| Annual income |
Your annual income. For married couples
this is your total combined annual income. |
| Purchase price |
The price of the home you wish to purchase.
This is the actual price you pay, not including any closing
costs. |
| Total monthly payment |
Total monthly payment that you can qualify
for. This is the total of principal, interest, taxes and heat
paid each month. Often called PITH. |
| Cash on hand |
Cash you have for the down payment and
all closing costs. |
| Interest rate |
The current interest rate you can receive
on your mortgage. |
| Term in years |
The number of years over which you will
repay this loan. |
| Property tax rate |
Your property tax rate. 1% for a $100,000
home equals $1,000 per year in property taxes. |
| CMHC rate |
This is the Canadian Mortgage and Housing
Corporation's mortgage insurance rate. This rate times the
mortgage amount is added to your mortgage if you purchase
a home with less than 25% down. The rate varies from 0.5%
to 3.75%. |
| Monthly car payment(s) |
Total monthly payment for your car loan(s).
|
| Credit card payments |
Total monthly minimum payments for your
credit cards. |
| Other loan payments |
Any other installment loan payments, such
as student loans or unsecured loans. |
| Total closing costs |
Total up front costs to close your loan.
This is the total of your loan origination fee, transfer tax,
GST Tax and other closing costs. |
| Loan origination rate |
The percentage the lending institution
charges for its origination fee. 1% for a $100,000 home equals
$1,000. |
| Other closing costs |
Estimate of all other closing costs for
this loan. This should include filing fees, appraiser fees
and any other misc. fees paid. |
| CMHC Amount |
Mortgage insurance is paid to the Canadian
Mortgage and Housing Corporation (CMHC). For loans secured
with less than 25% down, CMHC is estimated at 0.5% to 3.75%
of your mortgage and is paid upfront or added to your mortgage
balance. |
| Monthly PI payment |
Monthly principal and interest payment.
|
| Total for down payment |
Total funds remaining, after closing costs
and taxes, for down payment. |
| Limit down payment to 25% |
Limit down payment to 25% of the purchase
price. Even if you have more cash on hand than required for
closing costs and a 25% down payment. |
| Show schedule by month |
Display the payment schedule by month when
you press the Payment Schedule button. |
| Show schedule by year |
Display the payment schedule by year when
you press the Payment Schedule button. |
| Total debt percent of annual
income |
Not shown. This is the percent of your
annual income your financial institution allows you to use
for installment payments debt. This includes car payments,
credit card payments, other loan payments and your "Principal,
Interest, Tax and Insurance" payment for your home. The
default rate is 40%. |
| PITH percent of annual income |
Not shown. This is the percent of your
annual income your financial institution allows you to use
for your "Principal, Interest, Tax and Insurance"
payment for your home. The default rate is 32%. |
| Qualify amount |
Shown as "Total monthly payment."
This is the total amount you qualify for per month. This amount
is the total of "Principal, Interest, Tax and Heat"
for your home. |
