Mortgage Qualifying Calculator

Pre-Qualify Mortgage Calculator

Gross household income		YEARLY
Anticipated heating costs		MONTHLY
Anticipated property tax		YEARLY
Half of condo fees (if any)		MONTHLY
Total of debt repayments, including minimum required on credit card balances		MONTHLY
Anticipated mortgage interest rate
Mortgage amortization in years

Maxmimum mortgage you generally qualify for is $

Mortgage Qualifier Assumptions:

All values are rounded to two decimal places, and as a result may not exactly match calculations from other sources.
Calculations are based on a monthly date convention. There are 12 months in a year, 2.1666666 bi-weekly priods in a month and 4.3333333 weeks in a month. Leap years and variations in the length of month are not accounted for in the calculations.
Payments are made at the end of the period.
Interest is compounded on a semi-annual basis.
The calculator estimates what you qualify for under both the total and the gross debt-income tests, and presents you with whichever answer is lower. The maximums we are using are 32% for the gross debt-service ratio, and 40% for the total debt-service ratio.