KJE.Default.MortgageAmt=200000;KJE.Default.HomePrice=220000;KJE.Default.MortgageMin=0;KJE.Default.MortgageMax=100000000;KJE.Default.MortgageTerm=25;KJE.Default.MortgageTermMin=1;KJE.Default.MortgageTermMax=35;KJE.Default.MortgageTermIncrement=5;KJE.Default.MortgageShowAll=true;KJE.Default.MortgageShowAllMax=25;KJE.Default.MortgageTermEnds=5;KJE.Default.MortgageRateMin=1;KJE.Default.MortgageRateMax=25;KJE.Default.RateFix15=4;KJE.Default.RateFix30=4.5;KJE.Default.RateAdj=4;KJE.parameters.set("LOAN_TERM_END",KJE.Default.MortgageTermEnds);KJE.Default.getCMHCRate=function(c,a,b,d,f,e){var h=0;if(b*0.2>a||e){var g=KJE.round(c/b,6);if(g>0.9){h=(d?4.5:4)/100}else{if(g>0.85){h=3.1/100}else{if(g>0.8){h=2.8/100}else{if(g>0.75){h=2.4/100}else{if(g>0.65){h=1.7/100}else{h=0.6/100}}}}}if(g>0.8){if(f>25){h=h+0.0025}if(f>30){h=h+0.0025}if(f>35){h=h+0.0025}}}return h};KJE.Default.getGST=function(c,b,e){var a=0;var h=0;var g=0;var f=0;var d=KJE.Default.GST_TAX_RATE;b=(b<0?0:b);if(c){if(e>=0){a=KJE.round(b*(KJE.Default.SALE_TAX_RATE[e]),2);if(KJE.Default.HST_REBATE_FUNCTION[e]==null){g=KJE.round(b*(KJE.Default.HST_REBATE[e]),2);if(g>KJE.Default.HST_REBATE_MAX[e]){g=KJE.Default.HST_REBATE_MAX[e]}}else{g=KJE.Default.HST_REBATE_FUNCTION[e](b)}}else{a=KJE.round(b*(d),2)}if(b<=350000){h=b*d*0.36;if(h>6300){h=6300}}else{if(b<=450000){h=(6300*(450000-b))/100000}}h=KJE.round(h,2);f=a-h-g}return{N:f,G:a,R1:h,R2:g}};KJE.Default.GST_TAX_RATE=0.05;KJE.Default.PROVINCE_DEFAULT=0;KJE.Default.PROVINCES_INDEX=[0,1,2,3,4,5,6,7];KJE.Default.SALE_TAX_RATE=[0.05,0.14975,0.13,0.14,0.13,0.13,0.13,0.14];KJE.Default.HST_REBATE=[0,0.0975,0.0531,0,0,0,0,0];KJE.Default.HST_REBATE_MAX=[0,9975,24000,0,0,0,0,0];KJE.Default.getQuebecRebate=function(b){var a=b*0.09975;if(a>9975){a=9975}if(b>=300000){a=0}else{if(b>200000){a=KJE.round(a*((300000-b)/100000),2)}}return a};KJE.Default.HST_REBATE_FUNCTION=[null,KJE.Default.getQuebecRebate,null,null,null,null,null,null];KJE.parameters.set("FLEX_DOWN_HIDE","true");KJE.Default.getProvinceDrop=function(a){KJE.Default.MSG_INSURANCE_NOT_INCLUDED=KJE.parameters.get("MSG_INSURANCE_NOT_INCLUDED","Mortgage insurance is NOT included in these results since you did not check the 'Mortgage Insurance Required' box. If mortgage insurance is required by your Financial Institution, the cost would be TOTAL_ACTUAL_CMHC.");KJE.Default.GST_SALES_TAX_EXPLAINATION=KJE.parameters.get("GST_SALES_TAX_EXPLAINATION","Net GST is calculated at a rate of SALE_TAX_RATE minus any GST rebate. If you purchase a home in a province with HST, your new home purchase will be subject to HST which may significantly increase your tax. Please select a province to include HST.");KJE.Default.SALES_TAX_EXPLANATION=KJE.parameters.get("SALES_TAX_EXPLANATION","Total SALE_TAX_TYPE is calculated as SALE_TAX_RATE of the PURCHASE_PRICE purchase price. The total SALE_TAX_TYPE of GROSS_SALE_TAX is reduced by GST_TOTAL_REBATE for the Federal rebate.");KJE.Default.SALES_TAX_EXPLANATION_EXTRA=KJE.parameters.get("ARRAY_SALES_TAX_EXPLANATION_EXTRA",["","It is further reduced by HST_TOTAL_REBATE for the PROVINCE_NAME provincial rebate.","It is further reduced by HST_TOTAL_REBATE for the PROVINCE_NAME provincial rebate.","","","","","",""]);KJE.Default.PROVINCES=KJE.parameters.get("ARRAY_PROVINCES",["All others","Quebec","Ontario","Nova Scotia","New Brunswick","Newfoundland","Labrador","Prince Edward Island"]);KJE.Default.SALE_TAX_TYPE=KJE.parameters.get("ARRAY_SALE_TAX_TYPE",["GST","GST/QST","HST","HST","HST","HST","HST","HST"]);return