Mortgage Calculator

Canadian Mortgage Qualification Calculator

The CanEquity Mortgage Qualification Calculator will help you find how much you can afford when buying a home. This calculator follows the same guidelines as mortgage brokers and banks when determining mortgage amounts. Just enter some basic information and click Calculate. The calculator will present you with a report on mortgage affordability. You can experiment with this calculator to find out what you can do to improve your finances and buy a better home.

Mortgage Calculator to Find What You Can Afford

Please fill out this form so our mortgage qualification calculator can determine how much you can afford. Underlined form fields are mandatory.

Monthly Income: $

Down Payment: $

Mortgage Term & Rate:

Amortization:

Estimated Heating Costs: $

Estimated Condo/Strata Fees: $

Debt Payments: $

[1] Please estimate the total gross income of your household on a monthly basis.

See [1]

[2] This is the amount of money you have on hand that you're willing to contribute to the cost of your new home.

A down payment can come from your savings, sale of a property, investments and a variety of other sources. Larger down payments will help decrease the amount of interest you pay on your home, as well as decrease the size of CMHC mortgage insurance premiums.

See [2]

[3] Amortization is the period of time over which you plan to completely pay off the house. 25 year amortizations are most common, but up to 30 year amortizations are possible.

Longer amortizations are great to help you buy a more expensive home. The tradeoff with a long amortization is that over the course of the mortgage, you will end up paying more interest charges.

See [3]

[5] Estimate the amount that you will be paying for heating on a monthly basis. The average cost for heating in Canada is approximately $85 per month.

See [5]

[6] Strata fees are an amount of money collected from condo owners for the maintenance of facilities and common property.

Strata fees often cover the cost of maintenance for swimming pools, sports facilities, groundskeeping, the building, and other related expenses. The average monthly cost of strata fees for condo owners is about $140.

See [6]

[7] Please enter the amount of any other monthly expenses.

You should include any student loans, auto loans, alimony payments, credit cards, and any other expense not directly related to housing.

See [7]

According to our Calculations ...

About $417,000.00

According to mortgage lending guidelines, you can afford mortgage payments of up to approximately $1,986.64 per month. As such, you should be able to qualify for a mortgage and buy a house worth at maximum $417,396.74.

Maximum Mortgage Principal		$408,634.18
Down Payment	+	$20,000.00
Mortgage Insurance (2.75% of principal)	-	$11,237.44
Maximum House Price	=	$417,396.74

Payment @ Requested Rate (3.25%)		$1,986.64	per month

Property Taxes		$4,176.00	annually

Things to Note

The following are a few notes about this mortgage calculation.

Assessed at 1.00% per year, your estimated annual property taxes will be about $4,176.00. Property taxes vary from township to township. The average in Canada is about 1% of the house's value per year, but the lowest property taxes are around 0.5%. Lower property taxes make houses in that area more affordable. To see how much, click to recalculate with a 0.5% property tax rate.
A 30 year amortization will allow you to buy a more expensive home over a greater length of time. Try a 30 Year Amortization
Due to recent changes in legislation, all mortgages in Canada must now be qualified against the benchmark Bank of Canada 5 year closed rate, 5.29%. This rate is updated every Wednesday, and available through the Bank of Canada website. Bank of Canada Rates. V121764
Altering your home-living lifestyle and decreasing monthly expenses can bring a slightly out of reach home much closer.

Apply By Fax

If submitting personal information over the Internet concerns you, try our printer friendly mortgage application.

You will need the free Adobe Acrobat Reader to view and print it. Once filled out, fax the application to our toll free fax number listed on the form.

Get Pre-approved for a Home Mortgage Loan

Have you been pre-approved for a home mortgage yet? Getting pre-approved will help you shop by letting you know how much you can afford. Pre-approval also helps you lock in today's best mortgage rates, so that when you've finally found your home, you won't miss out on Canada's historically low rates.

Do you Qualify?

See how much you can save each month by refinancing, or raise your home-buying negotiating power with a mortgage pre-approval. Fill out our concise application and we'll let you know how low your monthly payments can be with our top mortgage rates.

FREE Qualification

Our job as mortgage brokers is to try to find the best mortgage rates in Canada for each client we work with.
If you come across another site or company that is offering a lower rate for a comparable term, please let us know.

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