The two free utilities, canadiancalculator.com and americancalculator.com will only calculate the monthly payment for a given Principal, Rate and Amortization Period! A more powerful version of this utility is imbedded in the calculator and the Utilities Menu of the MORTGAGE2 PRO software.

The free utility allows the calculation of a blended monthly payment for a given principal, interest rate and amortization period. It also calculates the three popular weekly and biweekly payment plans that Canadian lenders provide and what American lenders should be offering along with the savings in interest compared to the monthly payment plan. Caveat Emptor is the operative phrase. If the lender is not offering the same interest saving numbers, as the utility shows, find a new lender. Some US lenders are holding the extra payments in escrow and applying the extra money to the principle at the end of the year. This escrow method cannot save you as much interest compared to a fully amortized weekly or biweekly plan. If this is the case then it is NOT a true weekly or biweekly amortized plan. The utility uses a 365 day year and “monthly compounding” interest factor in the weekly and biweekly calculations for an American mortgage and “semi-annual compounding” for the Canadian utility