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Kelowna Real Estate - Mortgage Rates & Calculator


BC Direct Mortgages - We work for you, not the lenders!

If you think you are ready to buy a home, before you start spending a great deal of time looking at Kelowna real estate listings and driving around to check them out, your first and most important step is to know how much you can afford. Why waste time looking at homes that are not in your price range? Your second step is to hire the best Kelowna real estate company to help you navigate the process and negotiate on your behalf.

There are several different ways to finance a home purchase or get a mortgage in Kelowna. Do you need help to find out what you can afford? Have you been pre-approved for a  mortgage by your bank but want to see if there's more competitive products available? Let me refer you to one of the several local mortgage brokers I work with that is best suited to your personal needs. Believe me, I know which ones can get the job done!

If you just want to get a good idea of what that monthly payment would be on your dream Okanagan lakeshore home or chalet up at Big White, use the mortgage calculator below to help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To email yourself a copy of your results, click the Receive this Detailed Analysis link. The most current mortgage rates are posted above, but will vary depending on your personal circumstances. 

When you have found out how much you can afford and are ready to go, contact me and I'll take you out shopping! 

 

 

 
Required
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
0.43%of Cost
Annual Property Tax:  $  
1.2%of Cost
Monthly Income:  $
Monthly Debt:  $
Optional
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $

Results
  Receive this Detailed Analysis


Your Monthly Payments
 
Loan Amount:    
Loan Insurance ( %):
Total Loan(Mortgage) Amount:
 
Principal & Interest:    
Homeowners Insurance:    
Property Taxes:    
Condo Fees:    
Monthly Loan Insurance (%):    
Total Monthly Payment:    
 
Income Needed to Qualify for the Mortgage
 
Total Monthly Loan Payment:  
Total Monthly Debt Payment:  
Monthly Loan Insurance (%):  
Qualifying Income of % GDS Ratio:  
Qualifying Income of % TDS Ratio:  
 
What You Can Afford
We are using the % ratio.
Cost of House:  
Down Payment:  
Loan Value:  
Monthly Principal & Interest:  
Monthly Insurance:  
Monthly Property Tax:  
Monthly Condo Fees:  
 
Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)
Monthly Rent: $
  No. of Years you plan on keeping the home:
Annual Rental Increases:   %   Yearly Appreciation on the Home: %
Monthly Renter Insurance: $   Annual Home Maintenance: %
Savings or Investment Rate:   %  

Michael Johnson Michael Johnson 250-717-3133 Email Michael