KJE.parameters.set("CANADIAN",true);KJE.parameters.set("MSG_HOUSING_EXPENSES","Condo Fees");KJE.parameters.set("TITLE_TEMPLATE","At KJE2 your maximum mortgage is KJE1
Traditional Lending: (A lending)
Monthly Income X 39% = monthly PITH (GDS) Monthly Income X 44% - Other loan payments = monthly PITH (TDS)
Semi-Traditional Lending: (Prime B)
Monthly Income X 45% = monthly PITH (GDS) Monthly Income X 50% - Other loan payments = monthly PITH (TDS)
Note: Some semi-traditional lenders GDS/TDS ratios may vary slightly.");KJE.MortgageMaxCalc=function(){this.CANADIAN=KJE.parameters.get("CANADIAN",false);this.bCALC_PMI=KJE.parameters.get("CALC_PMI",false);this.PMI_RATE=KJE.parameters.get("PMI_RATE",0.005);this.bREAL_ESTATE_TAXES=false;this.REAL_ESTATE_TAXES_RATE=0.0125;this.bHAZARD_INSURANCE=false;this.HAZARD_INSURANCE_RATE=0.0035;this.bHOUSING_EXPENSES=false;this.HOUSING_EXPENSES_RATE=0;this.MAX_RATE=1;this.INCREMENT=KJE.parameters.get("INCREMENT",0.25);this.YOUR_INCOME=0;this.LOAN_AMOUNT=0;this.INTEREST_RATE=0;this.TERM_IN_MONTHS=0;this.MONTHLY_HOUSING_EXPENSES=0;this.MONTHLY_LIABILITIES=0;this.LOAN_PI=0;this.LOAN_PITI=0;this.LOW_DEBT_PITI_RATE=KJE.parameters.get("LOW_DEBT_PITI_RATE",28);this.HIGH_DEBT_PITI_RATE=KJE.parameters.get("HIGH_DEBT_PITI_RATE",36);this.QLFY_PITI_DEBT=0;this.QLFY_PITI_ONLY=0;this.SALARY=0;this.COMMISSION=0;this.BONUS=0;this.OTHER_INCOME=0;this.COBORROWER_SALARY=0;this.COBORROWER_COMMISSION=0;this.COBORROWER_BONUS=0;this.COBORROWER_OTHER_INCOME=0;this.SALARY_UNITS=KJE.MortgageMaxCalc.ITEM_MONTHLY;this.COMMISSION_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.BONUS_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.OTHER_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.COBORROWER_SALARY_UNITS=KJE.MortgageMaxCalc.ITEM_MONTHLY;this.COBORROWER_COMMISSION_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.COBORROWER_BONUS_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.COBORROWER_OTHER_INCOME_UNITS=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.REAL_ESTATE_TAXES=0;this.HAZARD_INSURANCE=0;this.HOUSING_EXPENSES=0;this.MORTGAGE_INSURANCE=0;this.REAL_ESTATE_TAXES_UNIT=KJE.MortgageMaxCalc.ITEM_SEMIANNUAL;this.HAZARD_INSURANCE_UNIT=KJE.MortgageMaxCalc.ITEM_ANNUAL;this.HOUSING_EXPENSES_UNIT=KJE.MortgageMaxCalc.ITEM_MONTHLY;this.MORTGAGE_INSURANCE_UNIT=KJE.MortgageMaxCalc.ITEM_MONTHLY;this.AUTO_LOANS=0;this.CREDIT_CARDS=0;this.INSTALLMENT_LOANS=0;this.STUDENT_LOANS=0;this.ALIMONY_CHILD_SUPPORT=0;this.OTHER_LOANS=0;this.OTHER_LIABILITY=0;this.COBORROWER_AUTO_LOANS=0;this.COBORROWER_CREDIT_CARDS=0;this.COBORROWER_INSTALLMENT_LOANS=0;this.COBORROWER_STUDENT_LOANS=0;this.COBORROWER_ALIMONY_CHILD_SUPPORT=0;this.COBORROWER_OTHER_LOANS=0;this.COBORROWER_OTHER_LIABILITY=0;this.LOAN_COUNT=KJE.parameters.get("LOAN_COUNT",6);this.DS_RATE=KJE.FloatArray(this.LOAN_COUNT);this.DS_LOAN_PI=KJE.FloatArray(this.LOAN_COUNT);this.DS_LOAN_PITI=KJE.FloatArray(this.LOAN_COUNT);this.DS_LOAN_AMOUNT=KJE.FloatArray(this.LOAN_COUNT);this.cats=new Array();this.sSchedule=new KJE.Repeating()};KJE.MortgageMaxCalc.prototype.clear=function(){};KJE.MortgageMaxCalc.prototype.calculate=function(c){var d=KJE;this.YOUR_INCOME=this.sumIncome();this.MONTHLY_LIABILITIES=this.sumLiabilities();this.QLFY_PITI_DEBT=(this.YOUR_INCOME*(this.HIGH_DEBT_PITI_RATE/100))-this.MONTHLY_LIABILITIES;this.QLFY_PITI_ONLY=(this.YOUR_INCOME*(this.LOW_DEBT_PITI_RATE/100));this.LOAN_PITI=(this.QLFY_PITI_DEBT
Income ",2),a.sReportCol("Monthly
Liabilities ",3),a.sReportCol("Qualifying
Payment (PITI)",4),a.sReportCol("Qualifying
Payment (PI)",5),a.sReportCol("Qualifying
Mortgage",6))}for(var e=1;e<=this.LOAN_COUNT;e++){b=e-1;if(e==1){this.DS_RATE[b]=(this.INTEREST_RATE/100)}else{this.DS_RATE[b]=d.round((this.DS_RATE[b-1]+this.INCREMENT/100),5)}this.cats[b]=""+d.percent(this.DS_RATE[b],3);this.DS_LOAN_PITI[b]=this.LOAN_PITI;this.DS_LOAN_AMOUNT[b]=this.getLoanAmount(this.DS_LOAN_PITI[b],this.getPeriodRate(this.DS_RATE[b],12),this.TERM_IN_MONTHS);this.DS_LOAN_PI[b]=(this.DS_LOAN_PITI[b]-this.sumHousing(this.DS_LOAN_AMOUNT[b]));if(this.DS_LOAN_PI[b]<=0){this.DS_LOAN_PI[b]=0}if(e==1){this.LOAN_AMOUNT=this.DS_LOAN_AMOUNT[0]}if(c){a.addRepeat(d.percent(this.DS_RATE[b],3),d.dollars(this.YOUR_INCOME*12),d.dollars(this.MONTHLY_LIABILITIES),d.dollars(this.LOAN_PITI),d.dollars(this.LOAN_PI),d.dollars(this.DS_LOAN_AMOUNT[b]))}}this.MONTHLY_HOUSING_EXPENSES=this.sumHousing(this.LOAN_AMOUNT)};KJE.MortgageMaxCalc.prototype.formatReport=function(a){var b=KJE;var c=a;c=KJE.replace("LOW_DEBT_PITI_RATE",b.percent(this.LOW_DEBT_PITI_RATE/100),c);c=KJE.replace("HIGH_DEBT_PITI_RATE",b.percent(this.HIGH_DEBT_PITI_RATE/100),c);c=KJE.replace("QLFY_PITI_DEBT",b.dollars(this.QLFY_PITI_DEBT,2),c);c=KJE.replace("QLFY_PITI_ONLY",b.dollars(this.QLFY_PITI_ONLY,2),c);c=KJE.replace("YOUR_ANNUAL_INCOME",b.dollars(this.YOUR_INCOME*12),c);c=KJE.replace("INCREMENT",b.number(this.INCREMENT,2),c);c=KJE.replace("YOUR_INCOME",b.dollars(this.YOUR_INCOME,2),c);c=KJE.replace("LOAN_AMOUNT",b.dollars(this.LOAN_AMOUNT),c);c=KJE.replace("INTEREST_RATE",b.percent(this.INTEREST_RATE/100,3),c);c=KJE.replace("TERM_IN_MONTHS",b.number(this.TERM_IN_MONTHS),c);c=KJE.replace("TERM_IN_YEARS",b.number(this.TERM_IN_MONTHS/12),c);c=KJE.replace("MONTHLY_HOUSING_EXPENSES",b.dollars(this.MONTHLY_HOUSING_EXPENSES,2),c);c=KJE.replace("MONTHLY_LIABILITIES",b.dollars(this.MONTHLY_LIABILITIES,2),c);c=KJE.replace("LOAN_PITI",b.dollars(this.LOAN_PITI,2),c);c=KJE.replace("LOAN_PI",b.dollars(this.LOAN_PI,2),c);c=KJE.replace("COBORROWER_BONUS_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.COBORROWER_BONUS_UNITS],c);c=KJE.replace("COBORROWER_OTHER_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.COBORROWER_OTHER_INCOME_UNITS],c);c=KJE.replace("COBORROWER_SALARY_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.COBORROWER_SALARY_UNITS],c);c=KJE.replace("COBORROWER_COMMISSION_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.COBORROWER_COMMISSION_UNITS],c);c=KJE.replace("COBORROWER_SALARY",b.dollars(this.COBORROWER_SALARY,2),c);c=KJE.replace("COBORROWER_COMMISSION",b.dollars(this.COBORROWER_COMMISSION,2),c);c=KJE.replace("COBORROWER_BONUS",b.dollars(this.COBORROWER_BONUS,2),c);c=KJE.replace("COBORROWER_OTHER_INCOME",b.dollars(this.COBORROWER_OTHER_INCOME,2),c);c=KJE.replace("REAL_ESTATE_TAXES_UNIT",KJE.MortgageMaxCalc.ITEM_DESC[this.REAL_ESTATE_TAXES_UNIT],c);c=KJE.replace("HAZARD_INSURANCE_UNIT",KJE.MortgageMaxCalc.ITEM_DESC[this.HAZARD_INSURANCE_UNIT],c);c=KJE.replace("HOUSING_EXPENSES_UNIT",KJE.MortgageMaxCalc.ITEM_DESC[this.HOUSING_EXPENSES_UNIT],c);c=KJE.replace("BONUS_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.BONUS_UNITS],c);c=KJE.replace("OTHER_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.OTHER_UNITS],c);c=KJE.replace("SALARY_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.SALARY_UNITS],c);c=KJE.replace("COMMISSION_UNITS",KJE.MortgageMaxCalc.ITEM_DESC[this.COMMISSION_UNITS],c);c=KJE.replace("MORTGAGE_INSURANCE_UNIT",KJE.MortgageMaxCalc.ITEM_DESC[this.MORTGAGE_INSURANCE_UNIT],c);c=KJE.replace("REAL_ESTATE_TAXES",b.dollars(this.REAL_ESTATE_TAXES,2),c);c=KJE.replace("HAZARD_INSURANCE",b.dollars(this.HAZARD_INSURANCE,2),c);c=KJE.replace("HOUSING_EXPENSES",b.dollars(this.HOUSING_EXPENSES,2),c);c=KJE.replace("MORTGAGE_INSURANCE",b.dollars(this.MORTGAGE_INSURANCE,2),c);c=KJE.replace("COBORROWER_AUTO_LOANS",b.dollars(this.COBORROWER_AUTO_LOANS,2),c);c=KJE.replace("COBORROWER_CREDIT_CARDS",b.dollars(this.COBORROWER_CREDIT_CARDS,2),c);c=KJE.replace("COBORROWER_INSTALLMENT_LOANS",b.dollars(this.COBORROWER_INSTALLMENT_LOANS,2),c);c=KJE.replace("COBORROWER_STUDENT_LOANS",b.dollars(this.COBORROWER_STUDENT_LOANS,2),c);c=KJE.replace("COBORROWER_ALIMONY_CHILD_SUPPORT",b.