Mortgage calculator that adjusts for increased payment(s)?

[kfort]

Hello all, I'm looking for a mortgage calculator that will adjust and project my actual amortization when I increase my payments.



Example: on a property I currently own I upped the biweekly payments by 20%. It was on a 25 year amortization to start with, so how much will this shorten it?



Any help is appreciated. Thanks!

 

[moparcanuck]

There used to be a program called TValue that was extremely flexible in different scenarios (changes to payments, lump sums, interest rates, etc). American product, but it would calculate on Canadian mortgages as well. I did a quick search and see that it is still available. The version I have is older (version 4.1 compared to the current 5.something), and it's not cheap ($149 I see on their website), but it's the best software I've found for the job. Granted, after getting that one, I quit looking

 

[kfort]

Ya, I'm way too cheap for that. But thank you for the suggestion! I'm hoping for my annual report to come in a week or so and hopefully it has a schedule attached. It would be nice to have something to plug numbers into in the future.

 

[BDFI]

Hello,



Scotiabank has one on their website that will do what you are asking. It gives you the option to calculate a mortgage amount, payment amount or an amortization period. If you chose the amortization period calculator and adjusted the payment by 20% it should give you what you are looking for.



Thanks,

Bart

 

[kfort]

Bart you just made my day! Thank you. Next time I'm in Calgary beers are on me. Cheers.

 

[Sherilynn]

ATB has some great mortgage calculators as well.



However I use Quicken to track my banking and it has fantastic mortgage tracking and calculators.



(I also have Quickbooks and an accountant to keep my business books, but Quicken is great to just download the statements and keep an eye on things.)