Home Financing Calculator

Calculate and test mortgage financing options for your property purchase. High Ratio mortgages (less than 25% down payment) usually incur an insurance fee.

Purchase Price : Prop Taxes : /month
Rate : % Condo Fees : /month
Amort. : Heating Costs : /month
Term :
Down Pmt :

      Home Financing ...
% Down Payment 5 %
Mortgage TERM : 5 Yr
Down Payment $ 5,000
First Mortgage Amount $ 95,000
Insurance Fee ( 3.25 % of mortgage ) $ 3,088
Total Mortgage Amount $ 98,088
Monthly Mortgage Payment $ 500
Monthly Property Taxes $ 0
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 500

Household Income Required $ 32,902

(Down Payment set for minimum of 5% of Purchase Price)
10 % is the mode of 5 Year Major Bank Rates and should be used under normal 5% down programs. (See Notes)

The Household Income Required figure of $ 32,902 is the minimum amount of Gross Income to qualify for a total mortgage of $ 95,000 under generally accepted underwriting guidelines. To determine qualifying sources of income, contact CanadaMortgage.com. Individual lender policies may vary.
Typical loan qualification criteria require that borrowers spend no more than 32% of their gross income (Gross Debt Service Ratio or GDSR) on shelter financial obligation including mortgage payments, taxes, utilities and half of condo fees. In addition, borrowers should spend no more than an additional 8% to 10% (Total Debt Service Ratio or TDSR = 40% to 42%) of their gross income on all other financial obligation including personal loans, car loans, credit cards and other debts. The calculation therefore assumes the total of all non-shelter financial obligations will not exceed $ 2,632, or an additional 8% of the required household income.
The minimum loan term is set at six months. The greater of the current three-year posted mortgage rate or the actual contract rate may be used for calculation purposes. Borrowers may be required to demonstrate their ability to cover closing costs equal to at least $ 1,500, or 1.5% of the $ 100,000 purchase price.
The calculator's default Down Payment is set for a minimum of 5% of the property purchase price. At present, 10 % is the mode of 5 Year Major Bank Rates and should be input to accurately calculate 5% down payment results.


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Figures are rounded to nearest dollar.
The above information is for illustrative purposes only. We cannot guarantee its accuracy. Please contact your financial advisor for more specific information.
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