The Mortgage Affordability Calculator helps to determine how much you can afford to borrow to buy a home, based on your income, debt and living expenses.
The Mortgage Affordability Calculator helps to determine how much you can afford to borrow to buy a home, based on your income, debt and living expenses.
As the cost of home ownership continues to rise, knowing how much you can afford is important.
The mortgage affordability calculator is a crucial tool for anyone considering buying a home, as it takes into account various financial factors to determine a realistic budget. This calculator assesses your income, existing debt obligations, and monthly expenses such as utilities, property taxes, and condo fees.
Mortgage Affordability Calculator is also available in French
By inputting details like the mortgage interest rate, amortization period, and down payment percentage, it calculates the maximum purchase price of a home that you can comfortably afford. This helps potential homeowners understand their financial limits and make informed decisions about their housing investments.
Additional mortgage calculators are available including:
• Mortgage Calculator
• Blended Mortgage Calculator
• High Ratio Mortgage Insurance
• Mortgage vs Term Insurance
Calculators are available in English and French.
For financial advisors, using the mortgage affordability calculator is strategic when working with clients on their financial plans. It allows advisors to provide personalized guidance based on each client’s specific financial situation and goals. By analyzing affordability metrics, advisors can help clients navigate mortgage options effectively, ensuring they don’t overextend themselves financially. This calculator becomes a valuable tool in comprehensive financial planning, enabling advisors to integrate housing costs into broader financial strategies like retirement planning, savings goals, and debt management.
Mortgage Calculators and Financial Planning
Incorporating the mortgage affordability calculator into financial planning discussions also promotes a holistic approach to wealth management. It encourages clients to consider how homeownership fits into their overall financial picture and long-term objectives. By aligning housing decisions with financial capabilities, advisors assist clients in making sustainable choices that support their financial well-being and future aspirations. This proactive approach not only fosters financial stability but also enhances clients’ confidence in their housing and investment decisions.
The calculator can be viewed for free up to five (5) times on this site.
To use the full-featured versions of these calculators in FreshPlan, please contact us.
Discover which investment option, or combination of options will help you reach your home ownership goals with this Home Ownership Plans infographic. This helpful reference is the perfect companion to the Mortgage Affordability calculator and compares Canadian registered plans including the new First Home Savings Account, the Home Buyers’ Plan, RRSP and TFSA and how they can work together to help you to save for your first home.
Consumer-facing
These consumer-facing financial calculators can be embedded in your web site quickly and easily and complies with web accessibility standards.
Responsive
Calculators are easy-to-use and fully responsive on any device – phone, tablet, laptop or desktop.
Full Branding
Calculators can be fully branded according to your branding style guide. You’ll be up and running with a quick turnaround.