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.
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:
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Mortgage Prepayment Charge Calculator to estimate the prepayment charge you may face for paying off your closed mortgage in full before the maturity date
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Equitable Bank Reverse Mortgage Loan Prepayment Charge Calculator to estimate the prepayment charge you may face for prepaying your principal owing
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Equitable Bank Reverse Mortgage Eligibility Calculator to see if you qualify for a reverse mortgage and how much you can borrow
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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.
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.
