Mortgage Calculator Match 3: ING Direct Canada VS President’s Choice Financial

Continuing the mortgage calculator matches, we have two online contenders facing off today; the banks in the ring today are ING Direct Canada and President’s Choice Financial. Both of these banks offer great products, among their products are their very own no fee chequing accounts, which faced off in a head to head match a few weeks ago.

In the first two matches in this series we saw BMO compete with CIBC, and last week we saw Scotiabank compete against TD.

In this comparison, we will be examining the following figures:

Mortgage amount:               $100,000
Mortgage Type and Rate:   Fixed 4.04%
Amortization Period:           25 years

To start things off, I have prepared a comparison of what these two mortgage calculators offer.

Functionality	ING Direct Canada Mortgage Calculator	President's Choice Financial Mortgage Calculator
Mortgage Rate Selection
Evaluate Different Scenarios
Amortization Period Selection
Payment Frequency
Payment Savings Chart
Mortgage Insurance Included
Extra Payments
Compare Scenarios
First Time Home Buyer Credits
Land Transfer Tax Included
Mortgage Calculator App	*

Appearance	ING Direct Canada Mortgage Calculator	President's Choice Financial Mortgage Calculator
Descriptive
Easy to Read
Colors and Design

*mortgage calculator within mobile app

As you can see in the chart above, for the first time in this series we have such a difference in not only features of these mortgage calculators but in the appearance of the calculators as well.

The major differences with these two mortgage calculators is the fact that ING offers extra payments, a payment savings chart, and a mortgage calculator within their mobile banking app.

Now President’s Choice Financial does offer the ability to compare scenarios, but honestly, it only shows the difference in monthly payments. I get that sometimes having a simple product can be far better than something overly complicated, however President’s Choice Financial mortgage calculator is simply the bare minimum.

As you can see below, President’s Choice Financial does not offer much else than the basic selection that every mortgage calculator should (and does) have:

From the mortgage calculator matches thus far, you will find that they offer some form of chart or table to showcase your payments over your amortization period and in the event you can compare scenarios, then your charts outline how much you are saving in the long run. This is not the case for the President’s Choice Financial mortgage calculator; in fact all they show is the monthly payments for each scenario:

Now ING offers a lot more in not only features but in appearances as well. As you can see below, ING’s mortgage calculator just seems to jump out at you with the bright orange, not to mention the chart at the bottom as well.

ING offers users the ability to input any extra payments, allowing them to see how much faster they can pay off their mortgage by adding in lump sum payments and even increasing their current mortgage payment.

Who is the winner?

The winner in my opinion has won by a landslide; as you can see ING offers everything President’s Choice Financial offers (with the exception of scenario comparisons) and more. The unique feature that President’s Choice Financial has is not even worth mentioning because it is not done as good as it could be. In the end, ING’s mortgage calculator not only gets the job done better, but looks a lot better doing it as well.