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Mortgage Calculators

Mortgage Qualifier

Try these online tools, including our mortgage qualification calculator to help make financial decisions that are right for you. Call us at 416-969-8130 if you need help, or would like more detailed information.

Payment Calculator

Use the Mortgage Payment Calculator to see how much interest you are likely to pay and your estimated principle balances. It will also help you realize the impact of insurance and taxes on your total monthly mortgage payment.

Land Transfer Tax

Try these online tools to help make financial decisions that are right for you. Call us at 416-969-8130 if you need help, or would like more detailed information.

Land Transfer Tax Ontario

Buying your first home comes with many associated costs. Besides appraisal fees, you will need to pay for the land your home sits on. When you purchase a home or land in Ontario, you are subjected to land transfer tax.

Life Insurance

When you purchase a home, you are buying your most important asset. You can use that asset to tap into equity as it appreciates to finance home renovations and other needs. However, that asset cannot protect you against unforeseen tragedy.

Mortgage Qualifier Calculator Ontario

When you plan to buy your first home, one of the first things you should do is determine how much you can afford to pay. You should be able to pay at least 5 percent of the purchase price as a down payment.

If you are currently a prospective homeowner and ready to find the best mortgage for you, then consider using our mortgage calculator. Utilizing this tool can help to analyze a variety of variables of a mortgage to assist you in finding the right fit. The following will provide you with more information about the functions of mortgage calculators.

How Mortgage Calculators Work

Mortgage calculators allow you to figure out how much you can afford when it comes to purchasing a home. First, you must input variables such as asking price, interest rate, amortization, heating per year, taxes per year, and condo fees per year. By entering this information, a mortgage calculator uses complex formulas to determine your costs and requirements to qualify for a mortgage.

How Mortgage Calculators Are Helpful

When you input all of your pertinent information, a mortgage calculator can provide you with very helpful results. Depending on what kind of down payment you choose (5 or 10%), a mortgage calculator can give you a breakdown of your monthly costs or requirements. Some of these variables include:

  • The amount of your down payment
  • First Mortgage
  • Insurance (CMHC/ SAGEN/ Canada Guaranty Mortgage Insurance Company)
  • Total Financing
  • Principal and Interest payment
  • Heating
  • Taxes
  • Condo fees (if applicable)
  • Total Expenses
  • Income requirements

Mortgage calculators are helpful because of their simplicity and widespread availability to all. Before mortgage calculators, one had to use compound interest rate tables that required a working knowledge of finance and compound interest math.

How To Use Mortgage Calculators In Your House Hunting Process

While you are house hunting or when you’ve found your perfect home, a mortgage calculator can be of great assistance during the process. This tool allows you to visualize your monthly payments and compare different mortgage options. A mortgage calculator can help you to understand the breadth of your financial obligations prior to signing your loan. It can allow you to become more comfortable with the repayment terms before you commit to the best mortgage for your circumstances.

Another way to use mortgage calculators during your house hunting process is to formulate a pros and cons list. Since a mortgage calculator is readily available at your fingertips, you can access it at anytime. This allows your the freedom to create your pros and cons list whenever you desire. You can compare mortgage lengths, terms, interest rates, down payments, and other variables to help you make the most informed decision.

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