CANADIAN 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 will, with all other terms being the same, always be higher.
OUR MORTGAGE CALCULATOR IS SPECIFIC TO CANADA
Most mortgage calculators on the internet are U.S. based and that is a direct reflection of our comparative populations and the frequency of use by people on the internet. Our Alberta Mortgage Calculator is specific to Canada, and is intended to provide our Alberta Bankruptcy clients and/or others who may visit our website with the tools to set a budget and arrive at a mortgage limit or monthly payment they can afford.
