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Mortgage Payment Calculator


This calculator is intended to provide a estimate of your maximum affordable mortgage payment. Once you know that, you can use the mortgage calculator to figure out how much you can borrow on that payment. Together with your deposit that will tell you the total amount you can afford to spend on your next home.

It works on two lending principles. The first principle, known as the Gross Debt Service Ratio (GDSR), is that your monthly housing cost (mortgage, taxes, heating and half of your condo fees) should not exceed 32%[1] of your gross[2] monthly family income.

The second principle used, the Total Debt Service Ratio (TDSR), is that your monthly housing cost, plus payments on all of your other debts (including loans, credit cards and leases) should not exceed 40%[1] of your gross[2] monthly income.

Caution: These principles apply generally in Canada, but are not fixed rules, and the practices of lenders vary. They are unlikely to be applicable in countries other than Canada. Consult a mortgage broker if you are in any doubt. A good mortgage broker may be able to find you a lender even if the results you get from this calculator suggest it is not possible. The interest rate you obtain through a good mortgage broker may also be more favourable that you can find on your own. Be wary of paying fees up front to locate a lender.

Gross Monthly Family Income:
Anticipated Monthly Property Taxes:
Anticipated Monthly Heating Costs:
Anticipated Monthly Condominium Fees:
(if applicable)
Total amount of Monthly Payments on ALL
of your other outstanding debts or obligations:
(bank and personal loans, car and other leases, credit cards, etc)

[1] The maximum for mortgage approval may vary.
[2] Use Net income for self employed/commissioned sales applicants.

The information on this page is only for estimating, and your actual payment amount can only be provided by your lender.
Neither Dot nor Team Realty KW Inc, not IBIS Inc, accept any liability for the accuracy of the information on this page.


Site owner: Dot Turner, Sales Representative, Team Realty K W Inc, Brokerage 519-741-1400

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