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How Much Mortgage Can I Afford?

Our home mortgage calculator is the perfect tool for potential homebuyers.

Homeownership seems to be imprinted in our DNA yet it has illuded many of us. Why is that? Is it due to a transient world in which we live? Is it out of some sort of fear? The answer may be simply, you hadn't given it much thought until now.

Should You Rent A House Or Buy A House?

Making the decision to buy a house involves a lot more than just comparing monthly rent with the monthly mortgage you would pay as a homeowner. Checking the potential affordability with this home mortgage calculator is a good first step.

It is important to note that there are NO other assumptions made. For example:

If you rent vs buy a house, will you invest all the money you would have used as a down payment?

If you rent, will you invest the money saved from renting relative to owning a house?

Most people may be tempted to spend rather than invest the savings. If you have less than iron self discipline, buying a home could be a form of forced savings.

A house needs to appreciate about 10 - 15 percent to cover the initial purchase costs as well as the selling costs. If you move before that appreciation has occurred, you will end up having to absorb those expenses.

This calculator will estimate the size of a mortgage you could afford based on the size of your monthly rent payment, the down payment you could afford, and on the anticipated property taxes and homeowner's insurance.

Renter Mortgage Affordability Calculator V2
Enter your monthly rent payment:
Enter the anticipated mortgage interest rate:
Enter the term of the mortgage (years):
Enter the anticipated annual property taxes:
Enter the anticipated annual insurance:
Downpayment % 0% 5% 10%
The size mortgage you could afford:
Down payment amount:
Price of home:

Canadian Flag The Our Canadian Home Mortgage Calculator will help assess whether you qualify for a mortgage.

More answers to the question of rent vs buying a house.

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quote open There is nothing like a dream to create the future.quote close
~ Victor Hugo

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