How Much Can You Afford?

Mortgages are so much more than a great rate. Did you know that with no extra effort you can structure your mortgage to be paid off quicker or even able to have it pay itself off? What a concept. Wouldn't it be great to have your home pay you a few extra thousand a year. It is possible.
Click Here and fill out the application and Collin will call you and explain how this is possible along with many other options that you may have never considered. It literally could pay to talk to the right person.

Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
The bottom of the page contains some definitions of terms frequently used.

Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

All Rates and terms below have been provided by Shelley Robertson, Mortgage Specialist with Bank of Montreal. If you would like more information on this information or would like to receive a rate guarantee on this rate call Shelley now at 780.952.3482 or send her a note by clicking here and she has committed to contacting you within a few minutes with answers to your questions.

Required

Required Must be a number between 1 and 50
Term In Years:
Required Must be a number between 1 and 100
Interest Rate:	%
Required
Cost of Home:	$
Required Cannot be more than Cost of Home
Down Payment:	$
Required
Annual Insurance:	$
Estimate Insurance to 0.43%of Cost
Required
Annual Property Tax:	$
Estimate Tax to 1.2%of Cost
Monthly Income:	$ Required
Monthly Debt:	$ Required

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage
Qualification
Affordability
Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance ( %):
Total Loan(Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Income Needed to Qualify for the Mortgage

Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:

What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:

Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)

Monthly Rent:	$ RequiredMust be a positive number	No. of Years you plan on keeping the home:	RequiredInvalid
Annual Rental Increases:	% RequiredInvalid	Yearly Appreciation on the Home:	% RequiredInvalid
Monthly Renter Insurance:	$ RequiredInvalid	Annual Home Maintenance:	% RequiredInvalid
Savings or Investment Rate:	% RequiredInvalid

Mortgage Terms

Mortgage amount: Original or expected balance for your mortgage.
Interest rate: Annual interest rate for this mortgage.
Term in years: The number of years over which you will repay this loan. The most common mortgage term is 25 years but we now see terms as high as 35 years. This can be very beneficial in the right situation. Ask us how.
Monthly payment: Monthly principal and interest payment (PI).
Total payments: Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest: Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type: The frequency of prepayment. This will vary based on the mortgage. A very important piece of information to know on your new mortgage.
Prepayment amount: Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

How Much Can You Afford?

Mortgage Terms

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