MORTGAGE CALC- LIVINGWAY – DeSantis Homes

Estimate with Ease, But Consult the Pros!

How It Works

Input Fields:

Highest Monthly Payment You Can Afford ($):Enter the maximum monthly payment you are comfortable with for your loan. This amount is crucial in determining your affordability.

Down Payment (%): Specify the percentage of the home’s price that you plan to pay upfront. A larger down payment can lower your monthly payments and increase the total price you can afford. DeSantis Homes typically requires a 15% deposit.

Loan Term (Years): Input the length of the loan in years (e.g., 25, 30 years). This affects your monthly payments; a longer term typically results in lower monthly payments. Fortunatly, first time buyers are now able to acquire a 30 year term.

Interest Rate (%): Enter the annual interest rate for the loan. This rate impacts how much interest you will pay over the life of the loan and thus influences your monthly payments. You can find more information on rates by visiting the Bank of Canada website or clicking here.

Calculation:

After entering the required information, click the Calculate button. The calculator uses the inputs to determine the maximum loan amount you can afford based on your specified monthly payment, down payment percentage, loan term, and interest rate.

It employs a financial formula to convert your monthly payment capability into the highest purchase price, considering the down payment.

Results:

Once the calculation is complete, the result will be displayed below the form, indicating the highest purchase price you can afford based on your inputs. The result is presented in a clear format for easy understanding.

Disclaimer:
This calculator provides a general estimate of affordability based on the information provided. It does not take into account all variables, fees, or personal financial circumstances. For a more accurate evaluation of your mortgage options and affordability, it is recommended to consult with a licensed mortgage professional. They can offer personalized advice and ensure you understand the full scope of your mortgage commitments

Loan Affordability Calculator

To contact our in house mortgage specialist Chelsea Ciglar via email CLICK HERE. You can also call or text 289 253 4515.
You can visit her website Chelsea Ciglar Mortgage Agent