KJE.getDropBox(a,KJE.parameters.get(a,KJE.Default.PROVINCES_INDEX[0]),KJE.Default.PROVINCES_INDEX,KJE.Default.PROVINCES)};KJE.Default.MIN_DOWN_CUTOFF=[0,500000,999999];KJE.Default.MIN_DOWN_AMOUNT_MAX=[25000,199999.8,1000000];KJE.Default.MIN_DOWN_RATE=[0.05,0.1,0.2];KJE.Default.MIN_DOWN_CALC_PRICE=new Array(3);KJE.Default.MIN_DOWN_CALC_DOWNPAYMENT=new Array(3);KJE.Default.MIN_DOWN_CALC_PRICE[0]=function(a){return KJE.round(a/KJE.Default.MIN_DOWN_RATE[0],2)};KJE.Default.MIN_DOWN_CALC_PRICE[1]=function(a){var c=KJE.Default.MIN_DOWN_CUTOFF;var d=KJE.Default.MIN_DOWN_RATE;a-=(c[1]*d[0]);var b=KJE.round(c[1]+a/d[1],2);return(b>c[2]?c[2]:b)};KJE.Default.MIN_DOWN_CALC_PRICE[2]=function(a){return KJE.round(a/0.2,2)};KJE.Default.PurchasePriceForDownpayment=function(a){var d=KJE.Default.MIN_DOWN_AMOUNT_MAX;var b=KJE.Default.MIN_DOWN_CALC_PRICE;var c=2;if(a<=d[0]){c=0}else{if(a<=d[1]){c=1}}return b[c](a)};KJE.Default.MIN_DOWN_CALC_DOWNPAYMENT[0]=function(a){return KJE.round(a*KJE.Default.MIN_DOWN_RATE[0],2)};KJE.Default.MIN_DOWN_CALC_DOWNPAYMENT[1]=function(e){var b=KJE.Default.MIN_DOWN_CUTOFF;var f=KJE.Default.MIN_DOWN_AMOUNT_MAX;var d=KJE.Default.MIN_DOWN_RATE;e-=b[1];var a=KJE.round(f[0]+e*d[1],2);var c=f[0]+(b[2]-b[1])*d[1];return(a>c?c:a)};KJE.Default.MIN_DOWN_CALC_DOWNPAYMENT[2]=function(a){return KJE.round(a*KJE.Default.MIN_DOWN_RATE[2],2)};KJE.Default.DownpaymentForPurchasePrice=function(d){var b=KJE.Default.MIN_DOWN_CUTOFF;var c=KJE.Default.MIN_DOWN_CALC_DOWNPAYMENT;var a=2;if(d<=b[1]){a=0}else{if(d<=b[2]){a=1}}return c[a](d)};KJE.Default.IO_ITEMS=["5/20 - Interest Only","10/15 - Interest Only "];KJE.Default.IO_ID=[0,1];KJE.Default.IO_TERMS=[5,10];KJE.Default.IO_AMORTS=[20,15];KJE.parameters.set("INTEREST_ONLY",true);KJE.Default.CMHCDefinition="Mortgage insurance is financed in your mortgage and does not increase your closing costs, but does increase your mortgage balance. Mortgage insurance makes it possible for home buyers to purchase a home using a lower down payment. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment. The Canadian Mortgage and Housing Corporation (CMHC) and Genworth Financial are two companies that offer Mortgage Loan insurance. For more information please visit their websites at www.chmc.ca and www.genworth.ca.
Up to and including 65% (over 35% down payment) | 0.6% |
Up to and including 75% (25% to 34.99% down payment) | 1.7% |
Up to and including 80% (20% to 24.99% down payment) | 2.4% |
Up to and including 85% (15% to 19.99% down payment) | 2.8% |
Up to and including 90% (10% to 14.99% down payment) | 3.1% |
Up to and including 95% (5% to 9.99% down payment) | 4.0% |
Up to and including 95% Flex Down or Cash Back Equity Owner-Occupancy Program** (5% to 9.99% down payment. | 4.5% |
*An additional 0.25% is added for every 5 years of amortization beyond a 25 year mortgage amortization period.
This calculator assumes that your mortgage insurance premium can be financed by your mortgage, which can greatly reduce the amount of upfront money that is required to purchase a home.
This calculator does not include Genworth's Top-up Premiums or Blended Amortization for refinancing.
**Not all Financial Institutions offer CMHC's Flex Down and/or Genworth Financial's Cashback Equity Owner-Occupancy Program. Below is a brief summary of the two programs:
- CMHC's Flex Down
Own your own home sooner by using a wider range of sources for your down payment. If you have a proven track record of meeting your debt requirements and sufficient income to support mortgage loan payments, your lender may be able to provide you with CMHC's Flex Down product. Sources for your down payment can include: borrowed funds, gifts and lender cash back incentives. For more information please see: How much does CMHC cost?
