Mortgage calculator

1. ## Mortgage calculator

I'm looking for an online mortgage calculator. Lots out there, I know, but what I want is a bit different. Everything I've seen tells you how much of a mortgage you could be eligible for. What I want is something that tells me how much I can borrow given a specific monthly payment.

For example, I currently pay approx. \$1200 a month in rent. Let say I want to get a mortage with monthly payments of \$1200 (ie. housing costs are the same, but instead of renting I'm a home owner). Assuming a given interest rate, how much of a mortgage can I get?

2. Originally Posted by gordopolis
I'm looking for an online mortgage calculator. Lots out there, I know, but what I want is a bit different. Everything I've seen tells you how much of a mortgage you could be eligible for. What I want is something that tells me how much I can borrow given a specific monthly payment.

For example, I currently pay approx. \$1200 a month in rent. Let say I want to get a mortage with monthly payments of \$1200 (ie. housing costs are the same, but instead of renting I'm a home owner). Assuming a given interest rate, how much of a mortgage can I get?

I don't know of any online calculators like that, but i can give you a couple of different numbers to work with

..assuming you want a 25 year mortgage.
with 4.5% = \$216 812.00
with 5.0%= \$206 325.00

these numbers are based on monthly payments alone. You can now get a mortgage with no downpayment, but you can qualify for a larger purchase price if you come up with a larger down payment.

hope this helps..
cheers

3. Can you explain the math there? Then I can throw it into an Excel spreadsheet and compute some different scenarios.

4. http://www4.bmo.com/personal/0,4344,35649_36691,00.html

the BMO one lets you input various fields and calculate for the others

it's down on the right hand side of the menu and is called "payment calculator"..I tested it by putting in your payment of 1200 and added in the number of years and the interest rate and it told me the amount (216k or so)

5. Here is EXACTLY what you are looking for....

www.cmhc.ca

6. Originally Posted by C-YA
Here is EXACTLY what you are looking for....

www.cmhc.ca

Not really. I want to find out how much my mortgage will be based on (eg.) 1200/month mortgage payments and an interest rate of (eg.) 5.5%.

Maybe I'm not looking at the same calculator you are? What's the exact URL?

7. check the "Rent vs. Own" link on the page Deputy posted.

8. Originally Posted by spink
check the "Rent vs. Own" link on the page Deputy posted.
Hey, that's more like it!

9. You should still get pre-approved though Gord....preferably with a mortgage broker.

It may suprise you what you can afford.

10. Preapproval -- that's a given.

I want to know how much mortgage I can get if my housing costs were to stay the same. I know the bank/lending institution would LOVE to lend me more money, but if I can only afford to pay \$xxx per month, what's the point of going beyond that?

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