When searching homes for sale, the first step is to figure out how much you can afford. Affordability is based on the household income of the applicants purchasing the house, their personal monthly expenses (car payments, credit expenses, etc.), and the expenses associated with owning a home (property taxes, condo fees, and heating costs). The calculator below will give you an estimate of the maximum purchase price that you can qualify for.
You also need to determine if you have enough cash resources to purchase a home. The cash needed for the down payment put towards the purchase price, as well as the closing costs required to complete the purchase. Ratehub.ca can help you estimate these closing costs with the affordability calculator. There is also a Mortgage Payment Calculator
and a Land Transfer Tax Calculator.
*This calculator is for illustrative purposes only. MSrealestate.ca does not guarantee the accuracy, reliability or completeness of any information or calculations provided by this calculator. MSrealestate.ca is not be liable for loss or damage of any kind arising from the use of this tool. Please consult with a mortgage and/or lending professional to review your options.