Roz Prince
796 Main Street Dartmouth, NS B2W 3V1 Cell: 1-902-456-6375
Other: 1-902-434-9090
Work Phone: 1-902-456-6375
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Mortgage Calculator and More!

Let me help you find out what kind of home you can afford.


My mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.




Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
  Receive this Detailed Analysis

Your Monthly Payments
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

Can You Afford to Buy a Home?

If you are a first time home buyer, your answer probably is: “I don’t know”. To help you figure it out, I am providing an easy formula that will give you the straightforward answers you need. If you need further assistance, your mortgage specialist or I will work through the calculations with you.

A quick way to calculate what you can afford

It all starts with a general rule regarding how much of your household income should go to household expenses. Typically household expenses should not exceed 32% of your gross income. This is called Gross Debt Service Ratio – they will allow up to 40% towards all debts – this is called Total Debt Service Ratio.

Insurance for High Ratio Mortgages

The insurance premium for a high ratio mortgage is 0.5% to 4.25% of the total mortgage amount, depending on the size of your down payment and whether it is new construction or an existing home. This premium may be paid in cash, or to make it more convenient the mortgage company will add it to your mortgage amount and calculate your payments on the total amount (this is the most common).

A Pre-Approved Mortgage

  • Avoids disappointment
  • Determines price range
  • Facilitates a speedy approval
  • Provides peace of mind
  • Increases bargaining power
  • Costs nothing and saves time
  • Protects your interest rate
  • Prevents problems at time of application for a mortgage

I can recommend excellent mortgage specialists for the financial institutions of your choice.


Mortgage Financing

Most Canadians need a mortgage to purchase a home. A mortgage is essentially a long-term loan used for buying a home. It is composed of two ingredients; the first is the principal, the amount borrowed and the second is the interest, the cost of borrowing. Each mortgage payment will consist of these two parts - covering the interest first and then, the balance of the payment will go to the principal. Interest is paid on the principal amount outstanding at a rate agreed to at the beginning of the term. The number of years that it takes to pay back the entire mortgage debt is known as the amortization period which is normally 25 years. [ Read more ]

Five Percent Downpayment Expands Home Buying Options For Canadians

With as little as five per cent down, all home buyers now have access to mortgage insurance, Marc Rochon, President of Canada Mortgage and Housing Corporation (CMHC), announced recently. Beginning, May 11 1998, this mortgage insurance option will be available for first time and previous purchasers, who can manage the costs of home ownership and have a minimum downpayment of five per cent of the purchase price. [ Read more ]

Should you use your RRSP's to purchase a new home?

Registered Retirement Savings Plans (RRSP) were created to encourage Canadians to save money for their retirement. In 1992, the government hoped to stimulate housing sales with the creation of the Home Buyers' Plan. The plan allows qualified homebuyers to use up to $20,000 each from their RRSPs to purchase a home. In effect, people are borrowing tax-sheltered money from themselves. The questions many people have are what are the requirements of the plan and what impacts will the loan have on retirement savings. [ Read more ]

How a Loan Pre-approval Letter Can Help

A pre-approval letter is a statement from a lender that you are qualified to service a specific amount of debt. If you are bidding on your dream home, being pre-approved can be a great advantage over competing bids. It can also let you know exactly where your price ceiling is. There is nothing more disappointing than falling in love with a home and then realizing it is out of your reach. [ Read more ]

How to Save Money with Variable Mortgage Rates

There was a time when interest rates were fairly easy to predict. These days even a crystal ball might not help. One expert is predicting that there is still room for rates to drop. Another one thinks that they could skyrocket any day. I do know that whether you are contemplating buying your first home, or are about to renew your present mortgage, it does pay to shop around. There are some good options to consider that can help you cope with the uncertainties. [ Read more ]

Protecting your Family with Life Insured Mortgages

You've invested a lot in your home. Fire and theft insurance covers the contents. What about protecting the people who live there, your family, with mortgage life insurance? This type of term insurance is available through most financial institutions. When the unexpected happens - make sure your home remains your family's home. Have the comfort of knowing that the amount you owe will be paid and your family can live mortgage-free. [ Read more ]

Self-Employed Means Creative Lending

Self-employed homebuyers have historically presented a challenge to realtors when dealing with conservative lenders. But many self-employed Canadians are now realizing their goal of home ownership, and there are more self-employed individuals in this country than ever before. [ Read more ]

Surfing the Web for Mortgages

Shopping online for a home mortgage is a lot like trading stocks on the Internet. You've got the power, but that doesn't mean you know how to use it. According to online mortgage specialists (in a recent survey), first time buyers, or people that have very limited knowledge on mortgages, are probably better off consulting a 'live' mortgage lender or broker. Someone you can 'touch and feel' and most of all trust! But for those of you familiar with the 'ins and outs' of mortgages, online shopping can be a very time effective way to secure a great mortgage - and a great rate! [ Read more ]

Mortgage Brokers Demystified

Simply stated, a mortgage broker is an agent for lenders in much the same way an insurance broker is an agent for insurance companies. Mortgage brokers act as agents for banks, trust companies, credit unions, mortgage corporations, mortgage investment corporations, finance companies and individual private investors. Some mortgage brokers are exclusively lenders of their own money and provide a direct source of mortgage funds (a topic to be discussed in a later issue). Mortgage brokers are trained professionals that have to meet a satisfactory educational requirement before they may become registered. As such, this requirement ensures you are being provided with a duty of care, a working knowledge of mortgage products and a standard of service to meet individual needs. [ Read More ]

Mortgage Brokers Fees Demystified

Q: Is it true that most residential mortgages arranged by a mortgage broker are NOT subject to lender or brokerage fees?

A: TRUE - Where an applicant(s) can be approved for financing with a qualifying income, satisfactory credit history and net worth, there are NO lender or brokerage fees charged. To find out if you qualify, your mortgage broker will first add your mortgage payment together with one twelfth of annual property tax. Heat and hydro payments and one half of monthly strata fees (if applicable), the total of which cannot exceed 32% of your combined household income. Your Mortgage broker will then determine if your monthly payments on other forms of financing (car loans, Credit and department store cards etc.) combined with the aforementioned, is equal to or less than 40% of your total household income. These thresholds are referred to as "debt service ratios". [ Read more ]