When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.
Our tool will help you calculate these costs, so you know how much you'll need to save.
When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.
The calculation below shows how much of your mortgage principal will be left at the end of the term.
Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:
Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.
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