Maximum Mortgage
Thinking about buying a home? You're probably asking "what can I afford?" The first step is to know your price range. This will help save time during the home shopping process, and allow your Realtor to introduce you to properties that fit your budget.
Use our Maximum Mortgage Calculator to determine how much of a home you can reasonably afford – it's easy to get started.
You can perform calculations to quickly determine the financing amount for which you qualify based on your annual income, the purchase price of a property, or your total monthly payment.
You can also determine your mortgage payments for which you qualify based on different scenarios. For example, you can calculate your payments based on mortgages with different amortizations, such as 25 years versus 35 years. Or, you can see how your affordability varies with different interest rates or the amount of your other debts such as car loans or credit card balances.
This mortgage qualification calculator also allows you to generate reports which show how much interest and mortgage principal you would pay each month or year under a given mortgage scenario.
When it comes to deciding on the best mortgage strategy for you, and how much you can afford, make sure you turn to an Invis mortgage broker. The amount and payment that are calculated are accurate estimates, however once you've had a chance to use the Maximum Mortgage Calculator, let an Invis mortgage broker help you to obtain a specific amount that you can work with. He or she can also provide expert advice on credit qualifications and can provide you with assistance in getting you the financing that meets your individual needs.
Please note that when calculating the mortgage insurance premium, the "Cash on hand" amount that you enter will take into consideration the amount you have available for a down payment, as well as to cover closing costs, which includes GST on new homes.
