STEP

Scotia Total Equity® Plan Calculator

A view of what STEP can do for you.

Here’s an estimate of how STEP could help you achieve your goals based on the equity you've built up in your home today and the equity you are continuing to build in the future.

See how Scotiabank can help you
be a STEP ahead.

If you're like most people, your house is probably your biggest asset. Not only does it provide your family with shelter and a place to call home but it can also help you to save money by building up your equity with every payment.
With a STEP, we can show you how to unlock that equity to achieve the goals that you have, now and in the future!

Step 1: Tell us about your home, or what you hope to own

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Step 2: Tell us about your existing mortgage, or mortgage needs

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Just let us know your desired amortization and we'll let you know what your payment will be.

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Tell us your amortization.

Other Debt Secured by Real Estate includes all non-mortgage products (including lines of credit, car loan and credit cards) that are secured by your home.
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Your Equity Snapshot

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Years

Additional Equity Growth Borrowing Power Available Home Equity Outstanding Secured Balance Home Value

Step 3: Tell us about your future plans and goals

Did you know that as your home value rises and your mortgage decreases, your equity continues to grow? With each payment, you own more and more of your home; and as your equity increases, your borrowing power also increases!

The Scotia Total Equity® Plan helps you unlock that borrowing power to obtain the goals that you have.

Are there goals you already have in mind?

Select your top three goals and enter their estimated costs into the boxes below.

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Assumptions & Disclaimers

Unique to Scotiabank, the Scotia Total Equity® Plan can help you achieve your goals by making your home work for you. You can borrow up to 80% of the value of your home and manage your interest rate risk by splitting your mortgage into 2 or 3 different types of mortgages and terms. In addition, you can borrow up to a total of 65% of the value of your home and choose lines of credit or other secured Scotiabank borrowing products that best suit your needs.

Calculation results are approximations and for information purposes only. Borrowing Power Available* is based on 80% of the Home Value less the total of the Mortgage Balance and Other Debt Secured by Real Estate. If there is less than 20% equity accumulated in the home for the Year selected, the Borrowing Power Available will be $0. Calculations assume that the respective interest rates will remain constant over the entire amortization/repayment period, but actual interest rates may vary.

Specific to Mortgage Calculations: The rate entered is a sample rate and is not considered a rate guarantee. Interest is compounded semi-annually, not in advance. Making weekly/biweekly payments will have the effect of making an extra monthly payment every year and will shorten your amortization. All mortgages are subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts. Calculations assume all payments are made when due.

Specific to Other Debt Secured by Real Estate Calculations: Payments on the Other Debt Secured by Real Estate are based on the monthly payment structure of a ScotiaLine® Personal Line of Credit with a 4% interest rate which is fixed until the line of credit is fully repaid. Interest is calculated on the daily debt amount but only added to the debt once a month. The amount of daily interest is calculated by subtracting payments and multiplying the unpaid balance of debt on which interest is payable by the interest rate then dividing by 12 months. Assumed monthly payment will be the greater of 3% of the balance owing, or $50, subject to the minimum payment being no more than the outstanding balance on the statement. Calculations assume that all payments are made on the statement date.

®Registered trademark of The Bank of Nova Scotia.

*The borrowing availability under STEP.