Mortgage Payment Calculator   |   Income Qualifier Calucator   |   Mortgage Savings Calculator

Mortgage Payment Calculator

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in CMHC/GE Insurance for loans where less than 25% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

Purchase & Financing Information
Sale Price of Home:	(In Dollars)
Percentage Down:	%
Length of Mortgage:	years
Annual Interest Rate:	%

Mortgage Qualifier Calculator

How Much Can You Afford?

The way most lenders look at how much you can be approved for is by looking at your Gross Debt Service Ratio (GDS) and your Total Debt Service Ratio (TDS).

The GDS is the maximum percentage of your gross income that is allocated to paying the costs of carrying your home. This ratio includes your principal and interest mortgage payment, property taxes, heating and/or condo fees. To qualify your monthly carrying costs cannot exceed 32% of your gross monthly income.

The TDS is the maximum percentage of your gross income that can be used to pay your GDS plus all other debts. This ratio includes everything from the GDS as well as any other loans, credit cards or lines of credit. To qualify it cannot exceed 40% of your gross monthly income.

There are some lenders who will qualify people with higher debt service ratios. Please contact us for further details.

* Please fill in all fields even if the amount is zero.

1. Combined Gross Annual Income:
2. Estimated Annual Property Taxes:
3. Estimated Monthly Heating Costs/Condo Fees:
4. Monthly Payments for Loans/Credit Cards/Leases (minimum):
5. Monthly Second Mortgage Payment:
6. Interest Rate (%):
	Calculate
Mortgage Amount:
Monthly Payment (based on 25 year term):

Mortgage Savings Calculator

Your Information

To find out if it’s worthwhile to break your existing mortgage, pay the penalty and refinance at a lower rate, ese the calculator below.

Modify the values presented below according to your needs.
If you need help with some of the terminology used, our Mortgage Dictionary can help you.

About Your Current Mortgage

Mortgage, Remaining Term		months
Mortgage, Monthly Payment	$
Mortgage, (annual) Interest Rate		% p.a.
Mortgage, Remaining Amortization Period		months years
or
Mortgage, Outstanding Balance	$

About Your New Mortgage

Months of Interest Penalty for Breaking Mortgage		months
or
Dollar Value of Penalty to Break Mortgage	$
Desired Lump Sum Payment to Reduce Mortgage	$
New Mortgage, (annual) Interest Rate		% p.a.
New Mortgage, desired Amortization Period		months years
or
New Mortgage, desired Monthly Payment	$

Reset Submit

Your Result

For Your Current Mortgage

Current Outstanding Mortgage Balance	$
(Assuming a known amortization period.)
Current Amortization Period		months
(Assuming a known mortgage balance.)
How much interest will you pay this month?	$
Total Dollar Amount of Penalty:	$
New Mortgage Balance to be Financed	$
For Your New Mortgage
New Monthly Payment:	$
(Assuming the desired amortization period)
Compared to the old payment, how much will you save/lose per month?	$
How Much Will You Save/Lose over Remaining Term?	$
New Amortization Period:		months
(Assuming the desired monthly payments)		years
How Many Months of Payments will You Save/Lose?		months
		years