Our mortgage calculator provides estimates based on the information you enter and current market conditions. While it’s highly accurate for calculation purposes, your actual mortgage terms may vary based on your credit score, the specific property, and Scotiabank’s current lending policies. For precise figures, we recommend consulting with a Scotiabank mortgage specialist.

The loan term (or mortgage term) is the length of time your mortgage contract is in effect (typically 1-5 years in Canada), after which you’ll need to renew your mortgage. The amortization period is the total time it would take to pay off your entire mortgage (typically 25-30 years in Canada). Our calculator uses the amortization period to determine your payment amounts.

Your down payment significantly impacts your mortgage. A larger down payment means you’ll borrow less money, resulting in lower monthly payments and less interest paid over time. In Canada, if your down payment is less than 20% of the home price, you’ll need to pay for CMHC mortgage insurance, which our calculator automatically includes in its calculations.

Scotiabank mortgage rates vary depending on the term, type of mortgage (fixed or variable), and other factors. Rates change frequently based on market conditions. Our calculator allows you to input any interest rate to estimate payments. For current Scotiabank mortgage rates, please visit our official website or contact a mortgage specialist.

Payment frequency changes how often you make payments and can affect how much interest you pay over time. More frequent payments (like bi-weekly or weekly) can help you pay off your mortgage faster and save on interest because you’re making the equivalent of one extra monthly payment each year. Our calculator shows you the differences between payment frequencies.

Beyond your mortgage payments, homebuyers should budget for closing costs (1.5-4% of home price), property taxes, home insurance, maintenance costs, and possibly condo fees. In some provinces, you’ll pay land transfer taxes. First-time homebuyers may qualify for rebates on some of these costs.

Yes, Scotiabank offers mortgage pre-approvals that lock in an interest rate for up to 120 days. A pre-approval gives you a clear idea of how much you can borrow and shows sellers you’re a serious buyer. It involves a credit check and review of your financial situation. After using our calculator, consider getting pre-approved before house hunting.

A fixed-rate mortgage has an interest rate that stays the same for the entire term, providing payment stability. A variable-rate mortgage has an interest rate that fluctuates with the prime rate, meaning payments can change. Variable rates often start lower but carry more uncertainty. Our calculator can help you compare both options.

Strategies to pay off your mortgage faster include: choosing a shorter amortization period, making accelerated payments (weekly or bi-weekly instead of monthly), increasing your payment amount when possible, making lump sum payments (most mortgages allow 10-20% extra per year), and considering a mortgage with prepayment privileges.

Scotiabank offers various mortgage products including fixed-rate mortgages, variable-rate mortgages, cash back mortgages, and home equity lines of credit (HELOCs). They also provide specialized options for first-time homebuyers, self-employed individuals, and those with unique financial situations. Use our calculator to explore different scenarios then consult with a Scotiabank advisor to find the best option for you.