields provided.
5. In the other section, the applicant has to provide the Prepayment Amount and Frequency in respective fields.
6. After providing all the required details, click “Calculate” button. Once clicked, the Calculation Summary, Mortgage Summary and Payment Diagram will be available on the page.
7. Refer to that on the page itself or the applicant can view the complete detailed summary by clicking the “Summary Report” button at the bottom.
   

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Required Documents

Mortgage documents containing the following information:

• Amount of Mortgage
• Rate of interest
• Period of Amortization
• Frequency of payment
• Term of mortgage (no. of years)
• Prepayment Amount and Frequency
  

Office Locations & Contacts

Prairie and Territories Business Centre,
Suite 200, 1000,
7th Avenue S.W.
Calgary, Alberta
T2P 5L5,
Toll free: 1-800-668-2642
TTY: 1-800-309-3388
Website link

Canada Mortgage and Housing Corporation,
10355, Jasper Ave Suite 400,
Edmonton,
AB T5J 1Y6,
Canada.
Phone: +1 780-423-8700
Mortgage website link
Contact link
Regional offices link

Eligibility

Any mortgagor in Alberta, who intends to calculate the pending payments for and payment plans of the mortgage, can use this calculator.

Fees

The service is free.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

The results will be displayed immediately.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Summary Report (printable) can be produced based on values you entered into the calculator. This report includes all your data, calculation results and payment schedule (by year and by period).
• Please note that, as of July 9, 2012, the maximum amortization period for mortgages with less than a 20 percent down payment is 25 years.
• This tool does not replace professional financial advice. The CMHC cannot guarantee that this calculator will apply or be accurate in your situation.
• For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.
  

Required Information

• Amount of Mortgage
• Rate of interest
• Period of Amortization
• Frequency of payment
• Term of mortgage (no. of years)
• Prepayment Amount and Frequency
  

Need for the Document

The Mortgage calculator determines your mortgage payment and provides you with a mortgage payment schedule. The calculator also shows how much money and how many years you can save by making prepayments.

Information which might help

To help determine whether or not you qualify for a home mortgage based on income and expenses, use the Mortgage Qualifier Tool, by visiting the following Mortgage Qualifier Tool link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

More information which might help people.