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Awesome! A Complete Mortgage Calculator You Can Use

This calculator will calculate everything you need to know about the purchase of a home. From the down payment to what the minimum income required will be to support the monthly payment. Knowing what to expect and being prepared will help make the process of buying a home a happier experience. The input fields self calculate so you can make changes without having to click calculate constantly.

What you need to know

1.Total Paymentis the mortgage, estimated property tax and strata fee (if applicable) that you would be paying each month.

2.Minimum Income required is the amount of income required to debt service the mortgage.  This income is your pre-tax or Gross income and could include child support, spousal support, disability payments even child tax credits.  Lenders will look at types of income differently and contacting Rick will give you a better idea if you have a unique income.

3. Total Mortgage Amount  has the high ratio mortgage insurance premium included in the mortgage (if down payment is less than 20%).  

4.High ratio mortgage insurance premium is an insurance policy to the lender if you default on your mortgage.  It is mandatory in Canada for mortgages that are more than 80% of the value of the property to be insured for default.  Insurers currently are Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada and Canada Guaranty.

5. Required for closing costs is estimated at 1.5% of the purchase price for the following.  The cost of your Lawyer/Notary to act for you in the purchase, 1% property transfer tax paid to the BC Government unless you are a first time buyer and you are exempt (conditions apply).  Any other costs that you may encounter such as changing utilities and moving costs.

6. Balance owing at end of term is the balance that will be owed at the end of the term or contract period  of the mortgage.  Amortization is what the monthly payments are based on and can be a maximum of 40 years conventional mortgage or 25 years high ratio mortgage.

This calculator is considered to be accurate but should only be used as a guide.   Rick will supply you with disclosure of costs related to your transaction.