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Mortgage Qualifier (Canadian)
The first step in buying a house is determining your budget. This calculator
steps you through the process of finding out how much you can borrow. Fill in
the entry fields and click on the payment schedule button to see a complete
amortization schedule of your mortgage payments.
Canada Mortgage Qualifier
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- Annual income
- This is your gross annual income. For married
couples combine your gross annual incomes. If you enter a purchase price or
total monthly payment the calculator will determine the gross annual income you
need to qualify for the purchase. This calculated amount may be higher or lower
than your actual gross annual income.
- Purchase price
- The price of the home you wish to purchase. This
does not include any closing costs. If you enter total monthly payment or
annual income, the purchase price will be calculated based on these amounts.
- Total monthly payment
- Total monthly payment that you can qualify
for. This is the total of principal, interest, taxes and heat paid each month.
If you enter an annual income or purchase price, the total monthly payment will
be calculated based on these amounts.
- Cash on hand
- Cash you have available for the down payment and all
- Interest rate
- The current interest rate you can receive on your
- Amortization in years
- The number of years over which you will
repay your mortgage.
- Annual property taxes
- The annual property tax paid on the home you
- Monthly car payment(s)
- Total monthly payment for your car loan(s).
- Credit card payments
- Total monthly minimum payments for your
- Other loan payments
- Any other instalment loan payments e.g.
student loans or unsecured loans.
- Condo Fee
- Monthly fee for your condominium that you expect to
incur. Note that in British Columbia, condominiums are referred to as
"strata". The calculator adds 50% of your condominium fee to your Gross
Debt Service (GDS) when calculating the maximum mortgage that you can qualify
- Total closing costs
- Total up front costs to close your loan. This
is the total of the CMHC premium, transfer tax, GST and other closing costs.
- Other closing costs
- You must estimate of all other closing costs
for this loan. This should include filing fees, appraiser fees and any other
misc. fees paid.
- This calculator assumes GST at 6% of a new home's purchase
price minus a GST rebate. For homes under $350,000, the rebate is 36% of GST, up
to a maximum rebate of $8,750. For homes between $350,000 and $450,000, the
maximum rebate of $8750 declines to zero on a proportional basis. Homes selling
for more than $450,000 receive no GST rebate.
- CMHC Premium
- Mortgage insurance is paid to the Canadian Mortgage
and Housing Corporation (CMHC). This includes all loans secured with less than
25% down and depending on your financial institution, with as much as 35% down.
This calculator assumes that financial institutions will not charge any CMHC
premium if you have more than a 25% down payment. This calculator assumes that
your CMHC premium can be financed by your mortgage, which can greatly reduce the
amount of upfront money that is required to purchase a home. The CMHC premium is
|CMHC Insurance Premium Rates*:|
(% of property value)
|Rate (as a % of
|Up to and including 65% (over 35% down payment)||0.5%|
| Up to and including 75% (25% to 34.99% down payment)||
|Up to and including 80% (20% to 24.99% down payment)||
|Up to and including 85% (15% to 19.99% down payment)||
|Up to and including 90% (10% to 14.99% down payment)||
|Up to and including 95% (5% to 9.99% down payment)||
|Up to and including 95% Flex Down** (5% to 9.99% down payment)||
*An additional 0.2% is added to all mortgages with amortizations of 30 years.
An additional .2% is added to all mortgages with amortizations of 35 years.
*Not all Financial Institutions offer the Flex Down option
- GDSR: Gross Debt Service Ratio
- Compares the total cost of your
monthly mortgage payment, taxes and heating to your gross monthly (pre-tax)
income from all sources. As a rule these monthly payments should not exceed 32%
of your gross income.
- TDSR: Total Debt Service Ratio
- Examines the relationship between
all monthly debts (i.e. mortgage payments, property taxes, cars, credit cards,
other loans and obligations, etc.) and your gross monthly income. The general
rule is that these total monthly payments should not exceed 40% of your income.
- Qualify amount
- Shown as "Total monthly payment." This is the total
amount you qualify for per month. This amount is the total of "Principal,
Interest, Tax and Heat" for your home.