Wednesday Jul 30, 2014

Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

26 September 2011

We have reached the end of the Mortgage Calculator Matches, with the final match consisting of no one other than ING Direct Canada facing off against Scotiabank.

In the first six matches of the series we saw BMO compete with CIBC, Scotiabank compete against TD , ING Direct Canada go up against President’s Choice Financial, RBC face off against NBC , CIBC go up against Scotiabank, with the latest match being ING Direct Canada facing off against RBC.

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.

FunctionalityING Direct Canada Mortgage CalculatorScotiabank Mortgage Calculator
Mortgage Rate Selection017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Evaluate Different Scenarios017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Amortization Period Selection017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Payment Frequency017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Payment Savings Chart017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Mortgage Insurance Included074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Extra Payments017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Compare Scenarios074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
First Time Home Buyer Credits074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Land Transfer Tax Included074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Mortgage Calculator App017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank*074357 simple red glossy icon alphanumeric boxed x2 e1312830112975 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

AppearanceING Direct Canada Mortgage CalculatorScotiabank Mortgage Calculator
Descriptive017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Easy to Read017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank
Colors and Design017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank017829 blue jelly icon symbols shapes check in box e1312825935869 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

*mortgage calculator within mobile app

As you can see in the charts above, there really is no difference between these two mortgage calculators with the exception being that ING offers a mortgage calculator app (well a mortgage calculator within their mobile banking app); other than that, these mortgage calculator’s are identical.

That being said, the only way to determine the winner would be to compare the important features they do have (like the extra payment option) and determine which of the two are better.

As you can see, Scotiabank has a pre-set frequency (once, annually, semi-annually, each period) and even allows you to create your own extra payment frequency. This gives you absolute control in determining how long it would take you to pay off your mortgage.

Scotiabank Mortgage Payment Calculator 2011 08 15 12 41 52 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

ING on the other hand allows you to have the same features, however, unlike Scotiabank, you cannot add in more than one lump sum in the mortgage calculator. What I do like about ING’s extra payment option is  the fact that it offers you to input regular payment increases, allowing you to see how much faster your mortgage can be paid off by increasing your current mortgage payment.

Screen shot 2011 08 22 at 12.15.21 PM Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

Out of these two extra payment options, I would have to say that I prefer ING’s. The reason for my decision is because, I prefer seeing how regular payment increases would affect my overall mortgage, compared to having to input various lump sum payment amounts. Although ING does not allow you to input various lump sum payments into your mortgage calculator, you can still input a number and set how many years you want it to repeat.

In terms of design, I find myself having to make a hard decision. I love how ING’s color’s jump out from the page, while showing all the necessary information.

Screen shot 2011 08 22 at 12.14.46 PM Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

On the other hand, Scotiabank’s color’s are not terrible, and the fact is everything is just as clean as ING’s mortgage calculator.

Scotiabank Mortgage Payment Calculator 2011 08 15 13 03 22 Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

Personally, I find both of these mortgage calculator’s design to be the best I have seen so far; that being said, I would have to say that they tie for the  number one spot in terms of design.

Who is the winner?

With  design being a tie, it comes down to the features that these mortgage calculators offer. With the feature being virtually the same, it came down to the extra payments feature within these mortgage calculators. With everything said so far, the winner of the mortgage calculator matches is none other than ING Direct Canada. These mortgage calculator’s may have come to a close, but I do have a few surprises for everyone in the near future; this includes the revival of the credit card match series as well.

 

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (1 )



Anonymous Wrote:

You should post a summary recap, including who won 1st, 2nd and 3rd.

[Reply]

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