- Genworth Financial's Cashback Equity Owner-Occupancy Program
Some home buyers have an excellent credit history but have not yet saved the required down payment. Others have used their savings to build assets in different ways. Genworth Financial offers mortgage default insurance to both these groups. For more information please see:Genworth Premium Rate Table
";KJE.definitions.set("**CMHC_DEFINITION**",KJE.Default.CMHCDefinition);KJE.CAMortgageQualifierCalc=function(){this.IO_TERM=0;this.PROVINCE_SELECTED=-1;this.GROSS_SALE_TAX=0;this.GST_TOTAL_REBATE=0;this.HST_TOTAL_REBATE=0;this.REQUIRED_CLOSING_CASH=0;this.bMORTGAGE_INSURANCE=true;this.bUSE_FLEX=false;this.MAINTENANCE=0;this.GST_TAX_USE=false;this.CALCULATE_BY=KJE.CAMortgageQualifierCalc.CALC_INCOME;this.TOTAL_CMHC=0;this.MSG_PRICE_LIMITED_BY_CLOSING_CASH=KJE.parameters.get("MSG_PRICE_LIMITED_BY_CLOSING_CASH"," Your purchase price is limited by available cash on hand for downpayment. Enter a higher amount for cash on hand to maximize your qualification amount.");this.MSG_ERROR1=KJE.parameters.get("MSG_ERROR1","Total debt payments exceeds KJE1 of your monthly income.");this.MSG_ERROR3=KJE.parameters.get("MSG_ERROR3","Cash on hand must be increased to cover closing costs and downpayment.");this.CMHC_SHOW_ALL_RATES=KJE.parameters.get("CMHC_SHOW_ALL_RATES",false);this.bIO=KJE.parameters.get("INTEREST_ONLY",false);this.MSG_GRAPH6=KJE.parameters.get("MSG_MONTHLY_HEAT_AMT","Monthly heat");this.MSG_GRAPH7=KJE.parameters.get("MSG_PROPERTY_TAX_AMT","Property taxes");this.MSG_GRAPH8=KJE.parameters.get("MSG_GRAPH8","Principal and Interest");this.MSG_GRAPH9=KJE.parameters.get("MSG_MAINTENANCE","Condo fees");this.MSG_OTHER_CLOSING_COSTS=KJE.parameters.get("MSG_OTHER_CLOSING_COSTS","Other closing costs");this.MSG_GRAPH16=KJE.parameters.get("MSG_GRAPH16","Down payment");this.MSG_GRAPH20=KJE.parameters.get("MSG_GRAPH20","Remaining cash");this.PRICE_LIMITED_BY_CLOSING_CASH=false;this.sCatPayment=new Array(4);this.fCatPayment=new Array(4);this.sCatClosing=new Array(4);this.fCatClosing=KJE.FloatArray(4);this.TOTAL_ACTUAL_CMHC=0;this.REQUIRED_DOWNPAYMENT=0;this.sSchedule=new KJE.Repeating()};KJE.CAMortgageQualifierCalc.prototype.clear=function(){this.MONTHLY_HEAT_AMT=0;this.ANNUAL_INCOME=0;this.MONTHLY_CAR_PAYMENTS=0;this.CREDIT_CARD_PAYMENTS=0;this.OTHER_LOAN_PAYMENTS=0;this.DOWNPAYMENT_CLOSING_CASH=0;this.PROPERTY_TAX_AMT=0;this.INTEREST_RATE=0;this.TERM=0;this.LOAN_ORIGINATION_AMT=0;this.OTHER_CLOSING_COSTS=0;this.ANNUAL_REPORT_PERIOD=true;this.LOW_DEBT_PITH_RATE=0;this.TOTAL_MONTHLY_PAYMENT=0;this.PRICE_OF_HOME=0;this.LOAN_TERM_END=KJE.Default.MortgageTermEnds};KJE.CAMortgageQualifierCalc.prototype.calculate=function(c){this.PRICE_LIMITED_BY_CLOSING_CASH=false;var Q=KJE;var ad=this.bIO;var M=this.MONTHLY_HEAT_AMT;var E=this.ANNUAL_INCOME;var a=this.MONTHLY_CAR_PAYMENTS;var R=this.CREDIT_CARD_PAYMENTS;var aA=this.OTHER_LOAN_PAYMENTS;var ae=this.DOWNPAYMENT_CLOSING_CASH;var p=this.PROPERTY_TAX_AMT;var ac=this.INTEREST_RATE;var D=this.TERM;var ai=this.LOAN_ORIGINATION_AMT;var u=this.OTHER_CLOSING_COSTS;var g=this.SHOW_PAYMENT_BY_MONTH;var ab=this.ANNUAL_REPORT_PERIOD;var y=this.TOTAL_MONTHLY_PAYMENT;var j=this.PRICE_OF_HOME;var o=this.PROVINCE_SELECTED;var r=this.GST_TAX_USE;var P=this.bUSE_FLEX;var N=this.MAINTENANCE;var H=this.CALCULATE_BY;var ao=null;var z=0;var av=0;var al=this.bMORTGAGE_INSURANCE;var G=0;var x=this.LOAN_TERM_END;if(ad){var F=D;this.TERM=D=KJE.Default.IO_TERMS[F]+KJE.Default.IO_AMORTS[F];this.IO_TERM=KJE.Default.IO_TERMS[F]}var t=0;var af=0;var f=0;var aB=0;var