Real Estate Tools & Calculators
Buying a house is a huge financial decision, and it’s important to go into it well educated with a full understanding of the financial requirements. To help you in your home-buying journey, we’ve created a variety of tools to help you with this process. Our tools cover items such as what you can afford, mortgages and down payments, buying vs. renting, investing, and more.
Affordability Calculator
If you’re just getting started, a good place to start is by using an affordability calculator. This will give you an estimate of the maximum price you can afford based on your income, debts, and other financial factors. Keep in mind that this is just a starting point – your actual affordability may be different based on your unique circumstances. To get the most accurate picture of what you can afford, talk to a mortgage broker or lender. They’ll be able to help you calculate your mortgage and give you a more detailed affordability assessment. With this information in hand, you’ll be ready to start shopping for your new home with confidence.
Buy vs. Rent Calculator
When it comes to deciding whether to buy or rent a home, there are a number of factors to consider. First, you’ll need to think about your financial situation and whether you can afford a mortgage. You’ll also need to factor in the cost of repairs and maintenance, as well as the flexibility that renting offers. One helpful way to make a decision is to use a buy vs rent calculator. This will take into account your specific circumstances and help you to weigh the pros and cons of each option. Ultimately, the decision of whether to buy or rent is a personal one and will depend on your individual needs and preferences.
CMHC Insurance Calculator
If you’re buying a home and have a down payment of less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance or CMHC mortgage insurance. Mortgage default insurance protects the lender if you, as the borrower, stop making your mortgage payments or break the terms of your mortgage contract. Be prepared and understand what you can expect to pay using our CMHC Insurance Calculator.
Investment Calculator
If you’re thinking about investing in real estate, you’ll need to factor in a number of different costs and potential revenue streams. Our real estate investment calculator can help you take a closer look at the numbers and make an informed decision about whether or not investing in real estate is right for you. Some of the key factors you’ll need to consider include the purchase price of the property, any renovation costs, ongoing maintenance and repair costs, property taxes, and the expected rental income from the property. With our real estate investment calculator, you can input all of these variables and get a clear picture of your potential return on investment.
Sterling Homes Mortgage Calculator
A mortgage calculator is a great tool to use when you’re considering purchasing a home. It can help you compare homes and mortgage amounts to find the option that best suits your needs. When you use a mortgage calculator, you’ll need to input information such as the price of the home, the down payment, the mortgage term, and the interest rate. With this information, the calculator will be able to provide you with an estimate of your monthly payments. It’s important to remember that this is just an estimate – your actual payments may be higher or lower depending on factors such as closing costs and property taxes. With the Sterling Homes Mortgage Calculator, you can compare 2 properties using the job numbers.
GST Rebate Calculator
The GST New Housing Rebate may allow you to recover some of the goods and services tax (GST) paid for a new or substantially renovated house that has been purchased for use as your primary place of residence. At Sterling Homes, this rebate is included in your purchase price. But if you’re curious what the rebate would be, you can find out with our easy to use GST rebate calculator. Try it now!
Debt Service Ratio (GDS & TDS) Calculator
A debt service ratio calculator is a tool that helps individuals and businesses determine how much of their income is being used to make debt payments. It is designed for people who are considering taking on a new loan or for those who want to understand their current debt burden. To use the calculator, you will need to input information about your income and your existing debt payments. The calculator will then use this information to calculate your debt service ratio, which is the percentage of your income that is being used to make debt payments.
The debt service ratio is an important factor that lenders consider when deciding whether to approve a loan. A high debt service ratio may indicate that an individual or business is overextended and may have difficulty making their debt payments. As a result, lenders may be less likely to approve a loan or may offer a loan with less favorable terms to someone with a high debt service ratio. Figure out your GDS and TDS today using out debt service ratio calculator.
Home Value Estimator Calculator
A home value estimator calculator is a tool that uses information about a property to calculate an estimate of its value. There are many different factors that can influence a property’s value, such as its location, size, age, condition, and features. A home value estimator calculator takes this information into account to generate an estimate of what a property might be worth in the current market. Our estimator uses a properties property tax along with property type to create an estmated home value.
First-Time Buyer Calculator
Our first-time buyer calculator is a tool that can help you estimate the costs of purchasing a home as a first-time buyer. It can help you determine the amount of money you will need for a down payment, closing costs, and other expenses. The calculator will ask for information such as the price of the home you are interested in, your annual household income, estimated downpayment, and property type. Based on this information, the calculator can provide an estimate of what you can qualify for including the shared-equity incentive and home buyers plan (RRSP).
Loan to Value (LTV) Calculator
A loan-to-value (LTV) calculator is a tool that can help you determine the loan amount you can afford to take out on a property. It does this by calculating the loan-to-value ratio, which is the percentage of the property’s value that you will be borrowing. To use a loan-to-value calculator, you will need to input the following information: The value of the property you are interested in and the amount of money you are able to put down as a down payment.
Based on this information, the calculator will determine your LTV ratio, which is the percentage of the property’s value that you will be borrowing.
Construction Loans Calculator
A construction loan calculator is a tool that can help you estimate the costs of borrowing money to fund a new home build. It can help you determine the amount of money you will need to borrow, as well as the monthly payments and other terms of the loan. The calculator will ask you for information such as the home price, down payment amount, and interest rate. It will then outline the draw schedule and amounts.
Capital Gains Calculator
A capital gains calculator is a tool that can help you estimate the capital gains tax you may owe on the sale of home. When you sell an asset for more than you paid for it, the difference between the sale price and your original purchase price is considered a capital gain. These capital gains are taxed at either a short-term or long-term rate, depending on how long you owned the asset before selling it.
Closing Costs Calculator
Closing costs are one-time fees that real estate buyers must pay when they decide to purchase a property in Canada. These costs include, but are not limited to: land or property transfer taxes, lawyer fees, and inspection fees. In most cases, they have to be paid upfront and cannot be rolled into your mortgage. Generally, it is a good idea to budget between 3% and 4% of the purchase price of a resale home to cover the closing costs.
Monthly Budget Calculator
A monthly budget calculator is a tool that can help you plan and manage your monthly expenses. It can help you track your income, expenses, and savings, and ensure that you are living within your means. Understanding your budget is important when planning on buying a home, as you may need to save up for a down payment. Once you own a home, its critical you ensure you are allocating the correct portion of your income to your mortgage and stick to your budget.
Cost of Living Calculator
Our cost of living calculator is a tool that can help you compare the cost of living in different cities. The calculator takes into account various expenses such as housing, food, transportation, and childcare and compares them across different locations. This can help you determine how much money you would need to maintain your current lifestyle if you were to move to a new city.The cost of living calculator can help you if you are considering moving to Edmonton, and help you get a better understanding of the value of moving here.
Trigger Rate Calculator
In the simplest terms, a trigger rate is the point where your entire mortgage payment is going towards the interest amount, and none of it is being applied to the principal balance. What happens (the trigger) is that your balance owing would actually increase, which takes you into negative amortization (more on that below). Use our Trigger Rate Calculator to determine yours now.
