Amortization schedules, closed vs. open, variable rate, bi-weekly payments...you have heard all these mortgage terms by now, but have you sat down and figured out how much house your money will buy?
Our mortgage calculators have been set up to help you figure it out...and it's easy!
Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
FIRST TIME BUYERS: Once you have filled in all the numbers, use the Rent vs. Buy tab to analyze the results and make an educated decision about whether you should continue renting or think about buying. Our team consists of a Mortgage Consultant who can work with you and research the market to find you the best mortgage package. Feel free to contact us for a no-obligation consultation.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
GLOSSARY
G.D.S. (gross debt service ratio): The percentage of gross annual income required to cover payments for mortgage principal and interest, taxes, heating and 50% of condominium fees (if applicable). Most lending institutions use 30% but that can fluctuate.
T.D.S. (total debt service ratio): The percentage of gross annual income required to cover payments for mortgage principal and interest, taxes, heating, other existing loans and 50% of condominium fees (if applicable). Most lending institutions use 40% but that can fluctuate.
TERM: In a mortgage, "term" is the actual length of time for which the money is loaned at a particular rate of interest. Usually different (shorter) than amortization period.
Amortization: Repayment of a mortgage in equal installments of principal and interest, rather than interest only.