Determine the Amount of Mortgage You Can Afford
If you wonder if you can afford a mortgage payment or how much of a home you can afford, our Mortgage Affordability calculator can assist you to determine if you can afford a mortgage or how much mortgage you can afford. Whether you are looking to buy a first home, renewing or refinance your home or purchase another home, our Mortgage Affordability Calculator covers all the calculations required to make a sound decision.
Start by entering your monthly income for Applicant, Co-Applicant, Other Income (if any) and we calculate the Total Income. The next step is to calculate your monthly expenses including Condo Maintenance (if required), Property Tax, Credit Cards, and Other Debt; again, we calculate the total. Finally, select a mortgage rate and amortization period and we calculate two side by side scenarios for an immediate answer.
Condo Maintenance Fees
Condo maintenance fees are your percentage share of the costs to run the building as a whole and are charged to cover cost of landscaping, amenities, repairs, insurance etc. Condo fees are similar to fees you would need to pay if you purchased a house, the difference is you don’t have very much control over how the fees are spent and you are sharing the cost of maintenance with the other condo owners and some Condo Maintenance fees include extras like Heat, Cable, Internet, Insurance and more. Typically included in the fees are; upkeep of common, reserve Fund used for major repairs, Property Maintenance Fees, Condo Employee Salaries such as security guards, superintendent, pool or gym staff, amenities, insurance and utilities.
Tips to reduce debt
Start a budget and stick to it, better yet, see a financial counselor to get advice and assistance on managing your money. Put “found” or extra money directly to any outstanding credit card debt. Before using your credit card, ensure you have the money on your next paycheque to pay it and only use for emergencies or as a way to build up your credit history.
Start saving money by making your own coffee and lunches, couponing, watch for sales and buy multiple items you use. Check your neighborhood or city papers for things to do that are inexpensive or don’t require money such as free concerts, hiking, bike riding, and reading groups or check out Meetup, some great ways to spend time with people who have the same interests as you.
See if you can get a consolidation loan to cover your credit cards and make one monthly loan and get a lower interest rate and don’t get any more credit.