How changes in interest rates can impact your mortgage
Results (biweekly)
Current payment
New payment
Increase (decrease) in payment
This represents a year.
If rates subsequently remain fixed until the end of your mortgage, you will to pay off the balance of your mortgage.
Assumptions :
- Mortgage payments made every two weeks.
- One time only interest rate change.
- When interest rates change, you maintain the same duration to pay off the mortgage.
Any results or calculations displayed by this tool are made available for information and educational purposes only, and do not constitute financial or legal advice. The results are approximate and are for reference only.