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Usage
Notes:
The Mortgage
Payment Calculator can be used to determine your mortgage payments based
on the amount you borrow, amortization, term, interest rate and payment
frequency.
Please
Note: This
is a JavaScript based calculator and may not work with older browsers.
Please fill in all but one field before clicking the "Calculate" button.
The information you enter in this calculator is not recorded or shared.
*The
accuracy of this calculator and its applicability to your circumstances
is not guaranteed. You should always obtain personal advice from qualified
professionals.
What
house can you afford?
The table
below will give you an idea of the maximum house price you can afford.
The estimates take into account household income and the percentage
down payment you have made. They assume a mortgage interest rate of
10%, average tax and heating costs in Canada and the mortgage an average
Canadian would qualify for based on a 32% debt ratio.
Affordability
Table
|
Household
Income
|
5%
Down
Payment
|
Maximum
Home Price
|
10%
Down
Payment
|
Maximum
Home Price
|
25%
Down
Payment
|
Maximum
Home Price
|
| $
25,000 |
$
2,600 |
$
51,000 |
$
5,400 |
$
53,800 |
$
16,500 |
$
66,200 |
| $
30,000 |
$
3,400 |
$
66,300 |
$
7,000 |
$
70,000 |
$
21,500 |
$
86,000 |
| $
35, 000 |
$
4,100 |
$
81,600 |
$
8,600 |
$
86,100 |
$
26,500 |
$
105,900 |
| $
40,000 |
$
4,900 |
$
96,900 |
$
10,200 |
$
102,300 |
$
31,400 |
$
125,800 |
| $
45,000 |
$
5,700 |
$
112,200 |
$
11,800 |
$
118,400 |
$
36,400 |
$
145,700 |
| $
50,000 |
$
6,400 |
$
127,500 |
$
13,500 |
$
134,600 |
$
41,400 |
$
165,500 |
| $
60,000 |
$
8,000 |
$
158,200 |
$
16,700 |
$
166,900 |
$
51,300 |
$
205,300 |
| $
70,000 |
$
9,500 |
$
188,800 |
$
20,000 |
$
199,200 |
$
61,300 |
$
245,000 |
| $
80,000 |
$
11,000 |
$
219,400 |
$
21,400 |
$
231,500 |
$
71,200 |
$
284,800 |
| $
90,000 |
$
12,500 |
$
250,000 |
$
26,400 |
$
263,800 |
$
81,100 |
$
324,500 |
| $
100,000 |
$
14,100 |
N/A |
$
29,600 |
$
296,200 |
$
91,100 |
$
364,300 |
Figures
are base on a 10% interest rate amortized over 25 years
and rounded to the nearest $100. |
|
|
Through
native folklore, the community of Medicine Hat took it's name
from the native term, Saamis, which stands for "the place
where the Medicine Man lost his hat".
|
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