q=0;var s=0;var S=0;var l=0;var v=(Math.pow(1+(ac/200),(1/6))-1);var K=KJE.CAMortgageQualifierCalc.setQLFY_PITH;var B=KJE.Default.getCMHCRate;var at=KJE.Default.getGST;var w=KJE.CAMortgageQualifierCalc.setANNUAL_INCOME;var aw=KJE.Default.PMI_PERCENTAGE;if(H==KJE.CAMortgageQualifierCalc.CALC_INCOME){S=K(E,a,R,aA,0);y=S;f=y-p/12-M-(N/2);var Y=Q.round(KJE.PV(v,D*12,f),0);if(ad){Y=Q.round(f/v,0)}var k=0;j=Y+ae;var ag=(Y+ae)/1.5;var e=false;while(e==false){ao=at(r,j,o);z=ao.N;aB=u+ai+z;q=ae-aB;s=j*aw;af=j-q;av=B(af,q,j,P,D);l=af*av;av=(al?av:0);G=af*av;af+=G;if(ad){f=Q.round(af*v,2)}else{f=Q.round(KJE.PMT(v,D*12,af),2)}if(Y==af){e=true}else{if(Y50){e=true}}y=M+p/12+f+(N/2)}else{if(H==KJE.CAMortgageQualifierCalc.CALC_PAYMENT){var Y=Q.round(KJE.PV(v,D*12,y-M-p/12-(N/2)),0);if(ad){Y=Q.round((y-M-p/12-(N/2))/v,0)}var k=0;j=Y+ae;var ag=(Y+ae)/1.5;var e=false;while(e==false){ao=at(r,j,o);z=ao.N;aB=u+ai+z;q=ae-aB;s=j*aw;af=j-q;if(af<0){af=0}av=B(af,q,j,P,D);l=af*av;av=(al?av:0);G=af*av;af+=G;if(ad){f=Q.round((af*v),2)}else{f=Q.round(KJE.PMT(v,D*12,af),2)}y=M+p/12+f+(N/2);if(Y==af){e=true}else{if(Y50){e=true}}E=w(y,E,a,R,aA)}else{ao=at(r,j,o);z=ao.N;aB=u+ai+z;q=ae-aB;s=j*aw;af=j-q;if(af<0){af=0}av=B(af,q,j,P,D);l=af*av;av=(al?av:0);G=af*av;af+=G;if(ad){f=Q.round(af*v,2)}else{f=Q.round(KJE.PMT(v,D*12,af),2)}y=M+p/12+f+(N/2);E=w(y,E,a,R,aA)}}S=K(E,a,R,aA,0);this.QLFY_PITH_ONLY=K(E,a,R,aA,1);this.QLFY_PITH_DEBT=K(E,a,R,aA,2);var an=E;var U=KJE.Default.PurchasePriceForDownpayment(q);var h=U;if(U<=0){U=0}var am=h;var ag=j/2;if(h<0){ag=500000;am=1000000}if(Uay+0.1)&&J<50);S=y;this.QLFY_PITH_ONLY=K(E,a,R,aA,1);this.QLFY_PITH_DEBT=K(E,a,R,aA,2)}if(this.QLFY_PITH_DEBT<0){throw KJE.getKJEReplaced(this.MSG_ERROR1,Q.percent(KJE.Default.HIGH_DEBT_PITH_RATE))}if(q<=0){throw (this.MSG_ERROR3)}this.REQUIRED_DOWNPAYMENT=KJE.Default.DownpaymentForPurchasePrice(j);this.REQUIRED_CLOSING_CASH=Math.floor(this.REQUIRED_DOWNPAYMENT+u+ai+z);if(this.REQUIRED_CLOSING_CASH>ae){throw (this.MSG_ERROR3)}var A=aB+s;var O=Math.round(D);var I=this.DS_PRIN_BALANCE=KJE.FloatArray(O);var aa=this.DS_INTEREST_PAID=KJE.FloatArray(O);var az=this.DS_EQUITY=KJE.FloatArray(O);var V=this.DS_INTEREST=KJE.FloatArray(O);var m=this.cats=new Array(O);if(c){var aq=this.sSchedule;aq.clearRepeat();aq.addHeader(g?KJE.MSG_MONTH_LBL:KJE.MSG_YEAR_LBL,aq.sReportCol("Interest",1),aq.sReportCol("Equity",2),aq.sReportCol("Balance",3),aq.sReportCol("Interest Paid",4))}var L=0;var au=af;var ak=0;var ax=f;var ap=0;var ar=0;var b=0;var C=0;var X=0;var d=0;for(var J=1;J<=O*12;J++){if(ad&&J==this.IO_TERM*12+1){ax=Q.round(KJE.PMT(v,(O*12)-this.IO_TERM*12,au),2)}ap=Q.round(au*v,2);ar=ax-ap;if(aue){d=f}else{d=e}return Math.round(d)};KJE.CalcName="Interest Only Mortgage Qualifier Calculator (Canadian)";KJE.CalcType="CAMortgageIOQualifier";KJE.CalculatorTitleTemplate="You can purchase a KJE1 home KJE3";KJE.parseInputs=function(c){var b=KJE.parameters.get("INTEREST_ONLY",false);if(b){c=KJE.replace("**TERM**",KJE.getDropBox("TERM",KJE.parameters.get("TERM",0),KJE.Default.IO_ID,KJE.Default.IO_ITEMS),c)}else{c=KJE.replace("**TERM**",KJE.getMortgageTermDrop("TERM",KJE.Default.MortgageTerm),c);c=KJE.replace("**LOAN_TERM_END**",KJE.getMortgageTermDrop("LOAN_TERM_END",KJE.Default.MortgageTermEnds),c)}c=KJE.replace("**PROVINCE**",KJE.Default.getProvinceDrop("PROVINCE"),c);c=KJE.replace("**INPUT_NOTE1**",KJE.parameters.get("INPUT_NOTE1",""),c);c=KJE.replace("**INPUT_NOTE2**",KJE.parameters.get("INPUT_NOTE2",""),c);var