Question 1

Do you quote premiums?

Accepted Answer

Never. Enter the annual premiums from your bank/insurer quote and from a personal term quote. The tool’s value is structure, declining coverage math, and cost per $1,000 — not market prices.

Question 2

How is the mortgage balance calculated?

Accepted Answer

Canadian residential convention: nominal rate with semi-annual compounding, converted to an equivalent monthly rate, then a standard amortization schedule.

Question 3

What does cost per $1,000 mean here?

Accepted Answer

For mortgage life: annual premium ÷ (that year’s average coverage ÷ 1000). Because coverage declines and premium is often level, effective cost rises over time. For personal term: premium ÷ (level face ÷ 1000).

Question 4

Can I prefill from The Mortgage Beast?

Accepted Answer

Yes. Use URL parameters ?p=principal&r=rate&a=amortization (rate as 4.5 or 0.045; amort as years or months). Unknown params are ignored silently.

Question 5

Is mortgage life always worse?

Accepted Answer

Not a recommendation either way. Mortgage life can be convenient to buy at the branch; personal term is typically portable and beneficiary-controlled. Compare your quotes and the qualitative checklist.