Estimate your monthly loan repayments, interest rate, and payoff date Fact checked by Rebecca McClay Amortization is an accounting technique that's used for several different purposes. Most of us ...

The loan amount that you borrow is called the principal, and the interest represents the cost of borrowing charged by the lender. To calculate the principal and interest, multiply the principal amount ...

Lenders calculate how much interest you’ll pay with each payment in two main ways: simple or on an amortization schedule. Short-term loans often have simple interest. Larger loans, like mortgages, ...

The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. When you use an amortization calculator, ...

Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, ...