What is the Coast Capital mortgage calculator?
Coast Capital Savings, Canada's largest credit union by membership, was created with the idea to make high-standard financial services accessible to its members. For 80 years, this member-owned cooperative has strived to help Canadians reach their goals and overcome economic challenges. When Coast Capital locations are closed for a day off, etc., it is possible to get information about financial products, use online services, and even get personalized advice using its tools and calculators.
This lender respects customers' rights to be informed and publishes comprehensive information about loan terms, loan criteria, and rates. Thus, before one applies for a loan and contacts a mortgage specialist, it is possible to complete a short mortgage calculation form and see different options of amortization, interest rate types, the value of real estate, etc.
The mortgage calculator is one of the tools that help save time evading visits to an office. You can take the time whenever it suits you and play with numbers related to your planned loan before you apply and commit.
Let us summarize the properties of the mortgage calculator offered by this credit union:
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it is an analytical tool that can be used to compare different mortgage products;
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it is purely an informational tool, as it depends on the accuracy of the data you enter;
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the results of the mortgage calculator never imply a commitment by the financial institution to disburse a loan or a pre-approval;
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it is designed to help you determine the type of interest rate, the amount of regular payments, and the total amount of your loan.
Coast Capital mortgage calculators
Coast Capital offers several mortgage products with different maturity, rates, and other details.
Coast Capital Savings offers the following mortgage calculators:
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The mortgage calculator allows you to compare different mortgage products and see the possible payment plan and monthly loan payments;
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The prepayment calculator lets you see the approximate cost of paying off your mortgage early and how much you can save. The calculation only allows you to analyze closed-term mortgages;
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The amortization calculator helps you figure out what amortization period is best for you based on your mortgage amount;
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The affordability calculator shows how much money is available for a mortgage loan and how much the loan amount can be for your household, depending on your income and expenses.
Why do you need the Coast Capital calculator?
A mortgage calculator is necessary for those looking for the right mortgage offer and who want to weigh the pros and cons of the available options.
It helps to see:
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what you can afford based on your budget;
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how much you would pay per month (or any other period you choose as a repayment interval);
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what the prepayment costs would be for your mortgage product;
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what your loan charge would be over the life of the loan;
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a preliminary payment schedule with amounts;
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the impact of different interest rates on the cost of your loan;
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the amortization effect on your loan cost.
It helps to avoid potentially too high of a loan that could crush your personal budget and financial stability, and also, you can see which down payment would be required depending on the cost of your property.
How to use the Coast Capital calculator
To use the affordability calculator, you must enter the following information:
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the annual gross household income (this can be just your income, or your income and that of your partner or a family member if your budget together and it affects your ability to pay off your mortgage faster or consider a higher loan amount);
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the amount of down payment (it should usually be at least 5% of the property value);
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the amortization period (period over which your mortgage loan will be repaid, with the maximum amortization period offered by the federal credit union being 35 years);
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the type of interest rate (variable or fixed);
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the type of mortgage product you must select from the list of available products (currently 15 items, including the possibility of entering your interest rate);
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the living expenses section must also be filled in according to your financial situation. This section includes figures such as: monthly debt payments, annual property taxes, monthly condo fees, monthly rental costs.
Based on these values, you will get the monthly payment amount, the mortgage amount, the amount of estimated mortgage default insurance, the net mortgage amount, and the purchase price you can expect to pay. With this calculator, you can create a complete preliminary repayment schedule for each year, including repayment, interest, principal, and balance, and add scenarios for comparison.
The payment calculator shows you how much a mortgage would cost. It can be a comparison scenario for several products or a single calculation, as you wish. You can get a short result of the calculation or a full plan by years of the term of your mortgage.
For this calculator, you will need to enter the following information to get the calculation results:
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mortgage amount;
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amortization period;
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frequency of payments;
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type of interest rate (variable or fixed);
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selected mortgage product.
The amortization calculator requires the same data as the calculators above and gives you the results:
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amortization period;
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interest over the term;
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balance at the end of the term;
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interest over the term.
In all three calculators, you can take advantage of seeing the full schedule over the years of your mortgage, take a look at the scenic comparison, and save your results to use in the future or print out as convenient for you.
The mortgage prepayment calculator would provide information about the mortgage prepayment penalty. To see the results, you would be asked to provide the following data:
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mortgage prepayment penalty details (full mortgage balance or part of the mortgage balance);
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type of interest (fixed or variable);
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mortgage maturity term (the last day of your mortgage agreement), which could be found either in the agreement or you can call 1-888-517-7000 to check it out.
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regular payment frequency;
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usual payment amount;
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mortgage interest rate;
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discount off posting rate (if any). This information could be checked in your mortgage statement available in online banking, or you can call at 1-888-517-7000.
