Residential - Commercial Real Estate   Expert Real Estate Services ! 416-505-6974 Michael M &The Team

How Much Can You Afford?


 

Buying a home is a big decision - one that I would love to help you with! The articles and resources on this page are complimentary and part of the many services I offer.

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

If you have any questions, please don't hesitate to contact me.

 

Homes for sale in Mississauga,

Mortgage Rates
Term            Posted    MB
1 Year 3.04 2.34
2 Year 2.84 2.14
3 Year 3.44 2.35
4 Year 3.89 2.44
5 Year 4.64 2.39
Variable Rate 1.85
Home Equity Line Of Credit 3.20
Prime Rate 2.70

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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:  %
Michael M. Mehrad, Real Estate Broker/ Team Leader Email Michael M.