Equitable Bank mortgage calculator

Equitable Bank Mortgage Calculator in Canada in 2023. How to calculate a mortgage yourself? How to work with a mortgage calculator? Mortgage rates. What can I find out using a mortgage calculator? How to calculate a mortgage yourself?

Real estate value calculation
Loan amount calculation
How much will the property cost me
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Mortgage Calculator
Equitable Bank
100000 C$ 3000000 C$
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Early repayment
25000 C$ 3000000 C$
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Total Monthly Payment
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Details
Amortization Table
Total Monthly Payment

In this section you will see the calculation of the monthly mortgage payment amount

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Mortgage Amount
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Interest costs
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Payment

Here is a breakdown of the total amount of payment for the loan body and interest for the use of credit funds

 

 

Annual schedule

Your Mortgage Payment Information
Mortgages made easy

Apply anywhere with our quick and stress-free online mortgage application. Enjoy low rates, ongoing guidance from MogoMortgage Team

Mortgage interest rates for January 2023

We collect and analyze the best mortgage interest rates in Canada on a daily basis

Max Rate (5-year Fixed) 6.49 %
Min Rate (5-year Fixed) 4.45 %
Average Rate (5-year Fixed) 6.45 %
Max Rate (10-year Fixed) 8,1 %
Min Rate (10-year Fixed) 5,19 %
Average Rate (10-year Fixed) 5,75 %
Max Rate (25-year Fixed) 10 %
Min Rate (25-year Fixed) 7,58 %
Average Rate (25-year Fixed) 9,75 %
Nesto

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

4.54 %
Profitably

What is cheaper Equitable Bank mortgage or rent in Canada?

We have prepared for you an analytical block to help you compare the financial advantages of renting and taking out a mortgage loan. With the help of this chart, you can figure out whether, at the moment, it is more profitable to rent a property or to buy it. The data is relevant for January 2023 of the year and does not consider inflation and the rise in the price of real estate.

1 bd condo
2 bd condo
3 bd condo
2 bd home
3 bd home
4 bd home
4+ bd home
Mortgage is cheaper!
On 28.01.2023 Mortgage is cheaper than Rent
10 C$ Your benefit!

Benefit for 1 year
120 C$

Benefit for 5 years
600 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Mortgage
1 490 C$

Rent
1 500 C$

Difference
10 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
80 C$ Your benefit!

Benefit for 1 year
960 C$

Benefit for 5 years
4 800 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
1 800 C$

Mortgage
1 880 C$

Difference
80 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
430 C$ Your benefit!

Benefit for 1 year
5 160 C$

Benefit for 5 years
25 800 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
2 300 C$

Mortgage
2 730 C$

Difference
430 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
3 150 C$ Your benefit!

Benefit for 1 year
37 800 C$

Benefit for 5 years
189 000 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
1 800 C$

Mortgage
4 950 C$

Difference
3 150 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
3 960 C$ Your benefit!

Benefit for 1 year
47 520 C$

Benefit for 5 years
237 600 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
2 500 C$

Mortgage
6 460 C$

Difference
3 960 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
2 960 C$ Your benefit!

Benefit for 1 year
35 520 C$

Benefit for 5 years
177 600 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
3 500 C$

Mortgage
6 460 C$

Difference
2 960 C$
Rent is cheaper!
On 28.01.2023 Rent is cheaper than Mortgage
3 450 C$ Your benefit!

Benefit for 1 year
41 400 C$

Benefit for 5 years
207 000 C$
Average data in Canada for January 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
4 000 C$

Mortgage
7 450 C$

Difference
3 450 C$

Compare mortgage offers for 28.01.2023

Use the mortgage loan matching configurator. Select the necessary parameters and click on the "Show" button

HELOC
Brokers
Reverse
Refinance
5-years
5-years
10-years
15-years
25-years
300
300
650
850
1000

Mortgage offers

Start your housing search with Equitable Bank mortgage calculator

Calculate your monthly payment Step 1

It might be a good idea to figure out how much you can spend before applying for a mortgage, as your monthly payment will be your most significant expense. For your convenience, we designed a user-friendly mortgage payment calculator that takes into account many factors, for example, your insurance costs and interest deduction.

Look through the terms and conditions Step 2

Check out the Equitable Bank mortgage options available in Canada in January, 2023. The system will select the most relevant offers according to the results of your calculation.