dollars(this.COBORROWER_ALIMONY_CHILD_SUPPORT,2),c);c=KJE.replace("COBORROWER_OTHER_LOANS",b.dollars(this.COBORROWER_OTHER_LOANS,2),c);c=KJE.replace("COBORROWER_OTHER_LIABILITY",b.dollars(this.COBORROWER_OTHER_LIABILITY,2),c);c=KJE.replace("AUTO_LOANS",b.dollars(this.AUTO_LOANS,2),c);c=KJE.replace("CREDIT_CARDS",b.dollars(this.CREDIT_CARDS,2),c);c=KJE.replace("INSTALLMENT_LOANS",b.dollars(this.INSTALLMENT_LOANS,2),c);c=KJE.replace("STUDENT_LOANS",b.dollars(this.STUDENT_LOANS,2),c);c=KJE.replace("ALIMONY_CHILD_SUPPORT",b.dollars(this.ALIMONY_CHILD_SUPPORT,2),c);c=KJE.replace("OTHER_LOANS",b.dollars(this.OTHER_LOANS,2),c);c=KJE.replace("OTHER_LIABILITY",b.dollars(this.OTHER_LIABILITY,2),c);c=KJE.replace("SALARY",b.dollars(this.SALARY,2),c);c=KJE.replace("COMMISSION",b.dollars(this.COMMISSION,2),c);c=KJE.replace("BONUS",b.dollars(this.BONUS,2),c);c=KJE.replace("OTHER_INCOME",b.dollars(this.OTHER_INCOME,2),c);c=c.replace("**REPEATING GROUP**",this.sSchedule.getRepeat());this.sSchedule.clearRepeat();return c};KJE.MortgageMaxCalc.prototype.sumLiabilities=function(){return this.AUTO_LOANS+this.CREDIT_CARDS+this.INSTALLMENT_LOANS+this.STUDENT_LOANS+this.ALIMONY_CHILD_SUPPORT+this.OTHER_LOANS+this.OTHER_LIABILITY+this.COBORROWER_AUTO_LOANS+this.COBORROWER_CREDIT_CARDS+this.COBORROWER_INSTALLMENT_LOANS+this.COBORROWER_STUDENT_LOANS+this.COBORROWER_ALIMONY_CHILD_SUPPORT+this.COBORROWER_OTHER_LOANS+this.COBORROWER_OTHER_LIABILITY};KJE.MortgageMaxCalc.prototype.sumIncome=function(){var c=0;var b=KJE.MortgageMaxCalc.SALARY_PERIODS_YEARLY;var a=b[this.SALARY_UNITS];c+=(a==12?this.SALARY:(this.SALARY*a)/12);a=b[this.COMMISSION_UNITS];c+=(a==12?this.COMMISSION:(this.COMMISSION*a)/12);a=b[this.BONUS_UNITS];c+=(a==12?this.BONUS:(this.BONUS*a)/12);a=b[this.OTHER_UNITS];c+=(a==12?this.OTHER_INCOME:(this.OTHER_INCOME*a)/12);a=b[this.COBORROWER_SALARY_UNITS];c+=(a==12?this.COBORROWER_SALARY:(this.COBORROWER_SALARY*a)/12);a=b[this.COBORROWER_COMMISSION_UNITS];c+=(a==12?this.COBORROWER_COMMISSION:(this.COBORROWER_COMMISSION*a)/12);a=b[this.COBORROWER_BONUS_UNITS];c+=(a==12?this.COBORROWER_BONUS:(this.COBORROWER_BONUS*a)/12);a=b[this.COBORROWER_OTHER_INCOME_UNITS];c+=(a==12?this.COBORROWER_OTHER_INCOME:(this.COBORROWER_OTHER_INCOME*a)/12);return c};KJE.MortgageMaxCalc.prototype.sumHousing=function(e){var b=0;var c=0;var