Go to the CMHC Mortgage calculator.

Using the price of a home you are interested in buying, figure out how big of a mortgage you would need to purchase it. This will mean figuring out what you can afford for a down payment, and whether you would need to purchase Mortgage Insurance. Be sure to add the Mortgage insurance premium to your total mortgage if you will not have the money to pay it off in one lump sum.

Write down the total mortgage you would need to purchase your home.

Then, go to the Mortgage Intelligence Payment Calculator.  

Using this website, find out your monthly payments using a 5 year term, 25 year amortization, and 3% interest rate. Compare this to how much you would pay on bi-weekly accelerated payments.

How much money would you save doing this? How much faster would you be able to pay off your mortgage?

Last modified: Friday, 18 November 2022, 6:37 PM