Mortgage Calculator - Dusik/ Bjornson/Lang

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MORTGAGE CALCULATOR

MORTGAGE CALCULATOR

BUYING REAL ESTATE:

Canadian Mortgage Calculator

This calculator calculates Canadian monthly mortgage payments based on principal, interest and term. Canadian mortgages are compounded semi-annually.

Do you qaulify for a mortgage on your "Dream Home"? Use this rule of thumb calculation to find out!

1. Calculate the combined monthly gross (before tax) income of you and your spouse.

2. Divide by three. This figure is the maximum monthly payment you can afford to make on your house.

3. Take the total price of your "dream home" and subtract the amount of money you expect to make as a down payment. This is the money you will have to borrow.

4. Using the calculator below figure out your monthly payment using the current interest rate and amortization period of you choice (most first-time buyers choose a 25-year amortization.

5. Add this to your estimated utility costs and monthly property taxes.

6. If this figure is less than 1/3 of your gross monthly income, you may qualify for a mortgage on your "dream home".

Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

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Required

Required Must be a number between 1 and 50
Term In Years:
Required Must be a number between 1 and 100
Interest Rate:	%
Required
Cost of Home:	$
Required Cannot be more than Cost of Home
Down Payment:	$
Required
Annual Insurance:	$
Estimate Insurance to 0.43%of Cost
Required
Annual Property Tax:	$
Estimate Tax to 1.2%of Cost
Monthly Income:	$ Required
Monthly Debt:	$ Required

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage
Qualification
Affordability
Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance ( %):
Total Loan(Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Income Needed to Qualify for the Mortgage

Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:

What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:

Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)

Monthly Rent:	$ RequiredMust be a positive number	No. of Years you plan on keeping the home:	RequiredInvalid
Annual Rental Increases:	% RequiredInvalid	Yearly Appreciation on the Home:	% RequiredInvalid
Monthly Renter Insurance:	$ RequiredInvalid	Annual Home Maintenance:	% RequiredInvalid
Savings or Investment Rate:	% RequiredInvalid

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