Check your credit score Step 3

To assess the mortgage loan approval probability, we recommend you check your credit score through our website. It is free. The minimum rating required for a mortgage with a traditional lender is 680. If your rating is lower than 680, we could recommend you a mortgage broker.

Check your debt Step 4

Buying a house is one of the most important money moves you'll ever make. It might be helpful to check if you owe money to someone before starting your house-hunting journey. To do it, you could use our debt-checking service. It's free. Banks tend to favor debt-free customers; therefore, if you see yourself in arrears, you’d better pay off all your debts before applying for a mortgage loan.

Apply Step 5

If your credit score is at least 680 and you don't have any outstanding debts, we recommend you start the application process. To apply for a mortgage, you can go to the bank's website by clicking the corresponding button in the offers listed above. Alternatively, you can use our mortgage application form.

Wait for the decision Step 6

Mortgage experts of the selected bank will assess your credit score and legal and financial risks associated with your application. After that, you will receive the decision on your application.

Find the right home Step 7

After your credit limit is approved, you can start looking for a home. If you need help figuring out where to start, you could take advantage of real estate websites such as REALTOR.ca, centris.ca, and zolo.ca to find your dream house.

Useful articles about mortgages in Canada

If you decide to apply for a mortgage loan, we recommend that you read the articles in this section. This is the minimum set of information that you need to do everything right.

Go to articles

What is an Equitable Bank mortgage calculator?

Equitable Bank offers a range of mortgage solutions, including regular mortgages to finance the purchase of a new or a second home and reverse mortgages to borrow money against your home equity. Fixed-rate mortgages are available for terms of 1 to 5 years at the APRs ranging from 5.140% to 7.565%, depending on the chosen option. Variable-rate mortgages are available for a 5-year term at the APRs ranging from 4.595% to 6.699%. Reverse mortgages are available for terms of 6 months to 5 years at the APRs ranging from 7.405% to 9.833%, depending on the chosen option.

Attention! All mortgage and other loan calculators are for informational purposes only and provide general information. 

Equitable Bank mortgages are available through brokers only. To apply, you need to find a mortgage broker near you.

If you are wondering what your monthly mortgage payments will look like, you can use the mortgage payment calculator.

Equitable Bank mortgage calculators

There are several mortgage calculators on the Equitable Bank website:

  • Mortgage Prepayment Charge Calculator to estimate the prepayment charge you may face for paying off your closed mortgage in full before the maturity date

  • Equitable Bank Reverse Mortgage Loan Prepayment Charge Calculator to estimate the prepayment charge you may face for prepaying your principal owing

  • Equitable Bank Reverse Mortgage Eligibility Calculator to see if you qualify for a reverse mortgage and how much you can borrow

  • Equitable Bank CSV FLEX Line of Credit Qualification Calculator to get an idea of how much you can borrow with this lending option

Why do you need an Equitable Bank mortgage calculator?

With a mortgage payment calculator, you can get an idea of how much you can expect to pay for your mortgage each month. You will also see the interest costs of your mortgage over the entire term. Once you know how much your mortgage repayment costs you monthly, it will be easier for you to plan your household budget further.

Attention! The results of this payment calculator are preliminary, and the specific numbers will depend on the timing of your application and other factors explained by a Equitable Bank Mortgage Specialist. 

How to use an Equitable Bank mortgage calculator?

The mortgage payment calculator will help you estimate your monthly repayment amount based on your mortgage parameters — the purchase price, down payment amount, APR, amortization period, and mortgage term. 

Let’s assume you want to finance a home that costs $160,000, the down payment you can afford is $15,000, the APR is 6.80%, the term is five years, and the amortization period is 25 years. Once you enter these values into the designated fields in the mortgage payment calculator, you will get a monthly payment of $998. In addition, the interest paid over the term will constitute $46,544.

How to compare Equitable Bank mortgages using the mortgage calculator?

You can compare different mortgage options by modifying the values entered for the mortgage amount, APR, and amortization period. Then, as you adjust your mortgage parameters, you will see how different options compare in terms of monthly repayments and the total interest paid over the term. This way, you can stick to a mortgage option that works best for you.


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Alexandra V
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Alexandra V
09.11.2022
26.01.2023

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