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Each mortgage calculator you’ll ever want

Mortgage affordability calculator

A mortgage affordability calculator determines the dimensions of the mortgage you’ll be able to afford to borrow, primarily based in your annual family revenue, money owed and dwelling bills. In mortgage affordability calculations, your dwelling bills are these you’d incur by dwelling within the house you need to purchase, together with the mortgage funds, property taxes and heating prices.

These calculations don’t consider all your dwelling bills, equivalent to the prices of daycare, commuting to work and placing meals on the desk. To really perceive what you’ll be able to afford on a mortgage, contemplate making a finances that features all of your bills. 

See the MoneySense mortgage affordability calculator.

Watch: What’s mortgage affordability?

Mortgage cost calculator

Some of the helpful instruments within the mortgage decision-making toolbox, a mortgage cost calculator estimates your common mortgage funds, primarily based on the acquisition worth of the house, the dimensions of your down cost, and the rate of interest and amortization of the mortgage. 

Some housing bills—equivalent to property taxes, land switch taxes and whether or not or not you want mortgage default insurance coverage—are contingent on the dimensions of your mortgage and the worth of your own home. A very good mortgage cost calculator provides you with a fast rundown of what you’ll be able to anticipate to pay, accounting for all these elements. It could possibly even present you ways a lot curiosity you’ll pay over the lifetime of the mortgage, primarily based on the rate of interest, amortization and mortgage cost frequency you’ve chosen. Tinker with these variables to find methods to economize. 

See the MoneySense mortgage cost calculator.

Land switch tax calculator

When taking possession of a property, you should pay a price to the province or territory (and typically the municipality). The quantity you pay is commonly calculated as a proportion of the property worth. This price is named land switch tax in all Canadian provinces, besides Alberta and Saskatchewan, the place it’s known as a switch price. Sure Canadian municipalities, equivalent to Toronto, levy extra land switch taxes. 

Contemplating these taxes are calculated otherwise throughout jurisdictions, you could discover it troublesome to maintain observe of how a lot you owe. Land switch tax calculators make this course of simple, regardless of the place you reside in Canada, and lots of even present you in the event you’re eligible for rebates. 



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