Motusbank Mortgage Calculator of June 2024

Motusbank Mortgage Calculator

Motusbank Mortgage Calculator in Canada in 2024. 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?

Motusbank Mortgage Calculator of June 2024
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Switch your mortgage to Coast Capital

Recent Searches
Compare Mortgage Offers Today 22.06.2024

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

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HELOC
Brokers
Reverse
Refinance
Conventional
Lenders
High-Ratio
Low-Ratio
Syndicated
Self-Employed
Second
Private
Commercial
C$100,000
C$150,000
C$200,000
C$250,000
C$300,000
C$350,000
C$400,000
C$450,000
C$500,000
C$550,000
C$600,000
5-years
5-years
10-years
15-years
25-years
300
300
650
850
1000

Mortgage offers

Start your housing search with Motusbank 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 Motusbank mortgage options available in Canada in June, 2024. 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.

What is a Motusbank mortgage calculator?

For clients with home-buying needs, Motusbank offers fixed and variable-rate mortgages. For clients who might not qualify for a mortgage on their own, Motusbank offers the friends & family mortgage as a joint mortgage solution. 

Fixed-rate mortgages are available for six months to 5 years, with the APRs ranging from 5.71% to 7.00%. Variable-rate mortgages include a 5-year open variable-rate mortgage, 5-year closed variable-rate mortgage, and 5-year high-ratio variable-rate mortgage with the APRs of 6.97%, 5.52%, and 5.52%, respectively.

You can apply for a Motusbank mortgage online upon registering an account with Motusbank.

You can use the mortgage calculator tool to determine what your mortgage payments will look like. Along with the regular payment amount, the calculator will show you the estimations for the interest and principal paid over the mortgage term.

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

Motusbank loan calculators

Motusbank provides the following mortgage calculator tools on its website:

  • Mortgage prepayment calculator to figure out accelerated mortgage repayment options without prepayment penalties and estimate penalties for paying off your mortgage before the maturity date

A user-friendly mortgage payment calculator is embedded on this page for you to perform quick calculations related to your future mortgage loan.

Why do you need a Motusbank mortgage calculator?

A mortgage calculator comes in handy if you want to estimate your mortgage repayment costs. Once you know the amount to borrow, term, amortization period, interest rate, and payment frequency, you can enter the values for these mortgage parameters into the calculator and see the amount of your regular payment. With these calculations, you can make informed decisions on your household budget.

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 Motusbank Mortgage Specialist. 

How to use a Motusbank mortgage calculator?

To estimate your regular payments, fill out the required fields in the mortgage calculator with your mortgage parameters — the amount to borrow, term, amortization period, interest rate, and payment frequency.

Let’s assume you want to borrow $200,000 at a 5.71% interest rate with a 28-year amortization period and repay your mortgage monthly. After entering the values for these mortgage parameters in the calculator, you will get a $1,185.63 monthly payment. The interest and principal paid over the term will be $69,952.17.

How to compare Motusbank mortgages using a mortgage calculator?

You can compare different mortgage options in terms of regular payments by modifying the values you enter into the mortgage payment calculator. This way, you can figure out the best solution for your budget.

Alexandra V
Editor
Alexandra V
09.11.2022
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Last update 18.05.2023
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