Instructions
This simple calculator calculates your monthly payment based on your input.
This calculator assumes conventional mortgage financing compounded semi-annually.
The maximum Gross and Total Debt Service Ratios (GDSR and TDSR) are usually 32% and 40% respectively.
The calculation assumes the total of all non shelter financial obligations will not exceed an additional 8% of the required household income.
A conventional financing calculation should incorporate 75% mortgage up to 400,000 of value and 65% thereafter to determine the required down payment.
This underwriting practice varies between financial institutions.
Results
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Monthly Principal & Interest:
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$479.85
|
|
Down Payment:
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$25,000
|
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Required Down Payment:
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$25,000
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|
Income Required:
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$17,995
|
|
