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ATB mortgage calculator

ATB mortgage calculator online in Canada in 2022. How to figure out a mortgage loan yourself?

Your city
Bank
TD Bank TD Bank
TD Bank TD Bank
Royal Bank of Canada Royal Bank of Canada
Scotiabank Scotiabank
Bank of Montreal Bank of Montreal
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
HSBC HSBC
Tangerine Bank Tangerine Bank
ATB Financial ATB Financial
Coast Capital Savings Coast Capital Savings
Calculation according to the real estate value
Calculation according to the loan amount
Calculate the mortgage
Interest rates are given in accordance with the rates of the bank in Ottawa as of 01.10.2022
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
50000 $
4000000 $
ATB mortgage calculator ATB mortgage calculator ATB mortgage calculator ATB mortgage calculator ATB mortgage calculator
Loan amount
i

Loan amount

CAD
CAD
USD
50000 $
4000000 $
Down payment
i

Specify the percentage of the down payment

%
$
5
50
Your loan amount
$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

4 %
8 %
Type of payments
i

Specify the type of payment for calculating

Fill out an application for a mortgage!
Fill out an application for a mortgage!

Take advantage of our mortgage selection system with a free credit rating check!

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:

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:

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.

  1. 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.

  2. You can enter two values, and the calculator will solve the third: total mortgage amount, amortization period on months, and mortgage monthly payment.

  3. Press «Calculate» to get results as your mortgage summary.

  1. Select your kind of mortgage (closed/open, fixed, or variable rate).

  2. 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.

  3. 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.

  4. Answer if you have already made any pre-payments this year.

  5. 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.

  6. Enter your current and posted interest rates.

  7. Get a result — your future penalty amount.

  1. 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).

  2. 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.

  3. 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 $.

  4. Review: your potential mortgage amount, house price, and monthly payment.

  5. Select «Clear» to erase the calculations and start again.

  1. 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.

  2. Click «Calculate» to see the most cost-effective variant highlighted as the «Best scenario.»

  3. 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.

How do you calculate mortgage payments?

The formula for monthly payment is M = P [ i(1 + i)^n] / [ (1 + i)^n – 1]

  • M = monthly mortgage payment

  • P = principal mortgage amount

  • I = monthly interest rate

  • n = number of months required to repay the loan

If you use a calculator, just input these values and get an answer.

What is a good credit score to buy a house with ATB?

You need a credit score over 680 to buy a house in Canada. Scores between 650 and 619 are considered «good».

Can I afford a house on 40k a year?

If your income is $40,000, your potential house price might be about $120,000 with a 5.19% mortgage rate, a $1,000 down payment, and no other debts.