Purchase
Everything about the mortgage itselfThe purchase
Down payment
Down payment shown as
First-time buyerOne buyer takes half the rebate — 30-year amortization either way
Newly built home
The mortgage
Rate type
Carrying costs
Results
Mortgage payment
Total monthly cost
Total mortgage
Cash to close
Down + closing − deposit
The payment schedule
Change the frequency above and every number on this tab follows it.
Down payment & insurance
Purchase price less the down payment, plus the insurance premium.
Purchase price
Less down payment
Mortgage before insurance
Default insurance premium
Total mortgage amount
Minimum down payment on this price
Loan-to-value
Over the term
Payments made
Principal paid
Interest paid
Balance at renewal
Closing day
Land transfer tax
Estimated closing costs — from the Closing Costs tab defaults
Canadian math. Fixed-rate payments compound semi-annually, never rate ÷ 12. Minimum down payment, the $1.5M insured cap and the 30-year amortization rule are all applied automatically.
Closing Costs
Every line is editableThe purchase
Down payment
First-time buyerOne buyer takes half the land transfer tax rebate
Paid before closing — override any lineOut of pocket during the offer. Not closing costs.
Paid on closing day — override any line
Results
Total closing costs
Cash to close
Down + closing − deposit
Before closing
Inspection and appraisal — not closing costs
Line by line
Do they have enough?
Funds available
Needed on closing day
Cushion
Affordability
GDS & TDSIncome
Gross monthly income
Housing — the GDS side
Work fromA price and a down payment adds the premium in for you
Down payment
Mortgage this produces
Qualifying rateGreater of contract + 2% and 5.25%
Payment at qualifying rate
Portion of condo fees counted
Other debts — the TDS side
Counted as
To price it out
Results
GDS
TDS
How the ratios are built
Mortgage payment
Property taxes
Condo fees
Heat
GDS total
GDS total carried forward
Credit cards at 3%
Car loan or lease
Student loan
Other property
Other payments
TDS total
What it takes to fit
Binding ratio
Maximum mortgage
Maximum purchase price
How the maximum mortgage is built
The most expensive home the ratios reach, less the down payment, plus the insurance premium.
Maximum purchase price
Less down payment available
Mortgage before insurance
Default insurance premium
Maximum mortgage
Rent or Buy
Same money, two pathsHow long they stay
If they buy
Down payment
First-time buyerSets the rebate and the 30-year amortization
If they rent
The money not spent on a home
Results
Buying — net position
Renting — net position
Break-even
Month one, side by side
Mortgage payment
Taxes, fees, heat, insurance, upkeep
Cost of owning
Cost of renting
Difference
If they buy
Home value
Mortgage balance
Cost of selling
Equity after selling
Surplus invested along the way
Net position
If they rent
Down payment and closing costs, invested instead
Surplus invested along the way
Rent paid over the period
Net position
Year by year
Both paths start with the same cash. The renter invests the down payment and the closing costs; whichever path costs less in a given month invests the difference. Investment growth is shown before tax.
Compare side by side
Two or three scenarios, one set of rulesShared assumptions
First-time buyerSets the land transfer tax rebate, prorated to the buyers who qualify
Newly built home
The scenarios
Side by side
Interest over the term is not a like-for-like number when the terms differ — a three-year term simply has less time to accrue it. Read it beside the balance at renewal.
Mortgage amounts side by side
Two or three mortgage amounts, nothing else in the wayThe amounts
Side by side
What the difference costs
The mortgage on its own. No property taxes, condo fees, heat or closing costs — those sit on the Purchase and Compare tabs. Where the rate, term or amortization differ between columns, interest over the term is not a like-for-like number; read it beside the balance at renewal.
Rental Cash Flow
What the property pays them each monthThe property
Down payment
Down payment shown as
The rent roll
Unit typeHow many × rent each
Second unit type
Third unit type
What it costs to run
Results
Monthly cash flow
Annual cash flow
Cash invested
Down payment + closing costs
Cash-on-cash return
Annual cash flow on cash invested
Money in
Money out
What is left
Net operating income — before the mortgage
Mortgage payment
Monthly cash flow
The measures
Cap rate — net operating income on the total cost to buy
Cash-on-cash return
Debt service coverage — income against the mortgage
Break-even rent — what the units have to bring in to hold even
Simple by design. One month at today’s rents and costs — no rent growth, no appreciation and no tax treatment. Land transfer tax is figured without a first-time buyer rebate, which does not apply to a property the buyer will not live in.