With this calculation, you can estimate
the maximum home-related expenses you can afford to pay each
month. The total should not be over 32% of your gross monthly
household income.
Monthly mortgage payment
(principal and interest) |
$750.00 |
| Property taxes |
$180.00 |
| Heating costs |
$105.00 |
| Total monthly payments |
$1,035.00 |
| Gross monthly household income |
$4,500.00 |
| GDS = Total monthly
payments (x 100)
Gross monthly income =
23% |
| $1,035.00 (x
100) = 23%
$4,500 |
This calculation allows you to estimate
the maximum debt load you can carry each month. The TDS should
not be over 40% of your gross monthly household income.
Total monthly housing costs
(as noted
above) |
$1,035.00 |
Other debts
(personal loans, car loan, Credit cards, etc) |
$450.00 |
| Total monthly debts |
$1,585.00 |
| Gross monthly income |
$4,500.00 |
| GDS = Total monthly
debts (x 100)
Gross monthly income =
35% |
| $1,585.00
(x 100) = 35%
$4,500 |
Your mortgage
monthly payments
To calculate your monthly mortgage payments,
consider the amount borrowed, the interest rate and the amortization.
Use our handy mortgage calculator to calculate your monthly
payments.
Simply multiply (x) by the mortgage amount.
Eg. $90,000 x 5.67 = $510.30 ($90,000 mortgage, amortized
for 25 years (5.67)
| % |
10 years $ |
15 years $ |
20 years $ |
25 years $ |
| 4.00 |
10.11 |
7.38 |
6.04 |
5.26 |
| 4.25 |
10.23 |
7.50 |
6.17 |
5.40 |
| 4.50 |
10.34 |
7.63 |
6.30 |
5.53 |
| 4.75 |
10.46 |
7.75 |
6.44 |
5.67 |
| 5.00 |
10.58 |
7.88 |
6.57 |
5.82 |
| 5.50 |
10.82 |
8.14 |
6.84 |
6.10 |
| 5.75 |
10.94 |
8.27 |
6.98 |
6.25 |
| 6.00 |
11.07 |
8.40 |
7.12 |
6.40 |
| 6.25 |
11.19 |
8.53 |
7.26 |
6.55 |
| 6.50 |
11.32 |
8.67 |
7.41 |
6.70 |
| 6.75 |
11.44 |
8.80 |
7.55 |
6.86 |
| 7.00 |
11.56 |
8.94 |
7.70 |
7.01 |
| 7.25 |
11.69 |
9.07 |
7.84 |
7.16 |
| 7.50 |
11.82 |
9.21 |
7.99 |
7.32 |
| 7.75 |
11.94 |
9.35 |
8.14 |
7.48 |
| 8.00 |
12.07 |
9.49 |
8.29 |
7.64 |
| 8.25 |
12.20 |
9.63 |
8.44 |
7.80 |
| 8.50 |
12.33 |
9.77 |
8.59 |
7.96 |
| 8.75 |
12.45 |
9.91 |
8.74 |
8.12 |
| 9.00 |
12.58 |
10.05 |
8.90 |
8.28 |
| 9.25 |
12.71 |
10.19 |
9.05 |
8.45 |
| 9.50 |
12.84 |
10.34 |
9.21 |
8.62 |
| 9.75 |
12.98 |
10.48 |
9.36 |
8.78 |
| 10.00 |
13.11 |
10.63 |
9.52 |
8.95 |
| 10.25 |
13.24 |
10.77 |
9.68 |
9.12 |
| 10.50 |
13.37 |
10.92 |
9.84 |
9.29 |
| 10.75 |
13.51 |
11.07 |
10.00 |
9.45 |
| 11.00 |
13.64 |
11.22 |
10.16 |
9.63 |
| 11.25 |
13.78 |
11.37 |
10.32 |
9.80 |
| 11.50 |
13.91 |
11.52 |
10.49 |
9.98 |
| 11.75 |
14.05 |
11.67 |
10.65 |
10.15 |
- An affordable form of insurance
- Calculating Gross Debt Service (GDS)
- Calculating Total Debt Service (TDS)
- Your monthly mortgage payments
Work through the following
worksheet to see what you can afford.
Don't forget about
closing costs
Current mortgage
rates
Back to basics
investing
Real estate remains hot
in 2003
Solid reasons for
investing in real estate
Home buying and
the Internet
Housing fuels Canada's
economy
 YES!
I want to become a client now
YES!
I
would like Dennis to call me
|
