What is the Canadian Western Bank mortgage calculator?
Canadian Western Bank offers different mortgage options for your home-buying needs. You can choose between an open, closed, and convertible term with a fixed-rate mortgage. Fixed-rate open and convertible mortgages are available for a 6-month term with the APRs of 8.340% and 6.040%, respectively. Fixed-rate closed mortgages are available for terms of 1 to 5 years, with the APRs ranging from 5.470% to 7.720%, depending on the term. Variable-rate mortgages are available for a 5-year term at the 5.470% APR.
To apply for a Canadian Western Bank mortgage, fill out a contact form on the website, and a CWB Relationship Manager will get in touch with you to discuss the available options.
If you are wondering what your regular payments may look like, you can use the online mortgage calculator. This tool can also estimate your interest savings when making prepayments.
Canadian Western Bank mortgage calculators
Canadian Western Bank provides several online calculator tools on its website:
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Mortgage calculator to get an idea of your regular payments and total payments over the term, as well as potential prepayment interest savings
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Rent vs. buy calculator to estimate your long-term housing expenses in case you purchase or rent a house
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Mortgage qualifier calculator to identify how much you can afford to spend on a house
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Mortgage payoff calculator to estimate your potential savings from making additional payments, given the amortization period left
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Mortgage compare calculator to compare up to three mortgages in terms of monthly payments, fees, and other costs
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Mortgage prepayment calculator to identify penalties you may face when exceeding the allowed prepayment amounts
You can use a mortgage payment calculator without leaving our site.
Why do you need a Canadian Western Bank mortgage calculator?
Having the key mortgage parameters in mind (the mortgage amount, amortization period, term, payment frequency, and interest rate), you can calculate your regular payment. In addition, you can estimate your potential interest savings in case you make additional prepayments. With these calculations, you can plan your household budget accordingly and develop an actionable plan to become mortgage-free faster.
How to use a Canadian Western Bank mortgage calculator?
To calculate your regular mortgage payment, enter the values for the mortgage amount, amortization period, term, payment frequency, and interest rate into the designated fields in the mortgage calculator. For example, if you borrow $170,000 for a 3-year term at a 5.51% APR with a 17-year amortization period, your monthly payment will be $1,881.92, and total payments over the mortgage term will be $383,9113.
If you consider making additional prepayments to repay your mortgage faster, enter the value for the prepayment amount you have in mind and select the prepayment schedule — bi-weekly, semi-monthly, monthly, yearly, or one-time. For example, let’s assume you are making additional monthly prepayments of $1,000. This way, your prepayment interest savings will be $65,420.
How to compare Canadian Western Bank mortgages using a mortgage calculator?
With the mortgage calculator, you can compare different options in terms of the regular payment amount. You will see how your mortgage payment changes by modifying the values entered into the calculator as input.
