Maximum Mortgage Calculator
Below is our maximum mortgage calculator. Just input your annual income before tax, combined with your co-applicant’s income before tax, down payment and closing costs, and any debts you both collectively have. Then click “Calculate” at the top of the calculator.
The maximum mortgage calculator is very useful to figure out exactly how much you can afford, as it shows you a maximum purchase price. One limiting factor with affordability is the amount of down payment available. For this reason, it is suggested that you run multiple scenarios with different down payments to get a better understanding.
The maximum mortgage calculator has many additional features. Start to enjoy and explore the additional features by selecting one of the underlying tabs. The “Total monthly debt payments” tab can be used to calculate your total monthly expense featuring all other payments you may have. This can be used to gauge whether or not your selected mortgage scenario is affordable and what the breakdown of your total monthly expense is.
The “Total payments” tab and graph features an error. The dark purple “interest” line actually refers to your remaining balance, and the violet “principal” line refers to your total interest paid. The report will feature a better explanation of this with a table.
The “Use of cash on hand” tab shows you exactly where your cash will be spent, and the respective breakdown.
Once you are done with the calculator, click “View Report” at the top of the calculator to see an in-depth review and explanation of the scenario.
All definitions are featured under the calculator.
For a more in-depth and professional review of your individual and personalized situation please give Harpreet Singh The Mortgage King a call at (416) 795-1919.
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