Equitable Bank Mortgage Calculator
Haven't found a property to purchase yet?
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Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
Option #1
Option #2
Option #3
Option #4
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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%
+
$19,000
$13,950
$11,900
$0.00
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Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
=
$494,000
$463,950
$436,900
$400,000
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Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
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Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
AlbertaBritish ColumbiaOntarioSaskatchewan
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Fixed Rates
1 Year
6.49%
2 Year
5.74%
3 Year
5.34%
4 Year
5.24%
5 Year
4.64%
Variable Rates
5 Year
5.80%
Fixed Rates
1 Year
6.49%
2 Year
5.74%
3 Year
5.34%
4 Year
5.24%
5 Year
4.64%
Variable Rates
5 Year
5.80%
Fixed Rates
1 Year
6.49%
2 Year
5.74%
3 Year
5.34%
4 Year
5.24%
5 Year
4.64%
Variable Rates
5 Year
5.80%
Fixed Rates
1 Year
6.49%
2 Year
5.74%
3 Year
5.34%
4 Year
5.24%
5 Year
4.64%
Variable Rates
5 Year
5.80%
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Please select how often you would like
to make your mortgage payments.
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
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About Equitable Bank Mortgages
Open banking...but what does that mean? Equitable Bank is a branchless, online-only financial services institution that offers diversity with financial products. Equitable Bank includes mortgages with their long lineup of products and deal directly with mortgage brokers who are working on behalf of their clients (you...the home buyer). Open banking is innovative, convenient, and is dialed-in to all levels of borrowers, so home buyers can anticipate well-designed mortgage products & rates. Viewing the Equitable Bank website offers home buyers access to a multitude of mortgage calculators (like the Equitable Bank mortgage calculator), in-depth information about mortgages, and access to other services & products. When people are searching for a mortgage renewal, mortgage refinancing, home equity loans, second mortgages or a new mortgage, Equitable Bank can help. You may or may not be familiar with how a mortgage broker can be hugely beneficial to a home buyer. A mortgage broker has accessibility to a variety of mortgage loan lenders, which provides the ability to 'negotiate' the best mortgage deal for their clients (the home buyer). A broker is also paid by the lender when a deal is reached, so the home buyer is not out of pocket for their services; talk about a great deal so far!
Working closely with your mortgage broker places the broker in a position to work in your best interests, and by using the expertise of the broker in the mortgage market, it will give you the upper hand. Your broker will bring you up to speed on the pros and cons of each mortgage product that you may qualify for and lay out how the mortgage loan will play out over the number of years that will pass before the mortgage matures and is paid off. The Equitable Bank mortgage calculator can give you some insight as to how mortgage details makes up the monthly payment amount. Buying a home and assuming such a large loan is a big step and the more prepared you are financially, the more comfortable your mortgage loan will feel. Saving money over time to apply as a down payment is always a positive strategy, but having income security, a good credit rating, owning assets, and carrying little-to-no debt are big factors as well. Any lender wants to see borrowers making a solid effort financially BEFORE approaching them for a mortgage loan. Nowadays, it is becoming a common thing for home buyers to just take out mortgage default insurance in lieu of providing a large down payment, but consider which option will cost you less: saving the down payment? Or ending up paying additional money each month for a few years?