ATB loan calculator

What is an ATB loan calculator?

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 loan calculators

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

Why do you need the ATB loan calculator?

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

How to use the ATB personal loan calculator

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.

How to compare loans using the ATB loan calculator

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.