What is the ATB mortgage calculator?
ATB Financial is a Crown corporation and the largest financial institution in Alberta with over $55 billion in assets, established in 1938. It operates in Alberta, providing financial services like online and mobile banking, savings, personal and business accounts, mortgages, lines of credit, loans, credit cards, investing, and insurance options to more than 810,000 customers.
ATB offers several types of mortgages:
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First-time Home Buyers;
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Next Home Buyers;
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Renew or Refinance a closed mortgage within 90 days of maturity without a prepayment penalty, the open one that is anytime penalty free;
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Residential Outbuildings could be added to your insured ATB mortgage.
House buyers may be eligible for conventional or insured mortgages for open or closed terms (6 months — 7 years with fixed and variable interest rates. In addition, your mortgage could be transferred to a new property if you move.
A conventional mortgage has a down payment of 20% or more from the property's appraised value. An insured mortgage is a home loan with a down payment of 5 — 20% (5% is the minimum down payment). Lenders usually give a lower interest rate for an insured mortgage because if borrowers default, their risks are covered by default insurance. You must purchase it if your down payment is less than 20%.
ATB fixed interest rate mortgages have flexible pre-payment features. For example, you could increase regular payments by up to 20% per year and/or prepay up to 20% of your original mortgage amount per year. In addition, Loan Protection covers the loan balance in the event of death or disability.
Variable interest rates are usually lower as they are based on the prime rate that is calculated monthly and depending on the market situation: it may save your money or costs more over the life of a loan. For example, ATB variable mortgage rate is 4.15% for a 5-year closed mortgage.
An open variable-rate mortgage interest rate is 6.20% with six months, one year, or two years.
Fixed rates allow borrowers to know the exact monthly payment amount and balance. ATB fixed mortgage rates vary from 4.54 — 5.19% for closed 1 — 5 year loans and are set at the rate of 5.50% for open loans with six-month, 1-year, or 2-year terms. Current rates are subject to change without notice.
When you have an open mortgage, a processing fee of $250 may be charged, and your annual percentage rate will be higher than listed in the interest rate table. Typically an interest rate of an open mortgage will be higher than that of a closed one. But with an open term, you could prepay as much as you want anytime, while with a closed one, you have restrictions.
There is a wide range of online tools and resources to assist ATB customers. Home buyers are free to use:
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The mortgage payment calculator is designed to help you find out the monthly payment and/or the principal, amortization term;
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The mortgage prepayment calculator allows you to compute the pre-payment penalty;
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The maximum mortgage calculator assists in estimating the maximum mortgage amount you can borrow and the property purchase price;
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The mortgage comparison calculator lets you compare up to thee mortgage plans;
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Rent or Own calculator is made to compare your mortgage and investment opportunities;
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The mortgage finder calculator is designed to analyze your mortgage needs, risk tolerance, and payment option to recommend you a suitable type of mortgage;
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The mortgage blender calculator helps to understand if it's a good idea to renew or refinance your mortgage;
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Personal Planners, Investing and Savings tools, Loan calculators, and Mastercard calculators.
Why do you need the ATB mortgage calculator?
To plan your future budget, you should know monthly payments. The ATB mortgage calculators consider all necessary factors and let you optimize your payment amount. You may modify the values and review the results.
For example, if your amortization period is more extended, the monthly payment decreases, but in the long run, more interest will accrue. You could decide which payment strategy answers your current and future needs. It could correspond to your budget to pay a larger monthly payment but with less total interest costs.
A pre-payment penalty depends on many conditions that may be complicated to evaluate. Use the pre-payment calculator to go through individual calculations step by step and decide if you will be charged. You could change conditions to find the preferable option.
For example, if, according to your schedule, you could prepay a maximum of $100,000 for a $500,000 closed fixed-rate mortgage with a 5.19% rate, but you want to repay $120,000, your penalty may be about $259,50.
Reference! With the maximum mortgage calculator, you can begin to understand your mortgage opportunities. It considers all the necessary information and gives an approximate amount of money you may be eligible to borrow. For example, you could define which price you can pay and see how your insurance costs affect the total principle and how the down payment amount affects your purchase price.
You could use these calculations to compare different mortgage offers or a comparison calculator with a comprehensive graph and summary to decide. However, it could be frustrating to calculate manually operating such values as mortgage type, interest rate, special offers, and promos.
A mortgage deal should fit your individual financial and life situation. Using calculators could be a great way to look at offers from different sides and analyze all options to save money.
For instance, you may understand which is preferable for you to get a mortgage or invest, just entering several values into the Rent vs. Own calculator.
How to use the ATB mortgage calculators?
Visit ATB's official website and choose «Tools» at the bottom of the page. You will see a great variety of resources and calculators connected to help borrowers and provide an easy way to start the mortgage process and settle or refinance your mortgage.
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Open the Mortgage payment calculator.
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Input mortgage details: interest rate, payment frequency (monthly, bi-weekly, weekly, etc.), mortgage type (fixed or variable). If you choose an open mortgage, you will see only the text saying that you may prepay any sum whenever you want penalty-free.
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You can enter two values, and the calculator will solve the third: total mortgage amount, amortization period on months, and mortgage monthly payment.
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Press «Calculate» to get results as your mortgage summary.
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Open the Mortgage Pre-payment calculator.
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Select your kind of mortgage (closed/open, fixed, or variable rate).
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Choose if you want to pay a part or full mortgage balance. For a full pre-payment, you might have a penalty based on your balance amount and a partial payment — based on the pre-payment amount.
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Enter your term starting date, maturity date, potential pre-payment date, and the original value of your mortgage. You will see the potential amount you can prepay this calendar year.
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Answer if you have already made any pre-payments this year.
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Fill in the amount you want to repay. You may have no penalty if it is less than the potential amount noted above. If it is more, proceed to input other details.
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Enter your current and posted interest rates.
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Get a result — your future penalty amount.
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Open the Maximum mortgage calculator.
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Input your gross monthly income (add the income of all co-applicants), loan/credit card monthly payments, interest rate, amortization period (on average 25 years), down payment, monthly property taxes, monthly heating costs, condominium fees (if applicable).
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Before calculating a maximum mortgage amount, click the «Insurance» to compute your default insurance if your down payment is less than 20% of the purchase price, mortgage life protection, and disability protection insurances.
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The new window will open. Choose your loan-to-value ratio (conventional or exact amount from 65% to 95%). It's a percentage calculated by dividing the amount borrowed by the house purchase price. The higher the loan-to-value ratio, the smaller the down payment.
Enter the applicants' age. Then, fill out what percentage of mortgage life and disability protection insurance cover, the monthly insurance premium for coverage in $. -
Review: your potential mortgage amount, house price, and monthly payment.
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Select «Clear» to erase the calculations and start again.
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Open the Mortgage comparison calculator.
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Decide on the plans to compare. Input one by one: interest rate, mortgage amount, amortization period, payment frequency, mortgage type, promotional rate and length of the promotion, and cash-back amount.
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Click «Calculate» to see the most cost-effective variant highlighted as the «Best scenario.»
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You may edit any payment period by clicking «Payment options,» erase the calculations with the «Clear» button or choose the «Graph» or «Summary» button to see the result.
The rest of the calculators work in a similar manner: you key in the required values hit the «Next» button, and get either the result of an ATB's estimation.
All calculations are for illustrative purposes only and don't represent an offer or approval. For help and advice, contact the Client care team at 1-800-332-8383 and email through ATB client service or visit the website to chat with a virtual assistant or find your local ATB financial branch.
