Mortgage Calculator using Canadian Funds

This mortgage calculator calculates Canadian monthly mortgage payments based on principal, interest and term. Canadian mortgages are compounded semi-annually.

Do you qualify for a mortgage on your "dream home"? Use this rule of thumb calculation to find out!

1. Calculate the combined monthly gross (before tax) income of you and your spouse.
2. Divide by three. This figure is the maximium monthly payment you can afford to make on your house.
3. Take the total price of your "dream home" and subtract the amount of money you expect to make as a down-payment. This is the money you will have to borrow.
4. Using the calculator below, figure out your monthly payment using the current interest rate and amortization period of your choice (most first-time buyers choose 25-year amorization)
5. Add this to your estimated utility costs and montly property taxes.
6. If this figure is less than 1/3rd of your gross montly income, you may qualify for a mortgage on your "dream home".

Amortization(Years) =

Term (Years) =

Yearly Interest Rate (%) =

Principal Amount ($) =

Downpayment (%) =

Downpayment Required ($) =

Mortgage Principal ($) =

Monthly Payment ($) =

Still Owing at End of Term ($) =

Please remember that this is only a rough estimate. If you have any outstanding loans, you may qualify for less. The best way to know what you qualify for is to go to your lending institution and get pre-qualified or contact Bjorn for advice.