Price of home
Purchase price of the home you wish to buy.

Cash on hand
Cash you have for the down payment and closing costs.

Interest rate
The current interest rate you can receive on your mortgage.

Amortization period
The number of years over which you will repay this mortgage.

Property tax amount
The annual amount you pay in property taxes.

Mortgage fees
Fees your financial institution charges for originating your mortgage.

Maintenance/Condo Fee
Monthly fee charged for your condominium and any other maintenance costs you expect to incur with the ownership of this home. Please note that condominiums are referred to as "strata" in the Province of British Columbia.

Other closing costs
Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.

Total closing costs
Total up front costs to close your loan. This is the sum of the loan origination fee, the amount paid for mortgage insurance premium and other closing costs.

Mortgage amount
Total amount for this mortgage.

After-tax investment return
Annual percentage return you would retain, after income tax was paid, if you invested your closing costs and down payment instead of purchasing a home.

Monthly rent payment
Amount you currently pay for rent per month.

Expected inflation rate
Inflation rate used to adjust amounts subject to annual increases. This includes rent, insurance and tax payments.

Home appreciates at
Annual appreciation you expect in the home you are purchasing.

Future sales commission
The percent of your homes selling price you expect to pay to a broker or real estate agent when you sell your home.

GST
This calculator calculates GST at 7% of a new home's purchase price minus a GST rebate. GST rebates are calculated as follows. For homes under $350,000, the rebate amounts to 36% of GST, up to a maximum rebate of $8,750. For homes between $350,000 and $450,000, the maximum rebate of $8750 declines to zero on a proportional basis. All homes selling for more than $450,000 receive no GST rebate.

Mortgage Loan Insurance Premium (non-refundable)
Mortgage insurance makes it possible for homebuyers to purchase a home using a lower down payment. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 75% of the value of the home or purchases with less than 25% down payment. The Canadian Mortgage and Housing Corporation (CMHC) and Genworth Financial both offer Mortgage Loan insurance.

GDSR: Gross Debt Service Ratio
Compares the total cost of your monthly mortgage payment, taxes and heating to your gross monthly (pre-tax) income from all sources. The general rule is that these monthly payments should not exceed 32% of your gross income.

TDSR: Total Debt Service Ratio
Examines the relationship between all monthly debts (i.e. mortgage payments, property taxes, cars, credit cards, other loans and obligations, etc.) and your gross monthly income. The general rule is that these total monthly payments should not exceed 40% of your income.

Qualify amount
Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Heat" for your home.