Mortgage Calculator Match 7: ING Direct Canada vs Scotiabank

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.

Functionality	ING Direct Canada Mortgage Calculator	Scotiabank 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	Scotiabank Mortgage Calculator
Descriptive
Easy to Read
Colors and Design

*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.

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.

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.

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.

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.