How Much Can You Afford?

     

Dalia Usher 
Mortgage Advisor 
CIBC Mortgage Advisor Channel 
Cell 306 850 4138
Toll Free 1 877 213 0236

 

Know What You Can Afford: Before deciding to buy a home, you first need to determine exactly how much you can afford to spend each month; and what additional expenditures you might incur.

 

Using RRSPs to Help: With the federal government's Home Buyers' Plan, you can use up to $20,000 in RSP savings ($40,000 for a couple) to help finance a down payment on a first home.

Mortgage Basics: Besides the actual type of mortgage you select, there are other important characteristics of your mortgage that determine exactly how much you will pay - both monthly and over the life of your mortgage.

 

 Pre-approved Mortgages
 Choosing a Mortgage
 Your Mortgage Costs
 Shave Years Off Your Mortgage
 Residential Mortgages
 Mortgage Rates
 Mortgage Specialist Locator
 


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

 

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.

 

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

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:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %