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Free Mortgage Calculator

The FREE mortgage calculator is an official Canadian CMHC tool


Free Mortgage Calculator is an official Canadian CMHC tool  for calculating your ratios to determine if you can afford your obligations. Jpg

The FREE MORTGAGE CALCULATOR does not work on Apple devices.

Our Free Mortgage Calculator is an official Canada Mortgage and Housing Corporation tool. It's for calculating your ratios to determine if you can afford your obligations. 

What does this Calculator tell me?

This tool allows you, the home buyer to evaluate your financial situation and understand how much you can comfortably afford to spend on a mortgage.

The calculator will help you compare the level of your monthly housing expenses and total debt to your gross household income. This is the comparison performed when you are being pre-qualified for a mortgage.

It calculates your Gross Debt Service (GDS) and Total Debt Service (TDS) to determine whether or not you qualify as is -- or if some restructuring is needed first.

  • Gross Debt Service is the percentage of your monthly household income that covers your housing costs including your mortgage principal and interest, taxes, heating costs and half of the condo fees (if applicable) – this should not be more than 32%;
  • Total Debt Service is the percentage of your annual household income that covers housing costs PLUS other debts, such as car loans, line of credit, and credit card payments. For basic credit -- up to 680 FICO score --  this should not be more than 40%. However, broker channel lenders will look at Total Debt Service as high as 44%, provided you have exceptional credit, income and job stability.

See mortgage help for more details what is involved throughout the mortgage broker Canada approval process.

But, there are other variables and strategies that the mortgage broker will apply to calculations and advise you what restructuring, if any, is needed to custom fit you for a mortgage.

There are different strategies for each unique situation, including:

  • utilizing a co-signor;
  • paying off certain debts first;
  • making a larger down payment ... and more.

Contact me for a FREE assessment of your situation. You deserve an expert to assess and present your information to the lender accurately. There is no need for you to struggle through volumes of details, trying to understand all the mundane qualifying requirements - the different offers, rates, terms, features and hype.

Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.

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Thank you for checking out our free mortgage calculator tool. Please visit often and share this calculator with others by using the social media tools provided.

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