Motusbank 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 help clients get financing for different borrowing needs, Motusbank offers a home equity line of credit or a HELOC. With a HELOC, you can get revolving access to financing for up to 65% of your home’s value. Motusbank will charge you interest at a variable rate only on the amount you borrow. A HELOC involves no prepayment limits, so you can make a lump-sum payment or repay your balance in full at any time, penalty-free.
If you already have an account with motusbank, you can apply for a HELOC online. Alternatively, you can apply for a HELOC by calling the motusbank Member Service team.
With a line of credit calculator, you can easily calculate how much interest you will pay. Motusbank will calculate interest daily based on the principal balance.
Motusbank doesn’t provide a line of credit calculator on its website. Still, you can make the necessary calculations on your own on our website.
Still, there are several online calculator tools on the Motusbank website, such as a mortgage affordability calculator to get an idea of how much you can afford to borrow, a mortgage payment calculator to estimate your regular mortgage payment amount, and a mortgage prepayment calculator to identify the ways to pay off your mortgage faster without prepayment penalties and estimate penalties you may face when paying off your mortgage before the maturity.
With an approximate credit amount and interest rate in mind, you can calculate interest-only or interest-plus-principal payments. With these calculations, it will be easier for you to make informed decisions when planning your budget.
With a line of credit calculator, you can estimate your monthly interest payment by entering the values for your principal balance and APR into the calculator. For example, if your outstanding balance is $1,200 and your APR is 5.95%, your monthly interest will be $5.87.
You can also calculate interest-plus-principal payments for a line of credit. For example, let's assume you are borrowing $17,000 for 18 months at a 5.95% annual interest rate.
After entering the values for your line of credit parameters, you will get a $988.92 line of credit payment in the first month of the 18 months.
With the line of credit calculator, you can adjust the parameters of your line of credit and see how the estimated values for the interest charged, and interest-plus-principal payments change.
The calculations you make with the line of credit calculator are approximate and serve illustrative purposes only. The actual payments and interest charges may differ from the results of your calculations as long as the financing amount you can get is subject to credit approval. The interest rate offered by Motusbank will also depend on the bank’s assessment of your credit profile.
According to the Motusbank website, the interest rate for secured home equity lines of credit is 5.95%.
As you repay your balance, your interest-plus-principal payments will differ in each subsequent month as long as the outstanding changes. For example, if you’ve borrowed $17,000 for 18 months at a 5.95% annual interest rate and made a $988.92 payment in the first month, your outstanding balance reduces to $16,011.08, and the term reduces to 17 months.
You can borrow up to 65% of your property’s value, but your mortgage balance plus your HELOC limit in total cannot be more than 80% of your home’s value.
