ATB loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
Take advantage of our loan selection system with a free credit rating check!
To provide clients with access to financing for various borrowing needs, ATM Bank offers secured and unsecured loans and lines of credit. Personal loans are available for terms of 1-5 years at both fixed and variable interest rates ranging from 7.20% to 14.20%. Lines of credit provide revolving access to financing up to the approved credit limit, with flexible repayment terms and interest applied only on the borrowed amount. With a personal line of credit, you can borrow $5,000-$50,000, while a home equity line of credit can provide you with the financing of up to 65% of your home’s equity.
To get an idea of how much you can afford to borrow, for what term, or what your personal loan payments will look like, you can use the ATB Personal Loan Payment Calculator. If you know two of these three variables, enter them, specify the interest rate and payment frequency, and the loan calculator will define the third variable for you.
ATB Financial provides a range of online calculator tools on its website:
Personal Loan Payment Calculator to estimate either a loan payment given the loan amount and term in months, the loan amount you can afford, or the suitable loan term based on the other two values
Business Loan Calculator to estimate a loan payment given the loan amount and term in years, calculate the amortization and payment amount or determine loan repayment options
RRSP Calculator to come up with a savings plan to help you achieve your financial goal, taking into account inflation, rate of return on your investment, and indexing
Other tools that can useful:
Registered vs Non-Registered Calculator to compare an RSP savings program against a non-registered program in terms of benefits they provide
Advantage of Early Investing Calculator to see how the power of compounding can help you achieve your personal retirement goals
Investment & Regular Deposit Calculator to see the potential total growth of your deposits
TFSA vs Regular Savings Calculator to compare the two accounts in terms of the compound interest growth
Investment & Regular Withdrawals Calculator to assess the depletion of assets through a regular withdrawal program, considering the growth of the assets over time
RESP Calculator to estimate the cost of your kid’s education and come up with a savings plan to cover those costs
Savings Planner Calculator to come up with a savings plan to achieve your financial goals taking into account cost, time, and savings growth
Mortgage Payment Calculator to get an idea of your regular mortgage payments, given the interest rate, payment frequency, term, and loan amount
Mortgage Pre-Payment Calculator to identify prepayment charges you may face when repaying your mortgage before the maturity date
Maximum Mortgage Calculator to identify the monthly payment, mortgage amount, and the purchase price that your household can afford given your income, down payment, and expenses
Rent vs Own Calculator to identify the key differences between renting and home ownership
Mortgage Finder Calculator to find the optimal mortgage option for you based on certain parameters
Mortgage Blender Calculator to identify the key mortgage parameters after making adjustments like blending, extending, or adding to the mortgage amount
Net Worth Calculator to assess your specific assets and liabilities
Household Cash Flow Calculator to identify the potential shortfalls or surpluses
As long as you know the interest rate and have come up with the preferred payment frequency, the ATB Personal Loan Payment Calculator will help you determine:
The amount you can afford to borrow, given the preferred term and regular payment amount
The term for your loan, given the amount you want to borrow, and the preferred regular payment amount
Your regular loan payments, given the amount you want to borrow and the loan term
Let’s assume the interest rate is 5.60%, the payment frequency is monthly, the amount to borrow is $20,000, and the term is 48 months. To calculate your monthly payments, fill in the values mentioned above into the form, put any positive value into the “payment” field, and click “Calculate” next to it. Once you do, you will see the estimated monthly payment of $466.04.
Now, let’s calculate the loan amount you can afford, provided you are ready to pay $500 per month over the 36-month term. By entering these values into the form, you will get the loan amount of $16,533.83.
By adjusting the key loan parameters using the ATB Personal Loan Payment Calculator, you can compare various loan options by the amount to borrow, term, and regular payment amounts. Say, if you are ready to make $500 monthly payments throughout the 36-month term at a 5.60% interest rate, the amount you can afford to borrow is $16,533.83. If you increase the loan term to 48 months, the amount to borrow will be 21,457.32. If you switch to a bi-weekly payment schedule, you will get a bi-weekly payment of $230.51.
“payment ($)” in the ATB Personal Loan Payment Calculator stands for the regular installment made towards paying back the principal and interest on a loan.
The results displayed in the ATB loan calculator serve for illustration purposes only. The actual payment amounts you will have will depend on additional factors like your credit history and the bank’s assessment of your creditworthiness.
As a rule, a shorter loan term means greater regular payments. For example, borrowing $20,000 for a 48-month term at a 5.60% interest rate results in a monthly payment of $466.04. Decreasing the loan term to 36 months will result in a greater monthly payment of $604.82.
If you stick to a 36-month term, your total amount payable will be lower than in the case of a 48-month term.
ATB Financial doesn’t provide fixed rates for personal loans on its website. You can use the ATB Prime Rate of 5.45% as a reference.