a=KJE.getDropBox("CALCULATE_BY",KJE.parameters.get("CALCULATE_BY",KJE.CAMortgageQualifierCalc.CALC_INCOME),KJE.CAMortgageQualifierCalc.CALC_INDEX,KJE.CAMortgageQualifierCalc.CALC_DESC);c=KJE.replace("**CALCULATE_BY**",a,c);return c};KJE.initialize=function(){KJE.CalcControl=new KJE.CAMortgageQualifierCalc();KJE.GuiControl=new KJE.CAMortgageQualifier(KJE.CalcControl)};KJE.CAMortgageQualifier=function(o){var h=KJE;var c=KJE.gLegend;var i=KJE.inputs.items;this.MSG_GRAPH1=KJE.parameters.get("MSG_GRAPH1","Interest");this.MSG_GRAPH2=KJE.parameters.get("MSG_GRAPH2","Principal");this.MSG_DEBT_RATIO_RESULT=KJE.parameters.get("MSG_DEBT_RATIO_RESULT","GDSR KJE2, TDSR KJE1");KJE.DollarSlider("ANNUAL_INCOME","Annual income",0,20000000,0,0,3);KJE.DollarSlider("TOTAL_MONTHLY_PAYMENT","Total monthly payment",0,250000,2,0,0);KJE.Checkbox("NEW_HOME_PURCHASE",KJE.parameters.get("MSG_NEW_HOME","Is this a new home?"),false,KJE.parameters.get("MSG_CHECK_FOR_GST","Check for GST/HST"));KJE.Checkbox("MORTGAGE_INSURANCE",KJE.parameters.get("MSG_CBMORTGAGE_INSURANCE","Mortgage insurance?"),true,KJE.parameters.get("MSG_LABEL19","Check here if mortgage insurance required"));KJE.Checkbox("FLEX_DOWN",KJE.parameters.get("MSG_LABEL_FLEX_DOWN1","Less than 10% down?"),false,KJE.parameters.get("MSG_LABEL_FLEX_DOWN2","Check here for Flex Down or CashBack option"));KJE.MortgageAmtSlider("PRICE_OF_HOME","Purchase price");if(o.bIO){KJE.DropBox("TERM","Mortgage amortization")}else{KJE.MortgageTermDropBoxSlider("TERM","Mortgage amortization");KJE.MortgageTermDropBoxSlider("LOAN_TERM_END","Mortgage term")}KJE.MortgageRateSlider("INTEREST_RATE","Interest rate");KJE.DollarSlider("DOWNPAYMENT_CLOSING_CASH","Cash on hand",0,10000000,0,0,2);KJE.DollarSlider("PROPERTY_TAX_AMT","Property taxes",0,100000);KJE.DollarSlider("MONTHLY_HEAT_AMT","Monthly heat",0,5000);KJE.DollarSlider("MAINTENANCE","Condo fees",0,5000);KJE.DollarSlider("OTHER_CLOSING_COSTS","Other closing costs",0,10000);KJE.DollarSlider("MONTHLY_CAR_PAYMENTS","Monthly car payment(s)",0,10000);KJE.DollarSlider("CREDIT_CARD_PAYMENTS","Credit card payment(s)",0,10000);KJE.DollarSlider("OTHER_LOAN_PAYMENTS","Other loan payment(s)",0,10000);KJE.Radioboxes("YEAR","Report amortization",true,"Annually","Monthly");KJE.DropBox("PROVINCE","Province");KJE.DropBox("CALCULATE_BY","Calculate for",null,null,"bold");KJE.Label("LOAN_AMOUNT","Loan amount",null,null,"bold");KJE.Label("MORTGAGE_INSURANCE_PREMIUM","Insurance premium");KJE.Label("DEBT_RATIOS","Debt Service Ratios",null,null,"bold");var n=KJE.gNewGraph(KJE.gPIE,"GRAPH1",true,false,KJE.colorList[1],KJE.parameters.get("MSG_GRAPH_TITLE1","KJE1 Monthly Payment Breakdown"));n._legend._iOrientation=(c.TOP_RIGHT);n._titleXAxis.setText(KJE.parameters.get("MSG_GRAPH3","Year of Loan"));var j=KJE.gNewGraph(KJE.gCATEGORIES,"GRAPH3",true,true,KJE.colorList[1],KJE.parameters.get("MSG_GRAPH_TITLE2","Use of KJE1 Cash on Hand"));j._legend._iOrientation=(c.TOP_RIGHT);j._titleXAxis.setText(KJE.parameters.get("MSG_GRAPH21","Down Payment and Closing Costs"));j._axisX.setVisible(false);var k=KJE.gNewGraph(KJE.gLINE,"GRAPH2",true,true,KJE.colorList[1],KJE.parameters.get("MSG_GRAPH_TITLE3","Total payments: Interest KJE1, Principal KJE2"));k._legend._iOrientation=(KJE.gLegend.TOP_RIGHT);k._titleXAxis.setText(KJE.MSG_YEAR_LBL);var b=KJE.parameters.get("MSG_DROPPER_TITLE","Mortgage information:");var e=KJE.parameters.get("MSG_DROPPER_CLOSETITLE"," Annual income of KJE1 qualifies for KJE2 per month");var g=function(){return b+KJE.subText(KJE.getKJEReplaced(e,i.ANNUAL_INCOME.getFormatted(),i.TOTAL_MONTHLY_PAYMENT.getFormatted()),"KJECenter")};KJE.addDropper(new KJE.Dropper("INPUTS",true,b,g),KJE.colorList[0]);var