Mortgage Calculator
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Evaluate your mortgage payment with our mortgage calculator.
Use the calculator below to estimate monthly payments. The calculator automatically calculates your monthly payments after you enter or change a number and hit the tab key on your keyboard.
Calculations are estimates only and may vary due to different tax rates in various cities. Other fees may apply.
If you have any questions about loan calculations or would like to arrange a loan, please contact any of our sales representatives today.
Typical loan qualifications are based on the following guidelines.
Gross Debt Service Ratio
Maximum 32% of family gross yearly income (GDS)
Payments include mortgage payments, estimated municipal taxes, estimated heating cost and half of the condo fees if purchasing a condominium.
Total Debt Service Ratio
Maximum 40% of family gross yearly income (TDS)
Payments include all of the above plus any other debts such as Visa, loans etc.
Borrowers may be required to demonstrate their ability to cover closing costs equal to at least 1.5% of the selling price.
Maximum mortgage is 95% of the selling price.
To determine qualifying sources of income, contact Canada Mortgage and Housing Corporation as individual lender policies may vary.