Alterna Savings Mortgage Calculator
Haven't found a property to purchase yet?
Newfoundland and LabradorConception Bay South240Grand Falls-Windsor135Mount Pearl184Paradise241St John's879
Enter the amount that you are planning on paying for the property
Enter property purchase price
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Select province to get current
Mortgage type specifies whether the interest
rate is variable or fixed
Please select how often you would like
to make your mortgage payments.
About Alterna Savings Mortgages
What are the benefits to joining a credit union such as Alterna Savings? The answer is easy...credit unions are made up of customers that are members and the credit union is overseen also by members, so the essence of 'community' and top notch service are truly second to none. Alterna Savings & Credit Union Ltd. offers all the services and products that major banks do, as it is indeed a financial institution. When it comes to mortgages, home buyers will quickly discover the perks to becoming a member (great interest rates, critiqued mortgage products that 'feel better', and mortgage expertise with the mortgage advisors that are available to you). The Alterna Savings mortgage calculator (found on the website) provides buyers with fantastic insight on how much a mortgage loan will equal out to each month. The affordability calculator is a great way to work out just how much a home buyer can comfortably afford to borrow (there are many useful tools at buyers' disposals on our website). Because of the more personalized service of Alterna Savings, home buyers will have each mortgage product of interest explained out in detail so that you have solid knowledge and can make sound financial decisions about a mortgage.
Alterna Savings mortgage calculator and the other tools available are highly recommended to first time home buyers that are thinking about a new mortgage (experienced home buyers searching for mortgage renewal, mortgage refinancing, or home equity loans can use the calculators to get a basic idea of monthly cost). Which mortgage is a good fit for your finances and feels comfortable? Some buyers like the idea of having their interest rate locked in for a term without any 'prime rate fluctuation' surprises (a fixed rate mortgage). Other buyers like adjustable rate mortgages & variable rate mortgages that are set to the prime rate for the potential of the prime rate lowering (but still taking the chance it could rise, so a bit of a gamble). Then, there are the hybrid mortgages and the convertible mortgages that utilizes the fixed rate and variable rate mortgages split between two terms (so if the prime rate is expected to rise, buyers have the opportunity to lock up their current interest rate). The lender that you choose to work with when it comes to your mortgage needs will inform you of any pros and cons, but it is very important to ask many questions, so you do not have any negative mortgage loan surprises down the road.