d=KJE.parameters.get("MSG_DROPPER_DOWNPAYMENT","Down payment and closing costs:");var q=KJE.parameters.get("MSG_TOTAL_CLOSING_COSTS","Downpayment is KJE1 with KJE2 in closing costs.");var m=function(){return d+KJE.subText(KJE.getKJEReplaced(q,h.dollars(o.TOTAL_FOR_DOWNPAYMENT),h.dollars(o.TOTAL_CLOSING_COSTS)),"KJECenter")};KJE.addDropper(new KJE.Dropper("DOWNPAYMENT",false,m,m),KJE.colorList[0]);var p=KJE.parameters.get("MSG_DROPPER_DEBT","Total monthly debt payments:");var a=KJE.parameters.get("MSG_MONTHLY_DEBT_LBL","KJE1");var f=function(){return p+"|"+KJE.subText(KJE.getKJEReplaced(a,h.dollars(o.TOTAL_LOAN_PAYMENTS)),"KJERightBold")};KJE.addDropper(new KJE.Dropper("DEBT",false,f,f),KJE.colorList[0])};KJE.CAMortgageQualifier.prototype.setValues=function(b){var a=KJE.inputs.items;b.ANNUAL_INCOME=a.ANNUAL_INCOME.getValue();b.MONTHLY_HEAT_AMT=a.MONTHLY_HEAT_AMT.getValue();b.MONTHLY_CAR_PAYMENTS=a.MONTHLY_CAR_PAYMENTS.getValue();b.CREDIT_CARD_PAYMENTS=a.CREDIT_CARD_PAYMENTS.getValue();b.OTHER_LOAN_PAYMENTS=a.OTHER_LOAN_PAYMENTS.getValue();b.DOWNPAYMENT_CLOSING_CASH=a.DOWNPAYMENT_CLOSING_CASH.getValue();b.PROPERTY_TAX_AMT=a.PROPERTY_TAX_AMT.getValue();b.INTEREST_RATE=a.INTEREST_RATE.getValue();b.TERM=a.TERM.getValue();b.OTHER_CLOSING_COSTS=a.OTHER_CLOSING_COSTS.getValue();b.PROPERTY_TAX_AMT=a.PROPERTY_TAX_AMT.getValue();b.CALCULATE_BY=a.CALCULATE_BY.getValue();b.TOTAL_MONTHLY_PAYMENT=a.TOTAL_MONTHLY_PAYMENT.getValue();b.PRICE_OF_HOME=a.PRICE_OF_HOME.getValue();if(b.CALCULATE_BY==KJE.CAMortgageQualifierCalc.CALC_INCOME){a.TOTAL_MONTHLY_PAYMENT.disable();a.PRICE_OF_HOME.disable();a.ANNUAL_INCOME.enable()}else{if(b.CALCULATE_BY==KJE.CAMortgageQualifierCalc.CALC_PRICE){a.TOTAL_MONTHLY_PAYMENT.disable();a.PRICE_OF_HOME.enable();a.ANNUAL_INCOME.disable()}else{a.TOTAL_MONTHLY_PAYMENT.enable();a.PRICE_OF_HOME.disable();a.ANNUAL_INCOME.disable()}}b.ANNUAL_REPORT_PERIOD=a.YEAR.getValue();b.GST_TAX_USE=a.NEW_HOME_PURCHASE.getValue();b.bUSE_FLEX=a.FLEX_DOWN.getValue();b.MAINTENANCE=a.MAINTENANCE.getValue();b.bMORTGAGE_INSURANCE=a.MORTGAGE_INSURANCE.getValue();if(b.GST_TAX_USE){b.PROVINCE_SELECTED=a.PROVINCE.getValue();a.PROVINCE.enable()}else{b.PROVINCE_SELECTED=-1;a.PROVINCE.disable()}if(a.LOAN_TERM_END){b.LOAN_TERM_END=a.LOAN_TERM_END.getValue()}};KJE.CAMortgageQualifier.prototype.refresh=function(e){var d=KJE;var c=KJE.gLegend;var b=KJE.inputs.items;var a=KJE.gGraphs[0];KJE.setTitleTemplate(d.dollars(e.PRICE_OF_HOME),d.number(e.TERM),(e.PRICE_LIMITED_BY_CLOSING_CASH&&e.MSG_PRICE_LIMITED_BY_CLOSING_CASH!=""?""+e.MSG_PRICE_LIMITED_BY_CLOSING_CASH+"
":""));var a=KJE.gGraphs[2];a.removeAll();a.setTitleTemplate(d.dollars(e.dInterestSum),d.dollars(e.dEquitySum));a.setGraphCategories(e.cats);a.add(new KJE.gGraphDataSeries(e.DS_PRIN_BALANCE,this.MSG_GRAPH1,a.getColor(1)));a.add(new KJE.gGraphDataSeries(e.DS_INTEREST_PAID,this.MSG_GRAPH2,a.getColor(2)));a.paint();a=KJE.gGraphs[0];a.removeAll();a.setTitleTemplate(d.dollars(e.TOTAL_MONTHLY_PAYMENT),KJE.getTermLabel(e.LENGTH_OF_LOAN*12+e.MONTHS));a.setGraphCategories(e.sCatPayment);a.add(new KJE.gGraphDataSeries(e.fCatPayment,"",a.getColor(1)));a.paint();a=KJE.gGraphs[1];a.removeAll();a.setTitleTemplate(d.dollars(e.DOWNPAYMENT_CLOSING_CASH));a.setGraphCategories(e.sCatClosing);a.add(new KJE.gGraphDataSeries(e.fCatClosing,"",a.getColor(1)));a._axisY._axisMinimum=(e.TOTAL_FOR_DOWNPAYMENT<0?(e.TOTAL_FOR_DOWNPAYMENT):0);a.paint();b.TOTAL_MONTHLY_PAYMENT.setValue(e.TOTAL_MONTHLY_PAYMENT,true);b.ANNUAL_INCOME.setValue(e.ANNUAL_INCOME,true);b.PRICE_OF_HOME.setValue(e.PRICE_OF_HOME,true);b.MORTGAGE_INSURANCE_PREMIUM.setText(d.percent(e.RATE_CMHC,2)+" X "+d.dollars(e.LOAN_AMOUNT-e.TOTAL_CMHC)+" = "+d.dollars(e.TOTAL_CMHC));b.LOAN_AMOUNT.setText(d.dollars(e.LOAN_AMOUNT,2),true);b.DEBT_RATIOS.setText(KJE.getKJEReplaced(this.MSG_DEBT_RATIO_RESULT,d.percent(e.TDSR,2),d.percent(e.GDSR,2)))};KJE.InputScreenText=" Downpayment and closing costs
