"Test Drive" Your Ability To Pay For Your Dream Condo
CHECK BEFORE YOU START SHOPPING
Once the lender has determined your qualifying gross income & expenses they'll calculate if you can afford the mortgage loan based on ability to carry the costs.
Click on the calculator and find out for yourself before applying for a mortgage. If you do not know what costs to use the average estimates for a one bedroom unit ; Taxes $150. per month. Maintenance $450. per month. No cost for heating. Mortgage rate 5% with a 25 yr. amortization.
How Many Years Will It Take
To Double My Money?
"Rule of 72"
Have you always wanted to be able to do compound interest problems in your head? Probably not, unless you're a sociopath, but it's a very useful skill to have because it gives you a lightning fast benchmark to determine how good (or not so good) a potential investment is likely to be.
The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.
Mortgage Calculator, Retirement Planner & Many More
(this handy link has many calculator types)
Check For Yourself
Enter any variable to calculate your monthly mortgage payment.
What will your retirement savings be worth when you retire? How much of your RRSP will you be able withdraw every month?
