How Much Can I Afford?

Mortgage Affordability Calculator

We often talk to condo buyers who are interested in buying a Square One condo in Mississauga and we get asked the following questions – “How much can I afford in mortgages?”, “What kind of income is required to purchase a Mississauga condo?” or “How do you calculate my maximum allowed monthly payment?”. This calculator is a great starting point for anyone with such questions. Please keep in mind that the below calculation is very simplified and often it is possible to qualify for higher amounts than the ones specified below. We suggest to contact us directly and we can discuss your options.

 

The calculation is based on the accuracy and completeness of the data you have entered. The information is intended for illustrative and general information purposes only and does not mean that you have been approved for a mortgage loan. Actual payment amounts may differ and will be determined at the time of signing the Mortgage Loan Agreement. The calculator is for residential properties and mortgages. Additional conditions may apply. The calculation assumes a constant interest rate throughout the amortization period. The interest rate shown is calculated either semi-annually not in advance for fixed interest rate mortgages or monthly not in advance for variable interest rate mortgages. These rates are only available for already built, owner-occupied properties with amortization periods of 25 years or less. Lump-sum payments may be subject to a prepayment charge. Provincial sales taxes are added to your premiums, if applicable. The premium is calculated using your age at the time of application. Rates are dependent on underwriting and subject to change at any time without notice.