What is the National Bank of Canada mortgage payment calculator?
There is a range of mortgage options at the National Bank of Canada, including open, closed mortgages, fixed-rate, variable-rate, and capped-rate mortgages. Fixed-rate open mortgages are available for a 6-month and 1-year term at a 9.15% APR. Fixed-rate closed mortgages are available for 3 months to 10 years, with the APRs ranging from 6.09% to 7.52%. Variable-rate and capped-rate mortgages are available for a 60-month term, with a 4.74% and a 4.99% APR respectively.
You can book an appointment online to apply for a mortgage from the National Bank of Canada. You can also pre-qualify for a mortgage by filling out a mortgage pre-approval form on the National Bank of Canada website.
To estimate the approximate mortgage payments you’ll have to make; you can use the mortgage payment calculator. Along with the estimated regular payment amount, this tool can give you a hint about the other repayment schedules available.
National Bank of Canada mortgage calculators
The National Bank of Canada provides several mortgage calculators on its website:
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Mortgage affordability calculator to estimate how much you can afford to spend on your mortgage
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Mortgage payment calculator to estimate your payment amount given the property price, down payment you can afford, APR, and the amortization period
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Rent vs. buy calculator to identify what is more beneficial for you in the long run — to buy or to rent a house
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Mortgage prepayment calculator to identify prepayment charges you may face when paying off your mortgage before the maturity
Why do you need the National Bank of Canada mortgage calculator?
Once you have the key mortgage parameters in mind — the property price, down payment you can afford, APR, and amortization period — you can estimate how much your monthly payment will be. To calculate your regular payment, just enter the figures mentioned above into the mortgage payment calculator. As a result, you will see the estimated monthly payment and suggestions on how to save on interest and repay your mortgage faster. With these calculations, you can make informed decisions on your household budget.
How to use the National Bank of Canada mortgage calculator?
Let’s assume you want to purchase a property for $150,000. If you make a down payment of $12,000, your mortgage loan amount will be $143,520. With a 6.13% APR and a 25-year amortization period, your monthly payment will be $929.37. Along with that, you will see the two other payment options available:
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Paying $464.68 every two weeks to save $26,160.47, with a repayment period of 20 years, 11 months
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Paying $232.34 per week to save $26,453.3, with a repayment period of 20 years, 11 months
How to compare National Bank of Canada mortgages using the mortgage calculator?
By adjusting the values you enter into the mortgage payment calculator, you can compare different mortgage options and select the one that works best for you in terms of the regular payment amount and/or interest saved.