**GRAPH1** **GRAPH2** **GRAPH3** ";KJE.DefinitionText=" Annual incomeYour gross annual income. For married couples this is your total combined gross annual income. Please note that if you enter a purchase price or total monthly payment the calculator will determine the gross annual income required to qualify for the purchase. This calculated amount may be higher or lower than your actual income. Purchase priceThe price of the home you wish to purchase. This is the actual price you pay, not including any closing costs. If you enter an annual income or a total monthly payment, the purchase price will be calculated based on these amounts. Total monthly paymentTotal monthly payment that you can qualify for. This is the total of principal, interest, taxes and heat paid each month. If you enter a purchase price or annual income, the total monthly payment will be calculated based on these amounts. Interest rateThe current interest rate you can receive on your mortgage. Amortization in yearsThe number of years over which you will repay this mortgage. Mortgage amountTotal amount for this mortgage. Monthly payment (PI)Monthly principal and interest payment for the mortgage. This payment amount does not include maintenance or property taxes. This calculator assumes both GST and mortgage insurance are financed which increases your mortgage amount, which is then reflected in your monthly principal and interest payment. Monthly heatTotal monthly payment for your home's heating bill. CMHC and Genworth currently only require heat costs to be incorporated into the monthly costs, however, there are other monthly costs associated with properly running a house such as hydro, water, telephone, cable, etc. You may wish to add these costs into the \"Heat\" category in order to properly calculate your monthly payment. Annual property taxesThe annual property tax paid on the home you are purchasing. Condo FeeMonthly fee charged for your condominium that you expect to incur with the ownership of this home. Please note that condominiums are referred to as 'strata' in the Province of British Columbia. We add 50% of your condominium fee to your Gross Debt Service (GDS) when calculating the maximum mortgage that you can qualify for. Cash on handCash you have for the down payment and all closing costs. You can purchase a home with as little as 5% down payment with mortgage loan insurance. An ideal down payment is between 10 - 20% of the purchase price of the home. Other closing costsEstimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees payable. Is this a new home?Many new homes have the purchase price with GST and/or HST/PST included. If this is the case for your home purchase, the checkbox to include GST should be left unchecked since the GST and/or HST/PST will be included in the purchase price. This calculator calculates GST at 5% of a new home's purchase price minus a GST rebate. GST rebates are calculated as follows. For homes under $350,000, the rebate amounts to 36% of GST, up to a maximum rebate of $6,300. For homes between $350,000 and $450,000, the maximum rebate of $6,300 declines to zero on a proportional basis. All homes selling for more than $450,000 receive no GST rebate.
