HOME & MORTGAGE / YOUR NEXT MOVE
A home starts with a clearer plan.
Work through a Canadian home purchase: monthly payments, cash needed, ongoing costs and the rent-versus-buy trade-off.
The question behind the numbers.
A useful home budget connects three numbers: the cash you can commit, the monthly cost you can sustain and the reserve you want left afterward. A mortgage payment alone covers only principal and interest.
Start with a payment you understand.
Enter a home price, down payment, fixed-rate assumption and repayment period. Try a higher rate as well. Keep property taxes, utilities, insurance, maintenance and condo costs alongside the payment.
Open Canadian Mortgage Payment ↗Separate the deposit from new cash needed.
A deposit already paid is part of the down payment. Add the closing costs and reserve you intend to keep; subtract the deposit once. Use actual quoted costs when you have them.
Open Homebuying Cash Planner ↗Test the alternative.
Use equal starting cash on both sides of a rent-versus-buy comparison. Change price growth, investment returns, rent and maintenance assumptions. A single optimistic scenario is not a decision.
Open Rent vs Buy Scenario ↗THE NEXT QUESTIONS
A little more clarity.
Does a payment calculator tell me what I can borrow?
No. Lender qualification considers income, debts, property, credit and applicable rules. These tools model entered assumptions and do not approve a mortgage.
Which closing costs should I enter?
Use costs relevant to your property and jurisdiction, such as applicable transfer taxes, legal costs, adjustments, inspection and other quoted charges. The cash-needed tool does not determine tax entitlements.
Mortgage term vs amortization: two different clocks ↗
Understand how a mortgage term, amortization, payment and term-end balance fit together in a Canadian fixed-rate illustration.
Editorial and model context reviewed October 24, 2026. MITEY editorial team.
Primary context: FCAC: buying a home ↗. Read each tool’s formula and exclusions; these are educational scenarios.