Mortgage Affordability Calculator

This is probably the most important mortgage calculator that you’ll have to use in your home-buying process. In order to figure the amount of money that you can afford for a mortgage, our mortgage affordability calculator takes your yearly income (along with the income of anyone else who’s purchasing the home with you) and monthly expenses into account, which means that in order to get the most accurate results from this calculator, you’ll have to know all of the figures for your monthly expenditures. The mortgage affordability calculator applies the federal lending rules that most lenders use to qualify you for a mortgage, and because of that, it also includes other factors that are important to lenders when assessing your mortgage suitability, such as the amount of debt you have relative to your income, the interest rate given to you by your lender, the length of time you’d like to have to pay off your mortgage, the amount of your down payment, and the type of mortgage that you’d like to get – fixed interest rate or variable interest rate – in order to get you a realistic snapshot of your financial picture and show you exactly how much you can afford to spend on a home.

Annual Income
Annual Income before tax:
$
Co-applicant Income before tax:
$

Monthly Living Costs
Property Tax:
$
Condo Fees:
$
Heating Costs:
$

Monthly Debt Payments
Credit Card:
$
Car Payment:
$
Other Loans:
$

My Profile
Home Type:
Province:
I live in Toronto
I am a first-time home buyer

Mortgage Info
Amortization Period:
years
Mortgage Rate:
%
Mortgage Type:
fixed

About the Mortgage Affordability Calculator

This is a question posed by many people who are in search of a mortgage. As we are all well aware, every homebuyer has a different financial situation. Some people have a large amount of capital to work with, while others have tighter budgets due to expenses and other financial dues.

Purchasing a home is a lengthy process that involves a number of steps. The first, and likely most important step, is to figure out how much money you can borrow for your mortgage. The primary objective is to find an amount that is affordable to you and fits your financial situation, as you want to avoid being in the red as much as possible.

The Mortgage Affordability Calculator is a useful tool that will help you to determine how much you’ll be able to afford. Areas of interest for this calculator include your annual income, the amounts of any outstanding debts, and any monthly living expenses that you may have. Once those fields are filled with the required data, the calculator will provide you with a mortgage amount that will be tailor-made for you.

Although the calculator serves as a key catalyst in the quest for a mortgage, a meeting with your dedicated mortgage professional will be most beneficial as well. The broker can address your needs and financial situation to provide you with an affordable mortgage.

Mortgage Articles

Saturday Dec 03, 2016
Top Featured Rates
Top Bank Rates