Canadian Mortgage Calculators – Mortgage Centre Canada

See what homeownership looks like with Mortgage Centre Canada

When planning to purchase a home, it is important to understand the costs associated with homeownership and understanding how much you can afford before starting your house hunt. Home Mortgage Ontario and The Mortgage Centre have provided six Canadian mortgage calculators you can use to determine how much home you can afford and the various costs involved. Also, we have various blog posts related to purchasing your first home in Ontario and across Canada.

If at any point, you’re not sure how to proceed or you need some expert advice, contact us! We would love to assist you in creating a financial plan and developing a strategy to allow you and your family live life to the fullest!

Rent vs. Buy Canadian Mortgage Calculators

Simply fill in your current rent and what your anticipated costs of home ownership are, and this calculator will tell you whether you’re better off renting or buying. Of course, if you’d like a more comprehensive analysis of your situation—along with expert unbiased advice—feel free to talk to your Mortgage Specialist.

Maximum Canadian Mortgage Calculator

This calculator will tell you the maximum mortgage amount and monthly payment you can qualify for based on your income and existing expenses. If you’d like some help with this calculation, or you have special circumstances not covered in this calculator, feel free to talk to us today!

Qualifying Canadian Mortgage Calculators

Like the Maximum Mortgage Calculator, this calculator shows you how much mortgage you can afford. But this time, you can put in the house price you have in mind, along with your expenses, and the calculator will show you how much income you’ll need to qualify. Again, feel free to talk to your Mortgage Specialist if you’d like a thorough analysis of your specific situation.

Monthly Payment Canadian Mortgage Calculator

Simply fill in your purchase price, downpayment, amortization and payment frequency, and this calculator will show you how much your payments will be and the total amount of interest you’ll pay over the life of the mortgage. If you’d like help deciding whether you can afford this level of payments over the long term, drop us a line!

Canadian Mortgage Calculator Monitor

Once you’ve made your purchase, you can use this advanced management and optimization tool to help you take control of your financial future. Explore what the effect will be if you make extra payments, increase your payment size or experience a change in interest rate. You can access the Mortgage Monitor site by clicking above or by going directly to mortgagemonitor.ca. To register for Mortgage Monitor and get some expert advice on how best to put it to work for you, talk to me today.

Ontario Land Transfer Tax / Toronto Land Transfer Tax (LTT) Calculations

When you purchase a home in Ontario, you must be aware of the Ontario Land Transfer Tax (LTT) and the additional tax you must pay if you are purchasing in Toronto. Learn about both taxes and exemptions if you are a first time homebuyer.

These tools are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed.