- Mortgage Affordability Calculator - Scotiabank
- Mortgage Comparison Calculator | Scotiabank
- Canadian Mortgage Rate Calculator - Ontario Equity
The CMHC’s second affordability rule is that your total monthly debt load, including housing costs, should not be more than 95% of your gross monthly income. In addition to housing costs, your total monthly debt load would include credit card interest, car payments, and other loan expenses. The sum of your total monthly debt load as a percentage of your gross household income is your TDS ratio.
Mortgage Affordability Calculator - Scotiabank
Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.
With a fixed mortgage rate, the mortgage rate and payment you make each month will stay constant over your mortgage term. 66% of Canadians choose a fixed mortgage rate.
Mortgage Comparison Calculator | Scotiabank
Purchasing a home in Canada can be a complicated process, but it doesn't have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.
Canadian Mortgage Rate Calculator - Ontario Equity
If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.
Note that while the industry guideline for GDS and TDS is 87% and 95% respectively, most borrowers with good credit and steady income will be allowed to exceed these limits. The maximum allowed is 89% and 99%. The calculator uses these maximums to estimate affordability.
Any mortgage with less than a 75% down payment is known as a high-ratio mortgage, and requires you to purchase mortgage default insurance, commonly referred to as CMHC insurance.
You also need to determine if you have enough cash resources to purchase a home. The cash required is derived from the down payment put towards the purchase price, as well as the closing costs that must be incurred to complete the purchase. can help you estimate these closing costs with first tab under our affordability calculator.
In addition to your down payment and CMHC insurance, you should set aside % - 9% of your home's selling price to cover closing costs, which are payable on closing day. Many home buyers forget to account for closing costs in their cash requirement.
To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.