Scotiabank Mortgage Calculator

Match-a-Payment gives you the option to double your mortgage payment, while Miss-a-Payment allows you to miss a payment if you have made a prepayment previously for an equivalent amount. Not all mortgage products that Scotiabank offers feature these payment options. You can also make lump-sum mortgage prepayments up to a certain percentage of your original mortgage amount. That percentage depends on your mortgage product. The most common prepayment allowance at Scotiabank is 15% each year, and you can also increase your regular payment amounts by 15%. Some Scotiabank mortgage products have a higher annual prepayment allowance of 20%.

Scotiabank’s fixed rate mortgages can have a term length of 6 months up to 10 years, with an annual prepayment allowance of 15% of your original principal amount for closed mortgages. You can choose between monthly, semi-monthly, bi-weekly, and weekly mortgage payments. Plus, you can also choose to receive up to 5% cash back, which is yours to keep if you keep your mortgage with Scotiabank for the term length.

Scotiabank’s variable-rate mortgages can have a term length of 3 years or 5 years. The 3-Year Closed Term Scotia Ultimate Variable Rate mortgage has a cap rate, which means that the interest rate on this variable-rate mortgage will never exceed this cap rate. This product also offers fixed mortgage payments.

The Scotia Flex Value Mortgage is a 5-year variable-rate mortgage whose payments change whenever the Scotiabank prime rate changes. However, you can convert to a fixed-rate Scotiabank mortgage at any time for a longer term without penalties.

Scotiabank offers two StartRight mortgage programs: one for temporary residents and one for new permanent residents. The StartRight Mortgage Program for Temporary Residents is for those who want to buy a home while they are staying in Canada, such as foreign workers or international students on a study permit. Scotiabank offers fixed-rate mortgages with terms for as short as 6 months up to 10 years. The federal government’s temporary ban on foreign buyers may impact this program. The StartRight Mortgage Program for Permanent Residents is for those who have been a permanent resident for less than five years and are looking to buy their first home.

The Long and Short Mortgage combines fixed-rate and variable-rate mortgages into a single offering, allowing you to lock in a fixed-rate for the long run and take advantage of possible lower variable rates in the short term. A portion of your mortgage will be set at that fixed rate for the length of your mortgage term. The other portion will have a rate that resets every month based on changes in the Scotiabank Prime Rate.

This program, along with the “Making the Cottage Dream a Reality” program, provides financing for up to 80% of the value of a second home, cottage, and Type A vacation properties or up to 95% with mortgage default insurance. Type A vacation properties are similar to regular residential properties. Financing for up to 75%, or up to 90% insured, is available for Type B vacation properties. These properties do not have a standard heating system and might not have year-round road access.

The “Making the Cottage Dream a Reality” program also allows you to use up to 80% of the equity of your first home towards the mortgage down payment for your second home.