a=KJE.round;if(this.bREAL_ESTATE_TAXES){this.REAL_ESTATE_TAXES=a((this.REAL_ESTATE_TAXES_RATE)*e,2);this.REAL_ESTATE_TAXES_UNIT=KJE.MortgageMaxCalc.ITEM_ANNUAL}if(this.REAL_ESTATE_TAXES_UNIT==(KJE.MortgageMaxCalc.ITEM_ANNUAL)){c=this.REAL_ESTATE_TAXES/12}else{if(this.REAL_ESTATE_TAXES_UNIT==(KJE.MortgageMaxCalc.ITEM_SEMIANNUAL)){c=this.REAL_ESTATE_TAXES/6}else{if(this.REAL_ESTATE_TAXES_UNIT==(KJE.MortgageMaxCalc.ITEM_MONTHLY)){c=this.REAL_ESTATE_TAXES}}}if(!this.bREAL_ESTATE_TAXES){this.REAL_ESTATE_TAXES_RATE=a(c*12/e,5);if(this.REAL_ESTATE_TAXES_RATE>1||this.REAL_ESTATE_TAXES_RATE==NaN){this.REAL_ESTATE_TAXES_RATE=this.MAX_RATE}if(c==0){this.REAL_ESTATE_TAXES_RATE=0}}b+=c;c=0;if(this.bHAZARD_INSURANCE){this.HAZARD_INSURANCE=a((this.HAZARD_INSURANCE_RATE)*e,2);this.HAZARD_INSURANCE_UNIT=KJE.MortgageMaxCalc.ITEM_ANNUAL}if(this.HAZARD_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_ANNUAL)){c=this.HAZARD_INSURANCE/12}else{if(this.HAZARD_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_SEMIANNUAL)){c=this.HAZARD_INSURANCE/6}else{if(this.HAZARD_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_MONTHLY)){c=this.HAZARD_INSURANCE}}}if(!this.bHAZARD_INSURANCE){this.HAZARD_INSURANCE_RATE=a(c*12/e,5);if(this.HAZARD_INSURANCE_RATE>1||this.HAZARD_INSURANCE_RATE==NaN){this.HAZARD_INSURANCE_RATE=this.MAX_RATE}if(c==0){this.HAZARD_INSURANCE_RATE=0}}b+=c;c=0;if(this.bHOUSING_EXPENSES){this.HOUSING_EXPENSES=a((this.HOUSING_EXPENSES_RATE)*e,2);this.HOUSING_EXPENSES_UNIT=KJE.MortgageMaxCalc.ITEM_ANNUAL}if(this.HOUSING_EXPENSES_UNIT==(KJE.MortgageMaxCalc.ITEM_ANNUAL)){c=this.HOUSING_EXPENSES/12}else{if(this.HOUSING_EXPENSES_UNIT==(KJE.MortgageMaxCalc.ITEM_SEMIANNUAL)){c=this.HOUSING_EXPENSES/6}else{if(this.HOUSING_EXPENSES_UNIT==(KJE.MortgageMaxCalc.ITEM_MONTHLY)){c=this.HOUSING_EXPENSES}}}if(!this.bHOUSING_EXPENSES){this.HOUSING_EXPENSES_RATE=a(c*12/e,5);if(this.HOUSING_EXPENSES_RATE>1||this.HOUSING_EXPENSES_RATE==NaN){this.HOUSING_EXPENSES_RATE=this.MAX_RATE}if(c==0){this.HOUSING_EXPENSES_RATE=0}}b+=(this.CANADIAN?c/2:c);c=0;if(this.bCALC_PMI){this.MORTGAGE_INSURANCE=a((this.PMI_RATE)*e,2);this.MORTGAGE_INSURANCE_UNIT=KJE.MortgageMaxCalc.ITEM_ANNUAL}if(this.MORTGAGE_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_ANNUAL)){c=this.MORTGAGE_INSURANCE/12}else{if(this.MORTGAGE_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_SEMIANNUAL)){c=this.MORTGAGE_INSURANCE/6}else{if(this.MORTGAGE_INSURANCE_UNIT==(KJE.MortgageMaxCalc.ITEM_MONTHLY)){c=this.MORTGAGE_INSURANCE}}}if(!this.bCALC_PMI){this.PMI_RATE=a(c*12/e,5);if(this.PMI_RATE>1||this.PMI_RATE==NaN){this.PMI_RATE=this.MAX_RATE}if(c==0){this.PMI_RATE=0}}b+=c;return b};KJE.MortgageMaxCalc.prototype.getLoanAmount=function(g,e,d){if(g<=0){return 0}var c=g-this.sumHousing(0);if(c<=0){return 0}var f=KJE.PV;var