Many times people say "where does all the money go"?  If you ask yourself that  question that means you need a budget.  A budget is a simple tool used to track your spending habits and help you save money.  Below you will see our Mimoney.ca Budget Calculator.  Take the budget test and see if you are living within your means or beyond your means.  If you are living within your means are you saving enough money? If you are living beyond your means you need to change your spending habits and we can show you how.   

*Be honest with yourself

After going through your budget you will have better knowledge of how much money is available to you.  Now you can use the mortgage calculator to summarize payments, interest and balances within the mortgage term.

Mimoney.ca's Mortgage Calculator will display an entire payment schedule for the life of a mortgage with a summary of payments, interest, and balances within the mortgage term.

Mortgage Calculator Terminology:

• Amortization is the process of gradually reducing a debt through instalment payments of principal and interest - Mimoney still has a 40 year amortization as an option
  
• Interest is the surcharge on the repayment of a debt - this is how the lender is paid for the aquired money.
  
  
• Payment Schedule is frequency of your payments, which can have a worthy effect on how fast your mortgage is paid off.
  
  
• Term is the length of which a lender agrees to loan mortgage funds to a borrower - make sure to renew your mortgage with Mimoney.ca to get the best savings over your term.