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.
Motusbank loan calculators
Motusbank provides the following mortgage calculator tools on its 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 mortgage payment amount
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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.
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.