a=f(e,d,c);if(this.bREAL_ESTATE_TAXES||this.bHAZARD_INSURANCE||this.bHOUSING_EXPENSES||this.bCALC_PMI){for(var b=0;b<10;b++){c=g-this.sumHousing(a);if(c<=0){return 0}a=f(e,d,c)}}return a};KJE.MortgageMaxCalc.ITEM_ANNUAL=0;KJE.MortgageMaxCalc.ITEM_SEMIANNUAL=1;KJE.MortgageMaxCalc.ITEM_MONTHLY=2;KJE.MortgageMaxCalc.ITEM_WEEKLY=3;KJE.MortgageMaxCalc.ITEM_HOURLY=4;KJE.MortgageMaxCalc.ITEM_BIWEEKLY=5;KJE.MortgageMaxCalc.ITEM_SEMIMONTHLY=6;KJE.MortgageMaxCalc.ITEM_QUARTERLY=7;KJE.MortgageMaxCalc.ITEM_PERCENT=8;KJE.MortgageMaxCalc.ITEM_DESC=KJE.parameters.get("ARRAY_ITEM_DESC",["Annual","Semi-Annual","Monthly","Weekly","Hourly","Bi-Weekly","Semi-Monthly","Quarterly","Annually"]);KJE.MortgageMaxCalc.SALARY_PERIODS_YEARLY=[1,2,12,52,2080,26,24,4];KJE.MortgageMaxCalc.SALARY_LENGTH=[12,6,1,52,2080,26,2,3];KJE.MortgageMaxCalc.SALARY_INDEX=[KJE.MortgageMaxCalc.ITEM_ANNUAL,KJE.MortgageMaxCalc.ITEM_SEMIANNUAL,KJE.MortgageMaxCalc.ITEM_MONTHLY,KJE.MortgageMaxCalc.ITEM_WEEKLY,KJE.MortgageMaxCalc.ITEM_HOURLY,KJE.MortgageMaxCalc.ITEM_BIWEEKLY,KJE.MortgageMaxCalc.ITEM_SEMIMONTHLY,KJE.MortgageMaxCalc.ITEM_QUARTERLY];KJE.MortgageMaxCalc.SALARY_DESC=KJE.parameters.get("ARRAY_SALARY_DESC",["Annual","Semi-Annual","Monthly","Weekly","Hourly","Bi-Weekly","Semi-Monthly","Quarterly"]);KJE.MortgageMaxCalc.EXPENSE_INDEX=[KJE.MortgageMaxCalc.ITEM_ANNUAL,KJE.MortgageMaxCalc.ITEM_SEMIANNUAL,KJE.MortgageMaxCalc.ITEM_MONTHLY,KJE.MortgageMaxCalc.ITEM_PERCENT];KJE.MortgageMaxCalc.EXPENSE_DESC=[KJE.MortgageMaxCalc.SALARY_DESC[0],KJE.MortgageMaxCalc.SALARY_DESC[1],KJE.MortgageMaxCalc.SALARY_DESC[2],"Percent"];KJE.MortgageMaxCalc.EXPENSE_INDEX2=[KJE.MortgageMaxCalc.ITEM_ANNUAL,KJE.MortgageMaxCalc.ITEM_SEMIANNUAL,KJE.MortgageMaxCalc.ITEM_MONTHLY];KJE.MortgageMaxCalc.EXPENSE_DESC2=[KJE.MortgageMaxCalc.SALARY_DESC[0],KJE.MortgageMaxCalc.SALARY_DESC[1],KJE.MortgageMaxCalc.SALARY_DESC[2]];KJE.MortgageMaxCalc.getIncomeDrop=function(b,a,c){return KJE.getDropBox(b,KJE.parameters.get(b,(!a?KJE.MortgageMaxCalc.ITEM_ANNUAL:a)),KJE.MortgageMaxCalc.SALARY_INDEX,KJE.MortgageMaxCalc.SALARY_DESC,c)};KJE.MortgageMaxCalc.getITemDrop=function(a,d,c,f){if(a){var b=KJE.MortgageMaxCalc.EXPENSE_INDEX2;var e=KJE.MortgageMaxCalc.EXPENSE_DESC2}else{var b=KJE.MortgageMaxCalc.EXPENSE_INDEX;var e=KJE.MortgageMaxCalc.EXPENSE_DESC}return KJE.getDropBox(d,KJE.parameters.get(d,(!c?KJE.MortgageMaxCalc.ITEM_ANNUAL:c)),b,e,f)};KJE.MortgageMaxCalc.prototype.getPeriodRate=function(a,b){if(this.CANADIAN){return(Math.pow(1+(a/2),(1/(b/2)))-1)}return(a/b)};KJE.CalcName="Maximum Mortgage - Flexible TDSR/GDSR Calculator (Canadian)";KJE.CalcType="CAMortgageMaxFlexible";KJE.CalculatorTitleTemplate="At KJE2 your maximum mortgage is KJE1
