Personal Mortgage Insurance CalculatorMortgage insurance personal calculator
The calculator below will help you find out what you can lend and give you a listing of possible mortgage options for which you are interested. In order to get a good picture of what you can buy to get a mortgage, you need to know exactly what your and your partner's incomes are when you buy together.
You also need to know what your spending is on a regular basis - things like local taxes, tuition or kindergarten charges, electricity bills, insurance premiums or refunds of auto or personal loans. A mortgage bank needs to see proof of your incomes and spending in order to judge how much you can afford to pay back your mortgage each and every day of the year.
Then this will decide what you can lend. Some other things influence how much you can lend. Mortgages interest rates - this is the interest rates levied on the investment loans you take out. A higher interest rates will make mortgage payments more costly. Credit-to-Value - this is the amount you lend in comparison to the amount of the money you have deposited.
On the other hand, the larger the investment, the lower the LTV, the lower the mortgage interest will be. Length of the mortgage life - when you take out a mortgage, it is likely that you will be choosing a two or five year transaction, regardless of whether the interest rates are floating or not. However, the entire mortgage is redeemable over a much longer period of time.
It is known as the mortgage life and is usually between 25 and 35 years. Longer terms mean more month to reimburse, lower month to month redemption. The longer it will take for you to reimburse the entire mortgage due amount, however, the more interest you will be paying in total, so it is best to try to settle as much of your mortgage as possible as soon as possible.
To find out how much you can lend, use our Accessibility Calculator and speak to the consultant to learn more.