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Before using the calculator, it’s essential to understand key definitions such as “Current Rate“, “Qualification Rate“, “TDS” ratio, and “GDS” ratio. Allow me to elucidate:
Current Rate: This refers to the rate offered by the lender for various mortgage types, including purchase, refinance, and renewal. Monthly payments are calculated based on this rate.
Qualification Rate: When obtaining an insured mortgage or certain fixed terms under five years, lenders require qualification at a higher rate, known as the “benchmark qualifying rate.” For instance, if you apply for a 2.25% five-year variable mortgage, you may need to qualify at the lender’s posted 5-year rate, typically higher. Qualifying ensures borrowers can manage payments if rates rise.
TDS Ratio: Total Debt Service (TDS) encompasses all monthly debts like car payments, credit cards, and loans. The industry standard TDS ratio is 42%, calculated by dividing total monthly debts by gross monthly income.
GDS Ratio: This indicates the percentage of income needed for monthly housing costs, including principal, interest, taxes, and heat. Additionally, 50% of condo fees are included if applicable. Multiply this sum by 100 to find your GDS ratio.
Please note: The calculations provided for The “Mortgage“, “Affordability“, “CMHC Insurance“, and “Land Transfer Tax” are for estimation purposes only and should not be considered accurate representations of your potential payments. So, for a more precise calculation tailored to your specific financial situation, please contact us directly. We’re here to provide you with personalized assistance and ensure you get the most accurate information regarding your mortgage options.