It is important to be aware that there may be additional taxes on new home purchases in the form of HST and/or PST, depending on the province where the purchase is made. These additional taxes are not included in this analysis.
For more information, please visit: http://www.cra-arc.gc.ca/E/pub/gp/rc4028/rc4028-e.html#P103_1775
Total closing costsThis is the total you will need to pay in fees and taxes when you close, or purchase, your home. This includes GST/HST on the home's purchase if you indicated this was a new home. It also includes the mortgage fees and other closing costs you entered. Mortgage insurance is not included in this total, it is assumed to be financed in your new mortgage. There may be additional fees and taxes due at closing, please consult your mortgage professional for more information. Mortgage Insurance Required?Check this box if you wish to calculate the amount of mortgage insurance payable. Mortgage insurance is financed in your mortgage and does not increase your closing costs, but does increase your mortgage balance. For additional information regarding mortgage insurance please read the definition \"Mortgage Loan Insurance Premium\". Mortgage Loan Insurance Premium (non-refundable)**CMHC_DEFINITION** Credit card paymentsTotal monthly minimum payments for your credit cards. Monthly car payment(s)Total monthly payment for your car loan(s) or lease(s). Other loan paymentsAny other installment loan payments, such as student loans or unsecured loans. GDSR: Gross Debt Service Ratio and TDSR: Total Debt Service RatioThe most important amounts to consider are your gross household income, your down payment and the mortgage interest rate. Lenders will also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play. To help you see how much you can afford, there are two simple rules that lenders use to determine how much of a mortgage you qualify for. These rules are governed by Canada Mortgage and Housing Corporation (CMHC) which is Canada's national housing agency and Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. The first rule is that your monthly housing costs should not exceed 35% of your gross monthly household income (GDSR). Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.
Secondly, your entire monthly debt load should not be any more than 42% of your gross monthly income (TDSR). This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.
";KJE.ReportText=' Using your input values, an annual income of ANNUAL_INCOME should enable you to carry a TERM-year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. With a TOTAL_FOR_DOWNPAYMENT down payment, the total purchase price would be PRICE_OF_HOME. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS plus TOTAL_CMHC for Mortgage Principal Insurance which is financed in your loan. **GRAPH**
Principal and interest | MONTHLY_PI |
Taxes | PROPERY_TAX_MONTHLY |
Heat | MONTHLY_HEAT_AMT |
Condo fees | MAINTENANCE (only 50% of this amount is included in your monthly payment) |
Results are based on: (i) the lower of the gross debt service ratio (GDSR) and the total debt service ratio (TDSR), (ii) the assumption that the rate of interest does not change from the current rate for the entire amortization period, (iii) other assumptions, such as heating costs for your home, and (iv) information that you provided. (v) required minimum downpayment of MIN_DOWN_PERCENT of purchase price. Some restrictions may apply.
The QLFY_AMOUNT monthly payment you could qualify for is calculated by taking the lower of two these calculations:
- GDSR=Monthly Income X LOW_DEBT_PITH_RATE
MONTHLY_INCOME X LOW_DEBT_PITH_RATE = QLFY_PITH_ONLY - TDSR=Monthly Income X HIGH_DEBT_PITH_RATE - Other loan payments
MONTHLY_INCOME X HIGH_DEBT_PITH_RATE - TOTAL_LOAN_PAYMENTS = QLFY_PITH_DEBT
Regardless of your monthly payment qualification, your loan amount cannot exceed MAX_LOAN_PERCENT of the purchase price, not including mortgage insurance. For a purchase price of PRICE_OF_HOME, the minimum required downpayment is REQUIRED_DOWNPAYMENT.
Purchase price of home | PRICE_OF_HOME |
Down payment | TOTAL_FOR_DOWNPAYMENT |
Financed fees | TOTAL_CMHC |
Loan amount | LOAN_AMOUNT |
Annual income | ANNUAL_INCOME |
Purchase price | PRICE_OF_HOME |
Monthly payment (interest only) | MONTHLY_PI |
Amortization | IO_TERM interest only IO_REMAINING_TERM principal and interest |
Interest rate | INTEREST_RATE |
Cash on hand | DOWNPAYMENT_CLOSING_CASH |
Net SALE_TAX_TYPE (new homes only)** | GST_TAX |
Other closing costs | OTHER_CLOSING_COSTS |
Mortgage insurance premium at RATE_CMHC of loan* | TOTAL_CMHC |
**GRAPH** Total principal and interest payments | TOTAL_OF_PAYMENTS |
Total interest | INTEREST_PAID |
**REPEATING GROUP** ';