Scotibank loan calculator

What is the Scotiabank loan calculator?

Scotiabank is focused on providing a full range of online and offline financial services for the retail and corporate segments. The services include private, corporate, and investment.

• Scotiabank offers:

• lines of credit;

• personal loans;

• business loans and leases;

• auto loans;

• EcoLiving Auto Loans;

• Grad Auto Loans;

• StarRight Auto Financing Program;

• marine and boat loans;

• motorcycle and recreational vehicle loans;

• recreational Vehicle (RV) Loan;

• Scotia Plan Loans.

Before you visit the bank, apply for a loan or request a pre-approval. Scotiabank offers a very convenient tool on its web page to check your potential financing options. With the loan calculator, you can begin your search from home and check which loan product suits you best, which amount is affordable and which type of interest rate is better in your case.

Scotiabank calculators

If you are new to Scotia online, you might be surprised that it is like banking 101. For the convenience of bank customers, Scotiabank has integrated several loan calculators for its loan products integrated on its website:

• personal loan calculator allows you to choose the best payment options: the amount you wish to borrow; payment frequency (weekly, bi-weekly, semi-monthly, monthly); interest rate and loan term, amortization and makes it easy to get started;

• The car loan payment calculator is helpful for anyone who wants to buy a new car and is considering financing. This calculator allows solving some tasks: to get an idea of the future loan payment and the maximum loan amount. The same data is requested for both cases: the price of the new car, the remaining amount of the existing car loan, trade-in value (if applicable), down payment, amortization, and provincial sales tax. If you are satisfied with the preliminary calculation results, you can visit the dealer and ask for a Scotiabank financing option for your purchase.

• Scene+ points calculator, Scotia cash back calculator, and Reward calculator provide information on cashback opportunities to save money and help you find your perfect bank card. The calculators are currently being revised and will be available again soon.

• Scotia Total Equity Plan Calculator offers the ability to find and calculate a financing option based on your goals for the future. You can choose up to three goals: renovation, purchase of a new property, or refinancing existing debt. You will receive financing options based on the value of your property and existing mortgage. For all these goals, you have to enter the same values and get the results confirmed by preliminary figures.

• The retirement savings calculator helps you save for retirement and enjoy life by taking care of the things that are important to you. This calculator can do calculations for you or you and your partner.

• Scotiabank Money Finder calculator helps you identify your initial situation and analyze if you have any reserves to save for your goals. It is a visualization and motivational tool for goal-oriented people that helps you review your finances by comparing your income with your expenses and making weighted financial decisions.

• TFSA calculator helps you make the most of your tax-free savings opportunity.

• Mortgage tools offer two options: how much you can afford and rent or buy. The first option gives you insight into the relationship between your income and expenses from the point of view of a significant investment. The second one helps you see which option is more advantageous from a financial point of view: to continue renting or buy a home and decide on the mortgage amount. Finally, it helps to get started and see that payment frequency and mortgage amount can be friendly. Interest rates may vary, but specialty services help you through banking basics, various bank fees, amortization, understanding of creditor insurance, and balancing your plans and products offered by the bank.

Why do you need a Scotiabank calculator?

If you are unsure of the amount you can borrow, which type of loan or interest rate is right for you, and how long you'll have to repay, you can test your ideas with Scotiabank's online loan calculators. In less than a minute, you'll get preliminary numbers that you can analyze.

First, this saves time because you can do this before applying for a loan or even visiting a bank branch.

And the second and most important advantage is that you can estimate the sustainable credit burden. Again, this helps to maintain a good credit score.

Third, when you visit the bank, you already know what you need and can afford. The bank staff will give you more detailed information to make a weighted financial decision.

Note: Loan calculators only give preliminary numbers.

How to use a Scotiabank calculator

Depending on the type of loan product, you can find the appropriate loan calculator on the Scotiabank website.

