Would you like to look up a word or a mortgage term you have heard or seen? Our Common Mortgage Terminology contains many frequently used words and terms and provides their definitions as they are used within the real estate and mortgage industry.
We offer a selection of calculators here for your information. The following calculators will provide you information only, based on the data that you enter.
- Maximum Mortgage Calculator
Planning a purchase for a new home or wondering about the possibility of refinancing your existing MCAP mortgage? Use our Maximum Mortgage Calculator to get an idea of how much mortgage you can afford based on your current lifestyle.
- Mortgage Payment Calculator
Coming up for renewal and want to pay off your mortgage faster? Looking for the next family home? Use this Mortgage Payment Calculator to find some of the customizable solutions available for your mortgage to help you become mortgage free sooner!
- Repayment Changes Calculator
Your MCAP mortgage may allow you to make changes to your payment amount or frequency. Have you ever wondered how increasing your payments might help pay off your mortgage sooner? Use our Repayment Changes Calculator to see how a change to your payment amount or frequency would impact your amortization.
- Home Mortgage Protection Calculator
For many Canadian Families, your house is likely one of your largest investments. Use this calculator to find out how inexpensive it can be to protect your home and your family today.
- Prepayment Charge Calculator
It may be to your advantage—or disadvantage—to break your current fixed rate mortgage. This quick calculator will show you the cost of the penalty associated with paying off your mortgage before the maturity date. It assumes you are paying off your fixed rate closed mortgage today. This is meant to be an illustration of the penalty and the amount may vary. Please contact us to find out your exact prepayment penalty.
- Prepayment Privilege Calculator
There are many features designed to help you to build home equity faster and save money over the life of your mortgage. This calculator allows you to see the effects of accelerated payment frequency, making lump sum payments or increasing your mortgage payments. We have assembled a reference guide to make it easy for you to understand details about prepaying a mortgage and what this means to you. Please refer to your mortgage documentation to determine the features associated with your mortgage.
Contact an MCAP representative at 1-800-265-2624 for more information or to confirm your calculations today.