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Work Out the NumbersBefore You Move
Five calculators, all free and none of them behind a signup. Use them, and if the number is one you want to do something about, that is the point at which we would like to hear from you.
Mortgage payment
Fill in the top two and read down. Everything else works itself out.
Twenty percent or more, so there is no mortgage insurance to pay.
Mortgage payment, monthly
$2,962
Principal and interest. Property tax, heat and any condo fee are on top.
What it comes to over the whole amortization
Shortening the amortization is the only lever on that interest figure that does not need a lower rate. Twenty five years to twenty on this mortgage is about $82,743 less interest, for $396 more a month.
What this assumes
Canadian mortgages compound semi-annually rather than monthly, which is what this uses and what most American calculators do not. It is worth a few dollars a month either way.
Property tax, heat and condo fees are not in the payment. A lender counts them when working out what you qualify for, so the figure here is the mortgage on its own rather than the cost of living there.
CMHC insurance is at the published rates and added to the mortgage rather than paid on closing, which is what almost everybody does.
What you can afford
The way a lender works it out, in the order they work it out.
Everybody who will be on the mortgage, added together.
Car payments, loans, and the minimum on any card or line of credit. Not rent, groceries or childcare.
You could look up to
$535,478
Your other debts are the limit, not your income. Clearing one moves this figure more than saving does.
What this assumes
The two ratios every Canadian lender works to. GDS is housing against income and caps at 39%. TDS is housing plus every other debt payment and caps at 44%. Whichever bites first is the ceiling, and for anybody with a car payment it is almost always TDS.
London property tax is taken at roughly 1.35% of the price a year and heat at $150 a month. Both come out of the housing budget before the mortgage does, because that is the order a lender works in.
A 25 year amortization, and the stress test is not in this. A lender qualifies you at the higher of your rate plus two points or 5.25%, so treat the figure above as the optimistic end of the range and expect a pre-approval to come in under it.
Closing costs
What your lawyer needs a few days before the keys, on top of the down payment.
Neither of you can have owned a home anywhere, ever.
Cash needed to close
$12,375
Payable to your lawyer in certified funds a few days before closing, on top of your down payment.
What this assumes
The land transfer tax is exact. It is Ontario’s brackets, and the first time buyer rebate is capped at $4,000, which is the tax on a $368,000 purchase. Above that price a first time buyer still pays the difference.
London charges no municipal land transfer tax on top, which Toronto does. If you are moving from there, this bill is roughly half what you have braced for.
Legal fees and title insurance are typical London figures rather than quotes, and adjustments are taken at a tenth of a percent of the price. What they actually come to depends on your closing date and what the seller has prepaid.
What you would save at 2.99%
Against the 5% most London brokerages charge.
*Two percent of every commission goes to the agent who brings your buyer, whoever you list with. Under $500,000 our side is a flat $4,950 rather than a percentage.
Buy with us and sell for free
What a zero listing fee is worth on your current home.
Savings are compared to the standard 5% commission rate. When selling, 2% is still paid to the agent who brings in your buyer.