$0
$0
$450,000
10.00%
4.00%
25 Yrs
1.25%
0.50%
$300
0.15%
$0
35
$0
$0
X
Down Payment

Enter your down payment expressed as a percentage of the purchase price.
X
Mortgage Interest Rate

Your monthly mortgage payment is calculated using this interest rate.
X
Length of Mortgage

The maximum amortization in Canada is 25 years on down payments less than 20%.
X
Property Taxes

Amount you will pay each year expressed as a percentage of the purchase price.
X
Home Maintenance

The annual amount you will spend for maintaining and repairing your home expressed as a percentage of the purchase price.
X
Utilities (monthly)

The total amount you will spend each month on utilities such as heat, hydro, water, cable, internet and phone.
X
Home Insurance

The amount you will pay each year for homeowner's insurance expressed as a percentage of the purchase price.
X
Condo Fees

The monthly amount you will pay for condo fees.
Monthly Payment Details
Rent Rent
$0
Tenants Insurance
$0
Buy Mortage Payment
$0
Property Taxes
$0
Maintenance
$0
Utilities
$0
Insurance
$0
Condo Fees
$0
Assumptions
This calculator compares your initial monthly rent payment to your initial monthly housing payment and does not factor in future changes to these payments. The calculator adds a mortgage insurance premium to the mortgage amount for mortgages with a down payment between 5% and 19.99% using CMHC rates.

The minimum down payment is 5% on homes up to $500,000, 10% on the amount between $500,000 and $999,999 and 20% on homes priced at $1 million and over. Monthly rent figures using the Province, City and Apartment Type drop down menus are average rent prices as of Fall 2015 (Source: CHMC-SCHL, RentSeeker.ca).
Disclaimer
The calculator is for illustrative purposes only and may not reflect the actual numbers for your mortgage or rental lease agreement. You should not rely on the results as an indication of your financial needs and we recommend that you seek out your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction.
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