CANADIAN HOME MORTGAGES DIFFER FROM U.S. MORTGAGES
Canadian Mortgages differ from U.S. mortgages, in that the interest on Canadian home mortgages is compounded semi-annually, or twice per year, rather than monthly as is done in the U.S. Compounding is often referred to as interest on interest, and the more times interest is compounded, the higher the “effective” interest rate will be. For this reason, monthly payments on U.S. mortgages, with all other terms being the same, will always be higher.
OUR ALBERTA INSOLVENCY MORTGAGE CALCULATOR IS SPECIFIC TO CANADA
Most mortgage calculators on the internet are U.S. based however, and that is a direct reflection of our comparative populations and the frequency of use. Our Alberta Insolvency Mortgage Calculator is specific to Canada, and is intended to provide our Alberta Insolvency clients or any others who may visit our website with the tools to set a budget and arrive at a manageable mortgage limit or payment schedule for themselves.