Mortgage Affordability Calculator.ca
Terms and Conditions:
Interest Rate: The rate noted within your application is dependent on your down payment, amortization, credit and income, and is additionally determined by the category of your mortgage transaction (i.e. high-ratio purchase, conventional insurable purchase, conventional purchase, conventional re-finance, insurable/uninsurable switch/transfer). Terms and Conditions: The main purpose of this tool is to provide you with an estimate of the purchase price you are able to qualify for based on the income and down payment you have stated within your application. This tool SHOULD NOT be relied upon as guarantee of your mortgage financing or to allow you to make a "subject free" or "unconditional" offer on a property. Final approval of your mortgage loan is subject to the mortgage loan meeting lending eligibility rules, including property eligibility, credit history, employment, income, down payment amount/verification, and the applicant's financial situation, in regards to factors such as debts owing, etc. Final approval is also subject to the loan being approved for mortgage default insurance if applicable. The actual mortgage principal amount may vary depending on a number of factors including the value of the property purchased, appraisal report, costs of mortgage default insurance, property taxes, condominium fees, heating costs and the qualifying interest rate at the time your application is submitted to a mortgage lender. The monthly payment amount is an estimate of the principal and interest only and does not include property taxes.