How much mortgage do i qualify for canada

how much mortgage do i qualify for canada

Click the calculator to submit your numbers.

Helpful Hints

Gross Monthly Income: Enter the gross monthly family income (before taxes) that you can document via T4 slips, pay stubs, etc.

Monthly Property Taxes: Enter your estimated monthly property taxes that are either billed to you directly by your municipality or added to your monthly mortgage payment. This information can also be found in property listings or may be estimated by the builder.

Monthly Heating Costs: Enter your total monthly heating costs. Ask your agent or builder to help you estimate the amount if required.

Half Monthly Condo Fees: Enter one half of any applicable condo fees. Ask your agent or builder to help you estimate the amount if required.

Monthly Credit Payments: Enter the minimum monthly payments for all

loans and credit cards that have outstanding balances as well as any other legally binding payments such as alimony, support payments, etc.

Mortgage Interest Rate: Enter the interest rate you would like to use for calculating your payment. For example, enter five percent as 5 or 5.0. View Current Rates

Amortization: The most common amortization period is 25 years. The maximum period over which a mortgage can usually be repaid is 35 years. If you would like to pay off your mortgage faster, enter a shorter amortization period, e.g.

20 years, 15 years.

Down Payment: Enter the amount of your down payment on the property you are purchasing. If you are borrowing a portion of the down payment, please ensure you include the monthly payment amount under Monthly Credit Payments.

Source: www.firstnational.ca

Category: Credit

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