Alberta - Calculate Affordable Mortage

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Procedure

Apply Online

1. To calculate Affordable Mortgage online, the applicant has to visit the following link apply online
2. Visit the link and click on the respective link as applicable to the requirement.

• Mortgage calculator

1. If the applicant has to compare rates, payment frequency, amortization and more to find best mortgage options, he/she has to click the “Mortgage calculator” link.
2. Once clicked, mortgage calculator will be opened. The calculator tool will contain two sections as two consecutive steps.
3. Both the sections will contain relevant fields to be filled up with required details about the mortgage.
4. The applicant should complete the sections with the details as required and click “calculate” button.
5. The applicant can also click on the “Previous” button to reset the values and make a different calculation.
6. After clicking “Calculate” button, the calculation results will be displayed. To add a comparison, click “Add Comparison” button and a new column will appear besides.
7. The applicant can enter the set of values with which the previously entered values has to be compared.
8. Then, click “Recalculate” button and the comparison results can be found on the top of the page.

• Affordability calculator

1. To find an estimate of the affordable mortgage or rent, click “Affordability calculator” link.
2. The affordability calculator gets opened in which the applicant can find three sections indicating three steps in providing the required details.
3. In the first step, the applicant has to select whether he/she wishes to buy, rent or analyse both the options.
4. Make a selection as applicable and click “Next” button. In the second step, the applicant has to provide his/her financial information, with respect to the choice made by the applicant.
5. Select the province as “Alberta”, enter the details required and click “Next” button. Move the calibrator and input the total monthly expense, in the third step.
6. Finally, click “Calculate” button and the results will be displayed in the next screen. The applicant can make another calculation on the same screen by resetting the values and clicking “Recalculate” button.

• Debt Service calculator

1. In order to compare the monthly debt payments and housing expenses to their gross household income, the applicant has to click the “Debt service calculator” link.
2. The Debt Service calculator consists of the three steps, first in which is the Annual household income before taxes.
3. Enter the income and click “Next” button. Then the applicant has to enter the Monthly housing expenses in the second step.
4. Click “Next” button and complete the next step similarly. Finally, click “Calculate” button.
5. After processing the provided details, the Gross Debt Service Ratio and Total Debt Service Ratio will be displayed as a pictorial representation.
6. The applicant can make another calculation on the same screen by resetting the values and clicking “Recalculate” button.

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Required Documents

• Mortgage documents
• Gross Annual Income
  • Salary bills or pay slips
• Monthly Housing Expenses
  • Utility bills
  • Rent bills
  • Other receipts indicating expenses
• Monthly Debt Payment information
  • Credit card bills
  • Vehicle loan or lease documents

Office Locations & Contacts

Prairie and Territories Business Centre,
Suite 200, 1000,
7th Avenue S.W.
Calgary, Alberta
T2P 5L5,
Toll free: 1-800-668-2642
TTY: 1-800-309-3388
Contact link

Canada Mortgage and Housing Corporation,
10355, Jasper Ave Suite 400,
Edmonton,
AB T5J 1Y6,
Canada.
Phone: +1 780-423-8700
Website link
Contact link
Regional offices

Eligibility

• Any person in Alberta, who needs to calculate the affordable mortgage or rent by him/herself, can use the calculator.
• The applicant should have the information and required details about the mortgage or rent, his/her gross income and monthly expenses.

Fees

The service is free.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

The results will be displayed immediately.

Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

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e.g. The state office holds birth records since january 1908.

Required Information

• Purchase price and Down payment of the Mortgage
• Amortization period (number of years)
• Mortgage interest rate
• Payment frequency
• Annual household income
• Province or territory
• Housing expenses
• Monthly mortgage payment
• Monthly heating expenses
• Monthly property taxes
• Monthly condo fees
• Other rental and association fees
• Credit cards Debt
• Vehicle loan or lease Debt
• Loans and lines of credit

Need for the Document

• Mortgage Calculator provides best mortgage options by making comparison between rates of mortgage, payment frequency, amortization and more aspects relevant to mortgage.
• Affordability calculator can be used to find an estimate of how much mortgage or rent that the mortgagor can afford.
• Debt service calculator compares monthly debt payments and housing expenses to gross household income and provides Gross Debt Service Ratio and Total Debt Service Ratio.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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