What is an Alterna Bank mortgage calculator?
Alterna Bank offers a range of mortgage solutions with closed terms at fixed and variable interest rates.
Fixed-rate closed mortgages are available for terms of 1 to 10 years, with interest rates ranging from 6.10% to 8.10%. Variable-rate closed mortgages are available for either a three or a 5-year term at either a 6.80% or a 6.20% interest rate.
To apply for an Alterna Bank mortgage, you can fill out an online pre-approval form on the website.
If you are wondering what your regular payments may look like, you can use the online mortgage payment calculator. In addition, you can estimate your potential interest savings when using accelerated repayment options like making lump-sum prepayments or increasing your regular payments.
Alterna Bank mortgage calculators
To help clients plan their house-buying expenses, Alterna Bank has designed several online mortgage calculator tools:
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The Mortgage Affordability Calculator to get an idea of how much you can afford to borrow
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The Mortgage Payment Calculator to estimate the amount of a mortgage payment
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The Mortgage Amortization generator to create an amortization schedule for payments
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The Mortgage Comparison Calculator to compare up to three mortgage options
Our team elaborated a user-friendly mortgage calculator; try it to get an idea of the monthly payments on your future loan.
Why do you need an Alterna Bank mortgage calculator?
Suppose you already have the key parameters of your future mortgage in mind (the amount to borrow, amortization term, payment frequency, and interest rate). In that case, you can estimate your regular payment amount using the mortgage calculator. In addition, the calculator tool will give you a hint on how much you can save on interest paid over the term if you make extra prepayments. With these estimates, you can manage your housing expenses more effectively and get an actionable plan on how to become mortgage-free sooner.
How to use the Alterna Bank mortgage calculator?
If you want to get an idea of what your regular payments may look like, enter the values for the key mortgage parameters into the mortgage calculator — the mortgage amount, amortization term, mortgage term, payment frequency, and interest rate.
For example, if you borrow $220,000 for a 4-year term at a 6.35% interest rate with a 25-year amortization period and want to make monthly payments, your regular payment will be $1,453.67.
Let’s assume you want to increase your regular payments by 15%. This way, your total savings will be $62,989.70, and you will become mortgage-free six years and four months earlier.
How to compare Alterna Bank mortgages using a mortgage calculator
You can use the mortgage calculator to compare mortgage options with different parameters in terms of regular payments — modify the values you’ve entered into the calculator as input and see how your payment amount changes accordingly. This way, you can figure out which mortgage solution works best for your budget.
