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CMHC INSURANCE CALCULATOR
LAND TRANSFER TAX CALCULATOR
These calculators are for demonstration purposes only. Please call me or send me an email for an accurate calculation.
Before you used the calculator it is important to know some definition about the “Current Rate“, “Qualification Rate“, “TDS” ratio, “GDS” ratio.
- Current Rate: Current rate is the rate that the lender offer you for the purchase, refinance, renewal and other type of mortgage, and all monthly payment is calculated base on it.
- Qualification Rate: If you’re getting an insured mortgage, you must qualify at a higher rate (called the “benchmark qualifying rate”). The same holds true if you get a variable rate or a fixed term under five years at most mainstream lenders. For example, suppose you apply for a 2.25% five-year variable mortgage. Lenders generally make you qualify at their posted 5-year rate (5.14% for example). “Qualify” means that you must prove you can afford a payment at that higher rate. Qualifying rates are used to ensure borrowers can handle their payments if rates go up.
- TDS Ratio: Total Debt Service (TDS) includes car payments, credit cards, alimony, and any loans. The industry standard for a TDS ratio is 42 per cent. To calculate your TDS ratio, add all of your monthly debts and divide that figure by your gross monthly income.
- GDS Ratio: A GDS ratio is the percentage of your income needed to pay all of your monthly housing costs, including principal, interest, taxes, and heat (PITH). You’ll also need to include 50 per cent of your condo fees, if applicable. … Then multiply that sum by 100 and you’ll have your GDS ratio.