Calculate Mortgage Payments and More

Click below for some of the most accurate and useful mortgage calculators available in Ontario. In many cases, we are able to offer higher mortgage approval amounts and even more accurate calculations, but this is a great place to start.

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How does a lender Calculate my Mortgage Approval?

There are four main aspects of a mortgage approval. These are (1) Income (2) Down Payment (3) Credit (4) Quality of Property

THESE online mortgage calculators are some of the most useful and advanced available in Ontario for helping you to calculate the first two of these points, based on income and down payment. With our highly detailed and accurate mortgage calculator, we serve Kitchener Waterloo, Cambridge, Guelph, Milton, Brantford, London and Windsor – and many other Cities in Ontario.

1. Income

Income is one of the primary determinants in the affordability of your property. Our mortgage calculator takes into account CMHC fees, property tax, condo fees and utility fees – just like a real mortgage application. But be sure to talk to A mortgage broker for more information, as there may be other things that you need to be aware of for your specific employment and income situation

2. Down Payment

How much down payment you make is up to you. Our advanced mortgage calculator will provide you with different scenarios and approval amounts, based on what different down payments look like.

3. Credit

We can help you understand your credit. A basic rule of thumb is that if you’ve had a credit card for at least 2 years, and have not missed any payments then your credit score is likely to be high. Two or more credit cards will result in a much easier approval. Lenders do not like to see cards with low limits such as $300 or $500 because this does not demonstrate responsibility to handle large credit amounts. Regular loan payments can help boost a credit score as well, but the emphasis of the score is based on the credit card.

If you have any second thoughts about your credit, we are happy to help you find your best solution. No person is ever declined.

4. Quality of the Property

The property itself needs to be in reasonable to good shape. In most cases this is no problem. But look out for ‘handyman specials’ or ‘fixer uppers’ that may send some lenders running for the hills when a smaller down payment is applied! Your mortgage broker will help you ensure that your property will have no issue with the lowest rate mortgage lender.