Scotiabank Mortgage Calculator
Mortgage details
Add lump sum payments and pay off your mortgage faster
Increase your payments to reduce your mortgage length
Add Mortgage Protection insurance for as little as $33/month
Mortgage insurance added
HERE'S YOUR MORTGAGE SCENARIO
Add Mortgage Protection insurance for as little as $33/month
Mortgage insurance added
Diversify your mortgage
Split your mortgage to pay it off sooner
Split 1
Split 2
Protect your mortgage for as little as $33/month.
Mortgage protection added
Payments
:
$ 2,908.02/month
➕
10%
annual increase
included
Payment increases each year
INSURANCE
included
Mortgage amount
:
$500,000
Final mortgage length
:
0
years0 month
4 years faster
Payments : $ 2,908.02 ➕ 10% annual increase included Payment increases each year Includes mortgage protection
Mortgage amount : $500,000
Final mortgage length
:
0
years0 month
Final mortgage length information
4 years
faster
Mortgage length is the time it would take to repay your mortgage in full. This is also
known as the amortization period. The starting mortgage length is the amortization
period at the beginning of your mortgage term.
Calculation results are
approximations based on the data you have entered and for illustration purposes only and
are not intended to provide financial advice. Scotiabank does not make any
representations or warranties with respect to the calculation results. Rates quoted are
not considered as rate guarantees. The Calculator assumes interest is compounded
semi-annually, not in advance. The calculations assume all payments are made when due.
Calculations assume that the interest rate would remain constant over the entire
amortization period, but actual interest rates may vary over the amortization period
Making weekly/bi-weekly payments will have the effect of making an extra monthly payment
every year and will shorten your amortization. Some conditions apply.
If you are
a Scotiabank mortgage customer, depending on the mortgage solution that you select, each
year you can increase your scheduled monthly payments by up to 10%, 15% or 20% of the
payment initially set for your term (or in some cases, your current payment) and make a
lump sum prepayment of up to 10%, 15% or 20% of your original principal amount without
incurring a prepayment charge. If you have a mortgage with another lender, your
prepayment options may be different. Please refer to your mortgage documents for details
on your prepayment options.
This is not a quote. Mortgage insurance estimate is for illustration purposes
only as premiums are dependent on your age, number of borrowers and type of coverage.
Includes applicable insurance provincial taxes. Eligibility conditions apply. A sample
Certificate of Insurance is available on scotiabank.com/insurance.