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Sel-Rite Realty works with mortgage specialists to help you
find the best interest rate. Use this mortgage calculator to
determine the amount of mortgage you qualify for.
Part I - Your Available Assets
|
CASH |
$ |
|
STOCKS |
$ |
|
MUTUAL FUNDS |
$ |
|
CSB'S & OTHER |
$ |
|
TERM DEPOSITS (GIC'S) |
$ |
|
RRSP'S |
$ |
|
TOTAL AVAILABLE ASSETS |
$ |
Part II - Your House Buying Expenses
|
GST |
$ |
|
PROPERTY PURCHASE TAX ( B.C.) |
$ |
|
LEGAL FEES |
$ |
|
MORTGAGE SETUP FEES |
$ |
|
LAND TRANSFER TAX |
$ |
|
MOVING EXPENSES |
$ |
|
INSURANCE PREMIUMS (FIRE, MORTGAGE) |
$ |
|
IMMEDIATE HOME RENOVATIONS (I.E. DRAPERY, HARDWARE, MISC) |
$ |
|
TOTAL HOUSE BUYING EXPENSES |
$ |
Part III - Calculating Your Affordable Mortgage
|
YOUR GROSS MONTHLY INCOME |
$ |
|
YOUR SPOUSE'S GROSS MONTHLY INCOME |
$ |
|
OTHER REGULAR INCOME |
$ |
|
TOTAL MONTHLY HOUSEHOLD INCOME |
$ |
|
30% OF MONTHLY HOUSEHOLD INCOME |
$ |
|
DEDUCT: |
|
|
ESTIMATED MONTHLY PROPERTY TAXES |
$ |
|
HALF MONTHLY CONDOMINIUM FEES |
$ |
|
MAXIMUM MONTHLY MORTGAGE PAYMENT (BASED ON GDS GUIDELINES) |
$ |
|
TDS RTIO CALCULATIONS: |
|
|
TOTAL MONTHLY HOUSEHOLD INCOME |
$ |
|
40% OF MONTHLY HOUSEHOLD INCOME |
$ |
|
DEDUCT: |
|
|
MONTHLY CREDIT CARD PAYMENTS |
$ |
|
CAR LOAN PAYMENTS |
$ |
|
OTHER |
$ |
|
ESTIMATED MONTHLY PROPERTY TAXES |
$ |
|
HALF MONTHLY CONDOMINIUM FEES |
$ |
|
MAXIMUM MONTHLY MORTGAGE PAYMENT (BASED ON TDS GUIDELINES) |
$ |
Use the lower of your GDS or TDS calculation to
determine the total mortgage amount you can afford to maintain.
Your Affordable Mortgage:
|
LOWEST OF GDS OR TDS FIGURE |
$ |
|
DIVIDE BY: |
|
|
MONTHLY MORTGAGE FACTOR |
$ |
|
YOUR AFFORDABLE MORGAGE |
$ |
Monthly Mortgage Factor if current rate is:
|
6.5% |
DIVIDE BY 0.006698 |
|
7.0% |
DIVIDE BY 0.007004 |
|
7.5% |
DIVIDE BY 0.007316 |
|
8.0% |
DIVIDE BY 0.007632 |
|
8.5% |
DIVIDE BY 0.007954 |
|
9.0% |
DIVIDE BY 0.008280 |
|
9.5% |
DIVIDE BY 0.008610 |
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