What is the Laurentian Bank of Canada mortgage payment calculator?
Laurentian Bank of Canada offers mortgage solutions at both fixed and variable interest rates. Fixed-rate mortgages involve both open and closed options and are available for six months to 5 years at APRs ranging from 5.790% to 9.150%. Variable-rate mortgages are available for terms of 3 or 5 years at the 5.450% APR. The repayment schedules can be flexible — you can pay monthly, month-end, bi-weekly, or weekly.
To apply for a mortgage, you need to book an appointment with a Laurentian Bank advisor by filling in the form on the website.
If you want to estimate your monthly mortgage payments, you can use the mortgage payment calculator.
Laurentian Bank Of Canada mortgage calculators
To help clients understand their mortgage expenses better, Laurentian Bank provides the following calculator tools on its website:
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Mortgage borrowing power calculator to identify how much you can afford to spend on a house
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Mortgage payment calculator to estimate your regular payments given the property value, down payment, term, amortization, and interest rate
Why do you need the Laurentian Bank of Canada mortgage calculator?
Once you know the price of the property you want to purchase, the down payment you can afford, preferred loan term, amortization period, and interest rate, you can estimate your monthly mortgage payment. With these calculations, you will get an idea of your monthly repayment costs and will be able to plan your household budget accordingly.
How to use a Laurentian Bank of Canada mortgage payment calculator?
To calculate your monthly mortgage payment, enter the values for the property value, down payment, term, amortization, and interest rate into the designated fields in the mortgage payment calculator. For example, let’s assume you want to buy a house for $170,000, and the down payment you can afford is $35,000, which means you will borrow $135,000. Let’s also assume that the term is four years, the amortization period is 20 years, and the interest rate is 6.040%. After entering these figures into the mortgage payment calculator, you will get a monthly payment of $964.49. In the results of your calculations, you will also see the following suggestions to repay your mortgage faster:
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To make payments of $482.24 every two weeks
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To make payments of $241.12 every week
How to compare Laurentian Bank of Canada mortgages using a mortgage payment?
With the mortgage payment calculator, you can try out several scenarios by adjusting the property value, down payment amount, mortgage term, amortization period, and interest rate. Then, seeing how different options compare in terms of the monthly payment amount, you can figure out the best solution.
