Dean’s Beans

“How much can we afford, Dean?”

Historically-correct definitions of bean counting are somewhat muddled, so I won’t bore you with them here, but in the real estate sense of “counting beans”, it’s making sure that you have enough of them to buy a house. More importantly, it’s making sure that you’ll have enough of them to live on, after you’ve purchased your humble abode. Using the “bean counters” below, the do-it-yourself Buyer can gain some general knowledge into how much they can afford. But because these on-line calculators are not actually able to give you the money for a mortgage, I suggest that you use their approximations cautiously, and talk to a Mortgage Specialist before purchasing your home.

Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %

This Calculator will tell you what price you can afford to purchase. Enter in your gross family monthly income (before taxes), any required monthly debt expenses (loans, line of credits) and the total dollars you have to put in for a down deposit and it will tell you the total price of a house you can afford to buy.

Mortgage Calculator

$
  %
  yrs
  %
$

Find out what your monthly payments would be for your mortgage. Plug in the house price, down deposit percentage, years to pay off mortgage and estimated mortgage rate and you will see what your monthly payment will be.

Note: Tax refers to Property Taxes and PMI refers to Private Mortgage Insurance (normally required by lenders when a deposit of 20% or less is made on the purchase)

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Seek out a local Mortgage Specialist or Broker for exact figures and more information.

Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser upon the acquisition of an interest in land by registered conveyance or unregistered disposition. Therefore, if you purchase a property or land you are responsible for paying Land Transfer Tax to the province at the time the transaction closes.

More Information on Land Transfer Taxes in Ontario and Toronto

Ontario Land Transfer Taxes
Land Transfer Tax Rebates for First Time Buyers
Toronto Land Transfer Taxes