What is the ICICI Bank Canada mortgage calculator?
ICICI Bank Canada offers closed mortgage solutions at both fixed and variable rates. Fixed-rate mortgages are available for terms from 1 to 5 years, with the rates ranging from 6.09% to 6.14%, depending on the term. Variable-rate mortgages are available for a 5-year term, with the interest rate equal to the Prime rate plus 0.05%.
To apply for a mortgage from ICICI Bank Canada, visit a branch near you.
If you are wondering what your regular mortgage payments will look like, you can use the mortgage payment calculator. You can create an amortization schedule with this tool and the estimated monthly payment.
ICICI Bank Canada mortgage calculators
There are several mortgage calculator tools on the ICICI Bank Canada website:
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Mortgage affordability calculator to get an idea of how much you can afford to borrow
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Mortgage payment calculator to estimate your regular payments given the mortgage amount, interest rate, and amortization period, and create an amortization schedule
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Mortgage Prepayment Charge and Mortgage Privilege Payment Calculator to define the possible penalties for paying off your mortgage before the maturity date or the potential savings from using the options to accelerate your mortgage repayment
Why do you need the ICICI Bank Canada mortgage calculator?
Once you have the mortgage amount, interest rate, and amortization period for your home-buying project in mind, you can estimate your monthly mortgage repayment costs. By entering the values for these mortgage parameters into the mortgage calculator, you will get the estimated monthly payment. In addition, you can generate the amortization schedule with the mortgage calculator tool and the regular payment amount.
These estimations will help you plan your household budget accordingly.
How to use the ICICI Bank Canada mortgage calculator?
To calculate your monthly payment, enter the mortgage amount, interest rate, and amortization period values into the designated fields in the mortgage payment calculator. For example, if you want to borrow $95,000 at a 6.09% interest rate with a 15-year amortization period, your monthly payment will be $843.35.
To generate the amortization schedule using the mortgage payment calculator, select the amortization period from the drop-down menu and enter the mortgage start date.
How to compare ICICI Bank Canada mortgages using a mortgage calculator?
You can see how your monthly payment amount changes by modifying the values for the mortgage amount, interest rate, and amortization period used as input in the mortgage payment calculator. This way, you can compare different mortgage options in terms of monthly repayment costs and choose the solution that works best for you.
