Mortgage calculator: figure out what you can afford
Mortgage Affordability Estimator | Mortgage Comparison

If you’re thinking of buying a home or transferring or refinancing your existing mortgage, use these handy calculators to:

• Figure out how much you can afford to spend on a home.


• Determine what your mortgage payments will be.


• Compare different ways of paying your mortgage off faster.


• Add lump sum or top-up payments to your mortgage calculation.


• See your amortization schedule (which provides a breakdown of principal and interest payments for the life of the mortgage)

What is a pre-approved mortgage?
It’s a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to a financial assessment and property appraisal. This service is always free and without obligation.

Why do it?
A pre-approved mortgage gives you an edge. Before you even start house hunting, you’ll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.

A pre-approved mortgage shows you’re a serious buyer. In a situation where several people are bidding on the home you want, you may decide to offer the list price and beat out earlier offers.

Making An Offer

From Offer to Closing
When you find the home that’s right for you, your next step is to make an offer to purchase the home from the current owner. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer.

About the Offer to Purchase
The Offer to Purchase is a legally binding agreement between you and the person selling the home. Your real estate agent is qualified to prepare this agreement for you and will structure it so as to represent and protect your interests. Most Offers are conditional for a period of time on a number of issues such as the buyer obtaining financing, a satisfactory inspection of the property by a qualified home inspector, and other issues which vary with each situation.
The Offer includes:

• Your name
• The seller’s name
• The address or legal description of the property
• The price you are prepared to pay for the home
• The items you expect to be included in the purchase price
• The amount of your cash deposit
• The closing date
• Specific terms or conditions that must be met prior to the deal becoming firm
• A time limit for meeting these conditions

An Offer should not be entered into lightly. Remember, it becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the home could sue you for damages. If the seller does not accept your offer, your deposit will be returned.

When your offer is accepted
You’re in the home stretch, finalizing the details of your mortgage and closing the purchase of your new home. Now you need to call your mortgage specialist and send them the following info:

• A copy of the real estate listing
• A copy of the accepted Offer to Purchase
• Information on the source of your down payment
• Income verification if you are employed
• A letter from your employer verifying your place of employment and income, or T4s and Notice of Assessment, or T1 General Tax Return and Notice of Assessment
• Income verification if you are self-employed
• 3 years of Financial Statements and 3 years of Notice of Assessments, or 3 years of T1 General Tax Returns and 3 years of Notice of Assessments