Mortgage affordability calculator
A mortgage affordability calculator determines the size of the mortgage you can afford to borrow, based on your annual household income, debts and living expenses. In mortgage affordability calculations, your living expenses are those you would incur by living in the home you want to buy, including the mortgage payments, property taxes and heating costs.
These calculations don’t factor in all of your living expenses, such as the costs of daycare, commuting to work and putting food on the table. To truly understand what you can afford on a mortgage, consider making a budget that includes all your expenses.
See the MoneySense mortgage affordability calculator.
Watch: What is mortgage affordability?
Mortgage payment calculator
One of the most useful tools in the mortgage decision-making toolbox, a mortgage payment calculator estimates your regular mortgage payments, based on the purchase price of the home, the size of your down payment, and the interest rate and amortization of the loan.
Some housing expenses—such as property taxes, land transfer taxes and whether or not you need mortgage default insurance—are contingent on the size of your mortgage and the value of your home. A good mortgage payment calculator will give you a quick rundown of what you can expect to pay, accounting for all these factors. It can even show you how much interest you’ll pay over the life of the mortgage, based on the interest rate, amortization and mortgage payment frequency you’ve selected. Tinker with these variables to discover ways to save money.
See the MoneySense mortgage payment calculator.
Land transfer tax calculator
When taking possession of a property, you must pay a fee to the province or territory (and sometimes the municipality). The amount you pay is often calculated as a percentage of the property value. This fee is known as land transfer tax in all Canadian provinces, except Alberta and Saskatchewan, where it is referred to as a transfer fee. Certain Canadian municipalities, such as Toronto, levy additional land transfer taxes.
Considering these taxes are calculated differently across jurisdictions, you may find it difficult to keep track of how much you owe. Land transfer tax calculators make this process easy, no matter where you live in Canada, and many even show you if you’re eligible for rebates.