Coming soon: Mortgage360 mobile app for iOS & Android — Client portal + Broker portal in your pocket.
Mortgage360
All calculators
Scotia mortgage

Scotiabank mortgage calculator

Estimate your Scotiabank mortgage payment using sample posted rates and Canadian semi-annual compounding. Pre-populated with a representative Scotia 5-year fixed; adjust to your actual quote.

Your scenario

Result

Payment per month
$4,203.97
Monthly P&I
$4,204
Total interest
$541,190
Total paid
$1,261,190
Annual prepay privileges
15% / 15%

Sample rates only. Mortgage360 is an independent platform — NOT affiliated with Scotiabank. Confirm posted rates and prepayment terms directly with Scotia or your mortgage broker before any decision.

Independent tool: This calculator uses sample Scotia posted rates and is NOT affiliated with Scotiabank. Always confirm your actual quote with the lender or your broker.

About Scotiabank mortgages

Big-5 bank with the most popular readvanceable mortgage product in Canada — the Scotia Total Equity Plan (STEP).

Scotia prepayment privileges

Standard Scotia closed mortgages allow 15% / 15% annual prepayment privileges (lump-sum percentage of original principal / payment-increase percentage). Use these to pay your mortgage down faster without triggering a penalty. Run the math in our prepayment savings calculator.

Signature products + programs

  • Scotia Total Equity Plan (STEP) — readvanceable, combines mortgage + HELOC + credit cards under one umbrella
  • ScotiaLine for Business — combined personal + business credit
  • Step Mortgage Insurance — bank-issued mortgage life insurance
  • Scotia Ultimate Variable — discount variable with switch-to-fixed option

What brokers tell their clients about Scotia

STEP is powerful but easy to misuse — once components are paid down, the limit auto-extends and the temptation grows. Discipline required.

How this calculator works

The math uses Canadian semi-annual compounding (Bank Act convention) — converting the nominal annual rate to an equivalent per-period rate. Output stays consistent whether you choose monthly, bi-weekly, accelerated bi-weekly, or weekly. Run a side-by-side variable scenario in our fixed vs variable calculator, or test what happens if you break the mortgage early in our break penalty calculator.

Renewing or refinancing with Scotia?

Your renewal letter typically arrives 4-6 months before maturity. Most borrowers accept whatever rate is offered — but Scotia discounts hard when challenged. See what to do 90 days before renewal and run the math in our renewal comparison calculator.

Other Canadian lender calculators

Compare side-by-side with other major Canadian lenders:

Bottom line

Scotiabank is one of several major Canadian mortgage lenders Mortgage360 tracks on the live rates board. The calculator above lets you stress-test your scenario at a representative Scotia rate. For your real quote, call Scotia directly or work with a broker who can put your file through multiple lenders simultaneously.