Mortgage calculators for Canada based on Canadian mortgage formulas

Canada Mortgage Payment | Canada Mortgage Biweekly | Canada Mortgage Compare | Canada Mortgage Qualifier | Canada Mortgage Payoff | Canada Mortgage Refinance | Accelerated Debt Payoff | Canada Rent vs. Buy | Home Budget | Calculatrice d'hypothèque

Canada Mortgage Payment
Canada Mortgage Biweekly
Canada Mortgage Compare
Canada Mortgage Qualifier
Canada Mortgage Payoff
Canada Mortgage Refinance
Accelerated Debt Payoff
Canada Rent vs. Buy
Home Budget
Calculatrice d'hypothèque

Canada Mortgage Qualifier
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.

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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 closing costs.

Interest rate
The current interest rate you can receive on your mortgage.

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 are purchasing.

Monthly car payment(s)
Total monthly payment for your car loan(s).

Credit card payments
Total monthly minimum payments for your credit cards.

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 for.

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 calculated as:

CMHC Insurance Premium Rates*:
Loan Size
(% of property value)
Rate (as a % of loan)
Up to and including 65% (over 35% down payment)
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.



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