# Mortgage Calculator Canada

Mortgage Payment is a long term loan payment which lets an individual to purchase a house. The borrower has to complete the loan payments along with the interest rate within the selected time period, while the home and other valuable properties would serve as the collateral for the loan amount borrowed. Use this simple online Canada Mortgage calculator to find your periodic payments and total interest rate as estimated in Canada mortgage loan payment.

Mortgage Payment is a long term loan payment which lets an individual to purchase a house. The borrower has to complete the loan payments along with the interest rate within the selected time period, while the home and other valuable properties would serve as the collateral for the loan amount borrowed. Use this simple online Canada Mortgage calculator to find your periodic payments and total interest rate as estimated in Canada mortgage loan payment.

Code to add this calci to your website

#### Formula:

Monthly Payment = P x (r) / (1 - (1+ r) ^{-n})
**Where,**
P = Principal Amount
r = Interest Rate
n = Number of years
### Example:

A canadian has borrowed a mortgage loan of 10000 $ at an interest rate of 10 % for 4 years. What would be his monthly payments?

#### Solution:

Monthly Payment = P x (r) / (1 - (1+ r) ^{-n})

= 10000 x 10 / 1 - (1 + 10)^{ - 4}

= 253.63 $