What does this Mortgage Affordability Calculator do?
Mortgage Affordability Calculator can truly calculate what’s the maximum mortgage you can qualify for based on your income, debt etc.
What should I fill in this forms?
Annual Family Income – can be combination of salary, bonus, commissions, dividends etc
Annual Property Taxes – we recommend you use an average of 1% of the purchase price.
Monthly Heating Costs/ Condo Fees – Use $125 for Heating and if Condo fees apply add that as well.
Min. Monthly Payments for loans/etc – Add up payments of credit cards, student loans, car payments, installment loans, line of credits etc.
Monthly Secondary Financing Payment – for most of you, just leave it as $0. If you will be getting a second mortgage, enter the payment.
How to lower payments?
One way to lower payments is by increasing amortization to 30 years, although to be eligible for 30-year amortization you need to put a downpayment of min 20%.
Want to be mortgage free faster?
We strongly recommend you switch to bi-weekly or weekly, the extra payments during the year will help you pay off more principal quicker. Once you enter your data in the calculator across, you will notice that Weekly payments will show a significantly less amortization period.