Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision.

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Annual income
Your gross annual income. For married couples this is your total combined gross annual income.

Purchase price
The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs.

Total monthly payment
Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and heat paid each month.

Cash on hand
Cash you have for the down payment and all closing costs.

Interest rate
The current interest rate you can receive on your mortgage.

Amortization in years
The number of years over which you will repay this mortgage.
Annual property taxes
The annual property tax paid on the home you are purchasing.

Mortgage fees
Fees your financial institution charges for originating your mortgage.

Other closing costs
Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.

Total closing costs
Total up front costs to close your loan. This is the sum of the loan origination fee, amount paid for CMHC premium and other closing costs.

Mortgage amount
Total amount for this mortgage.

Investment return
Annual percentage return you would receive if you invested your closing costs and down payment instead of purchasing a home.

Monthly rent payment
Amount you currently pay for rent per month.

Expected inflation rate
Inflation rate used to adjust amounts subject to annual increases. This includes rent, insurance and tax payments.

Home appreciates at
Annual appreciation you expect in the home you are purchasing.

Future sales commission
The percent of your homes selling price you expect to pay to a broker or real estate agent when you sell your home.

CMHC Premium

Mortgage insurance is paid to the Canadian Mortgage and Housing Corporation (CMHC). This includes all loans secured with less than 25% down and depending on your financial institution, with as much as 35% down. This calculator assumes that financial institutions will not charge any CMHC premium if you have more than a 25% downpayment. This calculator assumes that your CMHC premium can be financed by your mortgage, which can greatly reduce the amount of upfront money that is required to purchase a home. The CMHC premium is calculated as:

CMHC Insurance Premium Rates:
Loan Size (% of property value) Rate (as a % of loan)
Up to and including 65% (over 35% down payment)
0.5%
Up to and including 75% (25% to 34.99% down payment)
0.75%
Up to and including 80% (20% to 24.99% down payment)
1.25%
Up to and including 85% (15% to 19.99% down payment)
2.00%
Up to and including 90% (10% to 14.99% down payment)
2.50%
Up to and including 95% (5% to 9.99% down payment)
3.75%

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.