Mortgage Caculator

http://www.fcac-acfc.gc.ca/iTools-iOutils/MortgageCalculator-eng.aspx

Mortgage Payments Terms

Amortization Period: The length of time in years that you will need to pay off a mortgage.

Equity: The portion of the value of your property that you own.

Interest: The cost of borrowing money.

Unpaid Balance: The portion of the value of your property to the finacial institution.

Closed Mortgage: A mortgage which does not allow payments on the principal.

Fixed-Rate Mortgage: A mortgage with the interest rate locked in for a specified period of time.

Open Mortgage: A mortgage that allows additional payments on the principal.

Variable-Rate Mortgage: A mortgage where the interest rate may change from month to month

Life Insurance Terms

Beneficiary: The person who will receive the insurance money.

Insurer: The company providing the insurance.

Policy: A writen contract or certificate of insurance.

Peremium: How mush you pay for an insurance policy (monthly, semi-annually, or annually)