Mortgage Calculator

Ontario

Mortgage Calculator

We believe understanding your affordability is a crucial step in the home-buying process. Our mortgage calculator will help you with budget planning, estimating monthly payments, determining affordability, comparing mortgage options, and comprehending the long-term financial effects of your mortgage. When it comes to making one of the biggest financial decisions of your life, this information will come in handy.

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Understanding the Mortgage Application Process

magine the excitement of stepping into your very own home, a space where your aspirations take root and your memories flourish. As you embark on this thrilling journey towards homeownership in Canada, the path might seem labyrinthine, strewn with complexities. Fear not! Our guide is here to illuminate the way through the intricate maze of the Canadian mortgage application process. Whether you're a first-time buyer or a seasoned homeowner looking to refinance, fasten your seatbelt as we unravel the layers of this adventure, bringing clarity to each stage and unveiling the hidden gems of understanding. Your dream home is closer than you think, and grasping the nuances of this process will be your key to unlocking its doors.

Improve Your Credit Score: 5 Easy Hacks for Financial Glory

Ah, the enigma of credit scores! Like a capricious feline, they can either make or break your financial dreams. But fear not, dear Canadian comrades! In this blog, we shall unveil interesting hacks to rebuild and supercharge your credit score. So, buckle up, grab a double double, and let's dive into the dazzling world of credit score resurrection!

What is a Property Tax?

Did you know that property taxes are regressive in nature? This means that they are based on the assessed value of a property, which may not be directly correlated with the owner's income. As a result, low-income households end up paying a disproportionately larger portion of their total annual household income as taxes compared to high-income households.

How To Get a Mortgage With Bad Credit in Canada?

It is a well-known fact that to successfully acquire a mortgage a home buyer must have a minimum credit score of 660 in Canada (according to CMHC). So, does that mean anyone with a score below 660 does not stand a chance to get a home loan? The short answer is yes, you can absolutely get a mortgage even at a below-standard credit score. However, the longer answer is a bit more complicated as it depends on a number of factors which include-

What Is a Mortgage Stress Test and How Does It Affect You?

If you're in the market for a new home, you've probably heard the term "mortgage stress test" being thrown around. But what exactly is it, and why does it matter to you? So, let's first understand what the fuss is about!

Understanding Variable Rate Mortgages: What They Are and How They Work

A variable-rate mortgage is a type of home loan where the interest rate can change over time. This means that the amount you pay towards the interest and the amount you pay towards the principal (the amount you borrowed) can also change when you pay it back to your traditional or private lender in Ontario

GDS and TDS: The Two Numbers You Need To Know Before Buying a Home in Canada

As an aspiring homebuyer, there are more than a dozen factors that you will have to consider before signing the dotted line. The factor which is going to consume the most amount of your time is probably affordability. Now homebuyer affordability is simply how much they can put down as a down payment and how much they can pay as monthly mortgage payments without having to sacrifice their living standards.

Mistakes To Avoid as a First-Time Home Buyer

Finally choosing to buy your first home is like levelling up a character in a video game. The difference is that instead of unlocking new tools and upgrades you get a mortgage and a front lawn to mow. But before you dive in head first into the thrilling ride that is home ownership there are some classic blunders that you need to be sure to avoid.

5 First-Time Home Buyer Rebates That Will Help Save on Closing Costs

One of the most important financial decisions you’ll ever make is purchasing your first home. There are a number of factors that purchasers need to keep an eye on, including the final purchase price, mortgage rates, loan qualification, and of course, closing costs. If you are currently on the market for a property, it

Tip-Offs To Be Aware of While Buying a Home

The phrase “A person is intelligent but people are always stupid” likely originated from the home buying process, where one must rely on various parties such as real estate agents, mortgage lenders, home inspectors, and the home seller. However, the only person truly looking out for the buyer’s best interest is the buyer.

The Benefits of Buying a Pre-Construction Home in Canada

In Canada, buying a pre-construction property means investing in a home that doesn't physically exist yet. You are essentially putting your money into a property based on the developer's plans and designs, and you won't see the finished product until it's completed. Just by that definition alone, the idea of buying a pre-construction property seems like a risky business.

The Budget in Review: Canada’s Bold Housing Strategy, a Blueprint for Affordable Living

The 2024 Canadian Federal Budget, announced by Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland on April 16, 2024, marks a significant step towards accelerating productivity, unlocking innovation through AI, increasing investment to support businesses of all sizes and perhaps most importantly facing the Canadian housing crisis head-on.

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.

How do I use the mortgage calculator to estimate my home affordability?

Why I am not able to reduce the down payment?

Is the calculated amount the maximum I can afford to spend on a house?

Is there a connection between my monthly salary and the monthly mortgage payment?

Are closing costs included in mortgage payments?

How does the amortization period affect my mortgage payments?

Related Blogs

Understanding the Mortgage Application Process

Improve Your Credit Score: 5 Easy Hacks for Financial Glory

What is a Property Tax?

How To Get a Mortgage With Bad Credit in Canada?

What Is a Mortgage Stress Test and How Does It Affect You?

Understanding Variable Rate Mortgages: What They Are and How They Work

GDS and TDS: The Two Numbers You Need To Know Before Buying a Home in Canada

Mistakes To Avoid as a First-Time Home Buyer

5 First-Time Home Buyer Rebates That Will Help Save on Closing Costs

Tip-Offs To Be Aware of While Buying a Home

The Benefits of Buying a Pre-Construction Home in Canada

The Budget in Review: Canada’s Bold Housing Strategy, a Blueprint for Affordable Living

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Related Blogs

Understanding the Mortgage Application Process

Improve Your Credit Score: 5 Easy Hacks for Financial Glory

What is a Property Tax?

How To Get a Mortgage With Bad Credit in Canada?

What Is a Mortgage Stress Test and How Does It Affect You?

Understanding Variable Rate Mortgages: What They Are and How They Work

GDS and TDS: The Two Numbers You Need To Know Before Buying a Home in Canada

Mistakes To Avoid as a First-Time Home Buyer

5 First-Time Home Buyer Rebates That Will Help Save on Closing Costs

Tip-Offs To Be Aware of While Buying a Home

The Benefits of Buying a Pre-Construction Home in Canada

The Budget in Review: Canada’s Bold Housing Strategy, a Blueprint for Affordable Living