Here are six handy calculators you can use to determine how much home you can afford and the various costs involved. You can even perform ‘what if’ scenarios to see which options might work best for you.
Simply fill in your current rent and what your anticipated costs of home ownership are, and this calculator will tell you whether you’re better off renting or buying.
This calculator will tell you the maximum mortgage amount and monthly payment you can qualify for based on your income and existing expenses.
Like the Maximum Mortgage Calculator, this calculator shows you how much mortgage you can afford. But this time, you can put in the house price you have in mind, along with your expenses, and the calculator will show you how much income you’ll need to qualify.
Simply fill in your purchase price, downpayment, amortization and payment frequency, and this calculator will show you how much your payments will be and the total amount of interest you’ll pay over the life of the mortgage.
Like the Mortgage Payment Calculator, this calculator shows you how much your payments will be. But here you can isolate and change your payment frequency, amortization, mortgage amount, interest rate or payment size to see what effect it will have on the other variables.
Once you’ve made your purchase, you can use this advanced management and optimization tool to help you take control of your financial future. Explore what the effect will be if you make extra payments, increase your payment size or experience a change in interest rate. You can access the Mortgage Monitor site by clicking above or by going directly to mortgagemonitor.ca. To register for Mortgage Monitor and get some expert advice on how best to put it to work for you, talk to your Mortgage Specialist.
These tools are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed.