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Canadian Mortgage Payment

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Description
This calculator figures your monthly payment based on your input - conventional mortgage financing compounded semi-annually. The maximum GDSR Glossary of Terms and TDSR Glossary of Terms are 32% and 40% respectively. Calculation assumes all non-shelter financial obligations will not exceed an additional 8% of the required household income.
Canadian Mortgage Payment
Input
Home Value ($)  Glossary of Terms
Loan Amount ($)  Glossary of Terms
Property Information
Interest Rate (%)  Glossary of Terms
Length of Loan (Yrs)  Glossary of Terms

Result
Monthly Principal & Interest: $1,050.62
Down Payment: $40,000
Required Down Payment: $47,500
Income Required: $39,398.39

Glossary of Terms
Home Value: The amount of money paid to purchase the property. Return to Top
Loan Amount: Money borrowed that is usually repaid with interest to purchase property. Return to Top
Interest Rate: The amount of interest charged on a monthly loan payment; usually expressed as a percentage. Return to Top
Length of Loan: The number of years required to pay off the principal and interest of the loan. Return to Top
GDSR: Gross Debt Service Ratio is the percentage of gross annual income required to cover payments associated with housing. The GDSR should not exceed 32% of gross annual income. Return to Top
TDSR: Total Debt Service Ratio is the percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as payments on a car loan. The TDSR should not exceed 40% of gross income. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.