Mortgage calculators for Ontario teachers

Estimate a mortgage budget and compare monthly payments.

Estimate your mortgage budget

For occasional or LTO work, enter an estimated annual average. A lender will confirm the income history it can use.

Gross annual income
Your own income before tax. Add a partner separately below.
Down payment saved
Other annual income
Summer school, night school, coaching, or tutoring you declare on your tax return.
Other monthly debt payments
Car, cards, lines of credit, student loans.
Illustrative mortgage rate
Amortisation
Estimated home budget
$366,425
with $60,000 down

Income-based illustration only. Mortgage insurance, closing costs and condo fees are not included.

Estimated mortgage capacity$306,425
Estimated payment / month$1,746
Stress-test rate used6.79%

Estimate only, using total-debt limits and the stress test. This is not an approval. A lender must confirm your income, credit and property.

Compare mortgage payments

Compare estimated payments at two interest rates. Allow for penalties, fees and mortgage terms before deciding whether to switch.

Mortgage balance
Your current rate
Rate to compare (illustrative)
Remaining amortisation

Compares monthly payments using semi-annual compounding and the same remaining amortisation. Rates are examples, not offers. Payment differences are not total interest savings. Penalties, fees and changes in mortgage balance are not included.

Estimated monthly payment reduction
$256 / mo
$3,072 less per year
Current payment$2,744
New payment$2,488
Payments over 5 years: less by$15,361

Have a mortgage to compare?

You can also use Grade My Mortgage to review your existing mortgage. It is a separate tool and opens in a new tab.

Open Grade My Mortgage ↗
Emily MudrickJeff Mudrick

Talk to us

Emily & Jeff Mudrick

Mortgage agents, Mudrick Mortgages
Serving teachers across Ontario.

Discuss your mortgage options

Talk through your estimates and the documents a lender may need.

Get started Meet Emily & Jeff
emily@mudrickmortgages.com
Emily Mudrick, Lic. #M26000497Jeff Mudrick, Lic. #M21001275BRX Mortgage Inc., Lic. #13463