The first rule is that your monthly housing costs should not exceed a maximum gross debt to service ratio (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 exceed a maximum total debt to service ratio (TDSR). This includes housing costs, and other debts such as car payments, personal loans, and credit card payments. Maximum monthly payment is calculated by taking the lower of these two calculations:
Annual income | YOUR_ANNUAL_INCOME |
---|---|
Amortization | TERM_IN_YEARS years |
Interest rate | INTEREST_RATE |
Maximum Gross Debt Service Ratio (GDSR) | HIGH_DEBT_PITI_RATE |
Maximum Total Debt Service Ratio (TDSR) | LOW_DEBT_PITI_RATE |
Monthly housing expenses | MONTHLY_HOUSING_EXPENSES |
Monthly liabilities | MONTHLY_LIABILITIES |
Maximum housing payment | LOAN_PITI |
Maximum principal & interest payment (PI) | LOAN_PI |
Maximum mortgage | LOAN_AMOUNT |
Borrower | Co-borrower | |
Salary | SALARY SALARY_UNITS | COBORROWER_SALARY COBORROWER_SALARY_UNITS |
Commission | COMMISSION COMMISSION_UNITS | COBORROWER_COMMISSION COBORROWER_COMMISSION_UNITS |
Bonus | BONUS BONUS_UNITS | COBORROWER_BONUS COBORROWER_BONUS_UNITS |
Other | OTHER_INCOME OTHER_UNITS | COBORROWER_OTHER_INCOME COBORROWER_OTHER_UNITS |
Real estate taxes | REAL_ESTATE_TAXES REAL_ESTATE_TAXES_UNIT |
---|---|
Heat | HAZARD_INSURANCE HAZARD_INSURANCE_UNIT |
Condo fees | HOUSING_EXPENSES HOUSING_EXPENSES_UNIT (only 50% of this amount is included in your monthly expenses when calculating your maximum mortgage) |
Borrower | Co-borrower | |
Auto loans | AUTO_LOANS | COBORROWER_AUTO_LOANS |
Credit cards | CREDIT_CARDS | COBORROWER_CREDIT_CARDS |
Installment loans | INSTALLMENT_LOANS | COBORROWER_INSTALLMENT_LOANS |
Student loans | STUDENT_LOANS | COBORROWER_STUDENT_LOANS |
Alimony & child support | ALIMONY_CHILD_SUPPORT | COBORROWER_ALIMONY_CHILD_SUPPORT |
Other loans | OTHER_LOANS | COBORROWER_OTHER_LOANS |
Other | OTHER_LIABILITY | COBORROWER_OTHER_LIABILITY |
1. Monthly Income X LOW_DEBT_PITI_RATE = monthly PITH |
Which is: YOUR_INCOME X LOW_DEBT_PITI_RATE = QLFY_PITI_ONLY |
2. Monthly Income X HIGH_DEBT_PITI_RATE - Monthly Liabilities = monthly PITH |
Which is: YOUR_INCOME X HIGH_DEBT_PITI_RATE - MONTHLY_LIABILITIES = QLFY_PITI_DEBT |
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) A required minimum downpayment of purchase price. Some restrictions may apply.
The LOAN_PITI monthly payment you could qualify for is calculated by taking the lower of two these calculations: