Toronto, Toronto Central and North York real estate and homes for sale in Ontario - The Lauretta Stewart Group, REALTORS® The Lauretta Stewart Group REALTORS(r) for Toronto, Toronto Central and North York, Ontario real estate - NUMBER1EXPERTS™ The Lauretta Stewart Group NUMBER1EXPERTS(tm) for Toronto, Toronto Central and North York, Ontario real estate
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The Lauretta Stewart Group, REALTOR®, real estate agents and broker for Toronto, Toronto Central and North York Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)
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Mortgage Calculators: Toronto, Toronto Central and North York Ontario home buying, real estate listings, and homes for sale in County, ON
Welcome > Resources > Mortgage Calculators > Your Income ...

The Best Mortgage Calculators On the Web! 

Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! 

Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. 

The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. 

Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... 

How Much Should Your Income Be?

What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

This Financial Calculator requires a Browser with Java Support



Definitions

Desired mortgage amount
The total loan amount you are looking to qualify for.

Monthly housing expenses
Your monthly houses expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.

Monthly liabilities
Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.

Monthly housing payment (PITI)
This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:

  1. Monthly Income X 28% = monthly PITI
  2. Monthly Income X 36% - Other loan payments = monthly PITI

Maximum principal and interest (PI)
This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.

Start interest rates at
The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.

Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.



The Lauretta Stewart Group, REALTOR®, real estate agents and broker for Toronto, Toronto Central and North York Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)

The Lauretta Stewart Group
Royal Le Page Real Estate Services, LTD
55 St. Clair Avenue West
Toronto, ON
M4V 2Y7
Toll Free: 1-800-622-9536
Business: 416-921-1112
Voicemail: 416-921-9066 ext. 351
Fax: 416- 921-7424
Email: lauretta@onramp.ca

Lauretta is a ‘Player’ on the Canadian Real Estate scene, with a proven sales track record. Her reputation, extensive network and knowledge of the Toronto real estate environment are assets valued by all who have dealings with her.

Since joining Royal LePage, Lauretta has distinguished herself as a Top Producer - year after year - earning a place in the pantheon of Top Producers - the prestigious Chairman's Club….the Top 1% of the Royal LePage’s national sales force of over 10,000 agents.

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