What is an Iqaluit mortgage calculator?
Iqaluit, the fastest-growing city in the Nunavut territory, features relatively affordable mortgages. In 2019, the median after-tax income of families and unattached individuals in Iqaluit was $106,100. As for the average house prices, you can get a one-bedroom house for $475,000 there.
If you are looking for a mortgage in Iqaluit, you can reach out to the following financial institutions:
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Banks like RBC, BMO, HSBC, CIBC, Scotiabank, TD Bank, National Bank of Canada, Manulife, Motusbank, WealthOne Bank of Canada, Shinhan Bank Canada, Peoples Bank, Equitable Bank, Canadian Western Bank, B2B Bank, Simplii Financial, Laurentian Bank, and Tangerine Bank.
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Credit unions like VantageOne Credit Union, Northern Savings Credit Union, Greater Vancouver Community Credit Union, Sunshine Coast Credit Union, Osoyoos Credit Union, Interior Savings Credit Union, Khalsa Credit Union, First Credit Union, and Valley First Credit Union.
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Mortgage brokerage firms like City Wide Financial Corp, Mortgage Alliance, Citadel Mortgages, and INVIS Canada.
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Non-bank lenders like Mogo, CMLS, and Investors Group.
The interest rates for a 5-year fixed-rate mortgage in Iqaluit range from 4.69% to 6.59%, with the average rate being 5.64% and lower rates offered with insured mortgages.
With an Iqaluit mortgage calculator, you can estimate the expected regular payment as well as define the interest costs and total payments made over the term.
How to use an Iqaluit mortgage calculator?
Having the key mortgage parameters in mind — the property price, down payment you can afford, interest rate, payment frequency, and amortization period — you can estimate your regular payment amount. To do this, enter the figures mentioned above into an Iqaluit mortgage payment calculator. Once you do, you will see the estimated payment along with the total payments made over the term (principal plus interest).
Let’s assume you are buying a property in Iqaluit for $460,000 and making the $120,000 down payment. With a 5-year fixed-rate mortgage, the 4.74% interest rate, and the 15-year amortization period, your monthly payment will be $2,635. The total payments over the term will constitute $158,087.
Benefits of an Iqaluit mortgage calculator
If you are wondering what your mortgage repayment will cost you monthly, an Iqaluit mortgage calculator comes in handy. Having estimated your potential monthly payment, you can plan your household expenses further. Along with that, you can compare different mortgage scenarios by adjusting the values you enter into a calculator as input. This will help you select the option that works best for you.
