Is is that time of the week again where we will see two banksâ€™ mortgage calculator face off in the Mortgage Calculator matches. This week the two contenders are the last two banks in the Big 6, the Royal Bank of Canada (RBC) and National Bank of Canada (NBC).
In the first three matches of the series we saw BMO compete with CIBC, Scotiabank compete against TD and last week we saw ING Direct Canada go up against Presidentâ€™s Choice Financial.
In this comparison we will be examining the following figures:
Mortgage amount:Â Â Â Â Â Â Â Â Â Â Â Â Â Â $100,000
Mortgage Type and Rate:Â Â Fixed 4.04%
Amortization Period:Â Â Â Â Â Â Â Â Â Â 25 years
To start things off, I have prepared a comparison of what these two mortgage calculators offer.
|Functionality||RBC Mortgage Calculator||NBC Mortgage Calculator|
|Mortgage Rate Selection|
|Evaluate Different Scenarios|
|Amortization Period Selection|
|Payment Savings Chart|
|Mortgage Insurance Included|
|First Time Home Buyer Credits|
|Land Transfer Tax Included|
|Mortgage Calculator App|
|Appearance||BMO Mortgage Calculator||CIBC Mortgage Calculator|
|Easy to Read|
|Colors and Design|
As you can see, both RBC and NBC offer virtually the same features with a few differences. One major difference I am speaking of is the fact that RBCâ€™s mortgage calculator allows you to make extra payments and see how it affects the life of your mortgage.
As you can see below, RBC allows you to Double up on your payment and add in an anniversary payments once every 12 months. This is a great way to reduce the life of your mortgage and it is beneficial to see how it affects the overall lifespan by including these payments.
A unique feature that RBC holds that NBC does not have is the ability to skip a payment once every 12 months. Personally, I would not advise using this feature as it is a lot better to make your payments as frequent as possible to allow you to pay it off faster. However there could be a case where you need to miss a payment as some financial matter could come up causing you to drain your funds.
Now both banks offer a compare scenario feature, however RBC allows you to compare up to 3 scenarios at once, compared to NBC which only allows two.
As you can see below, RBC allows you to input your data, see what the changes are and allows you to choose a scenario. NBC on the other hand puts both scenarios on the same page however it does not offer the same charts as RBC does when selecting the one you want to view.
Strictly looking at the design of both mortgage calculators, I would have to say that RBC wins in all aspects. RBC shows everything you need to know and more. The only issue I have with the current design is that it does not allow you to compare payment frequencies in one page. Other than that this mortgage calculator is great.
NBC does give some information, however I find that the fact that they do not include a chart in their calculation is unacceptable. The overall color scheme does not appeal to me that much, however NBC does offer features that make it a useable mortgage calculator.
Who is the winner?
In the end, the winner by a landslide is RBC. Their mortgage calculator not only looks better, but offers a lot more information and features as well. Like I have said in the past, the extra payments feature is a great asset and the fact is, RBC also offer you the ability to compare scenarios making it even better.