Calculation Inputs
Annual Family Income:
Help
Enter the total amount of annual family income you can prove. Enter gross income (before taxes). You must be able to prove your income, by one or more of: t-4 slips, pay stubs, employment letters, financial statements, tax assessment notices, investment income documentation. The proof required may depend on your specific circumstances.
Annual Property Taxes:
Help
Enter your estimated annual property taxes. These are the taxes for local services, which are either billed directly by your municipality or added to your monthly mortgage payment. You may find this amount on a property listing, it may be estimated by the builder, or indicated by the local municipality. If you are Pre Qualifying for a mortgage, please estimate the property taxes.
Monthly Heating Costs and Condo Fees (est.):
Help
Enter the total of your monthly heating costs and half of any applicable monthly condo/maintenance fees. Ask your realtor or your builder to obtain the most likely amount for you, if you are not currently occupying the property. Don't underestimate the high cost of electric and oil heat (often double or triple the cost of natural gas). If you are Pre Qualifying for a mortgage, please estimate the amount.
Min. Monthly Payments for Loans/Credit Cards:
Help
Enter your minimum monthly payments on loans/credit cards. You should also include personal use property lease payments; alimony and any other legally required payments (at this point exclude other mortgages/secured credit lines etc.).
Monthly Secondary Financing Payment:
Help
Enter the total monthly amount of all existing loans and mortgages that are or will be registered against the property you are financing/buying. Do not include the first mortgage that you are qualifying for now. For example: second or third mortgage, a secured line of credit.
Interest Rate:
Help
Enter the interest rate you would like to use for calculating your payment and amortization schedule. Enter the interest rate in a whole number format. For example: 4.56 NOT .0456
