What is a Manulife Bank of Canada mortgage calculator?
Manulife Bank of Canada offers open and closed mortgages at fixed and variable interest rates. Fixed-rate mortgages are available for 1 to 10 years, with interest rates ranging from 5.64% to 6.79%. Variable-rate mortgages are available for a 5-year term, ranging from 5.45% to 6.45%.
To apply for a mortgage from Manulife Bank of Canada, you can fill out an online pre-approval form on the website. Once you do, a mortgage specialist will get in touch with you shortly to help you complete your application.
To get an idea of what your expected mortgage payments may look like, you can use the mortgage calculator tool.
Manulife Bank of Canada mortgage calculators
There are several mortgage calculator tools on the Manulife Bank of Canada website:
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Manulife One mortgage calculator to estimate how much you can afford to borrow and compare the rates with Manulife One mortgage
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Manulife Bank Select calculator to estimate how much you can afford to borrow and what your payments will look like with Manulife Bank Select mortgage
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Mortgage affordability calculator to get an idea of how much you can afford to spend on a house
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Mortgage prepayment calculator to identify the ways to pay off your mortgage faster without prepayment penalties
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Prepayment charge calculator to identify penalties you may face when paying off your mortgage before the maturity
However, this page has a tool designed to determine your monthly payments on your future mortgage loan. Check it out to evaluate it.
Why do you need a Manulife Bank of Canada mortgage calculator?
With the mortgage calculator, you can define your mortgage repayment costs based on the essential parameters of your mortgage — the principal amount, term, interest rate, payment frequency, and amortization period. Knowing the approximate regular payment amount will help you plan your household budget accordingly.
How to use a Manulife Bank of Canada mortgage calculator?
To define the estimated regular payment amount with the mortgage calculator, enter the essential mortgage parameters — the principal amount, term, interest rate, payment frequency, and amortization period — into the designated fields.
For example, if you are borrowing $200,000 for a 5-year term at a 6.04% interest rate with a 22-year amortization period, your monthly payment will be $1,362.06. You will also see the payment amount for other payment schedules. For example, if you opt for semi-weekly payments, your regular payment will be $680.19 every two weeks.
How to compare Manulife mortgages using a mortgage calculator?
By adjusting the parameters of your mortgage used as input, you can compare various mortgage options in terms of regular payments. This way, you can determine which mortgage solution works best for your budget.