• To obtain information on the installments of a personal loan, one must enter the expected loan amount, the payment frequency (weekly, bi-weekly, semi-monthly, monthly), the interest rate, and the repayment period. This way, you will get a preliminary monthly payment based on your entered information.

• The car loan calculator offers two options for the result (calculation of the monthly installment or calculation of the maximum loan amount). Still, the initially required values are the same: new vehicle price, trade-in value (if applicable), existing vehicle loan balance, down payment, loan term, s provincial sales tax, and expected interest rate. In addition, this calculator generates a comparison table of payment amounts depending on frequency.

• A retirement calculator requires you to develop a savings plan reflecting your life values. You can do the calculations for yourself and include your partner. This option must be specified in the first step. Second, you must choose the option that best reflects how you envision your retirement (leisure activities, travel, time with family, volunteer work, going back to college, starting your own business). Next, you need to enter your starting point: age, age at which you are ready to retire, the current amount of savings, frequency of contributions (biweekly, monthly, annually); expected retirement income from other sources (employer, etc.); current annual income, percentage of your current income that you think would be sufficient for retirement (usually it is 60-80%).
  The retirement calculator allows you to create some scenarios by simply clicking +. It can be a plan for you alone, or for you and your partner, etc. You can see what works better for you. This is helpful when you check out program services, travel insurance, and cashback card types and do not want to calculate your benefits manually.
  This calculator makes several assumptions about government regulations, the economy, and current standards, including inflation rate and investment returns. This calculator provides general information only and is not a substitute for professional advice from your accountant or another financial specialist.

• Scotiabank Money Finder Calculator consists of 3 main categories: current income sources, expenses, and results. Current income includes the possibility to enter information about salary and wages, bonuses, and pensions. The amounts are adjustable, as well as the period you analyze (annual, monthly, bi-weekly, weekly). Current expenses include housing expenses (monthly payment, payment frequency for a mortgage, rent, condo fees; utilities by category, property tax, insurance, repairs and improvements, other expenses such as cleaning, etc.). The period is also discretionary, either annual or monthly, bi-weekly or weekly. The living expenses category includes food, housing supplies, medical expenses, child care, dry cleaning, personal care (hair care, toiletries, etc., and other items such as magazines, books, etc.). The next major category is transportation, which includes credit and insurance payments, gasoline, maintenance, and miscellaneous data. Personal expenses include restaurant visits, entertainment, vacations, hobbies, club memberships, gifts, donations, and miscellaneous (summer camps, etc.). Finally, financial obligations include loans, savings contributions, retirement plans, emergency funds, insurance, and miscellaneous information. As a result, you will see charts and figures with what you have and what is left, as well as dropdowns.

• TFSA Calculator requires that you specify the years you want to use for saving, the type of investment and the fluctuation range acceptable to you, your starting point, the amount and frequency of new contributions, your place of residence, and your annual income. As a result, you will receive a graph of the results by year comparing the taxable investment to the TFCA. This shows that you can be saving and investing.

• The "What can I afford" calculator is quite descriptive and easy to use. In the first section, you enter gross income, property taxes, condo fees, heating costs, and loan payments. The second section is about your mortgage: loan type (6 months closed or open, one year closed or open, same for 3-5, 7 and 10 years, besides there are two more: 3 years VRM or 5 VRM). As a result, you will see the maximum amount of the purchase price, information about the down payment, the monthly payment, and the total mortgage.

• The Rent or Own calculator can help you make a serious financial decision: continue renting or buy your own home. You will be asked to enter information in two sections: Information about the mortgage of your dream home (home price, available down payment, type of mortgage product, which are the same as in the previous calculator, interest rate, and expected appreciation of the home). The second section is about your current situation: rent price per month, expected annual rent increase, and number of years for the comparison calculation.
  You will get the result of whether you would save more if you bought your property, despite the mortgage costs or whether you would pay less rent during this period if you compare the value of your dream property. But, of course, this information cannot be taken as a recommendation to make a serious financial decision without professional advice and a thorough examination of your situation and possible options.