Mortgage mini-glossary

Weekly normal/non-accelerated Canadian home mortgage payment formula example

To calculate your weekly normal/non-accelerated home mortgage payments, times your answer from step fourteen by the number "12." Then, divide that answer by the number "52."

So for example, if your answer in step fourteen was 1,884.77 then you would write:

step fifteen answer = (1,884.77 x 12) / 52
step fifteen answer = 22,617.24 / 52
step fifteen answer = $ 434.94 weekly (normal/non-accelerated)

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