The “All in One” BC Real Estate Purchase and Mortgage Calculator:
BC real estate transactions do not need to be poorly understood.
This amazing “All in One” calculator will generate an accurate synopsis of any real estate purchase you can make in BC.
About this Calculator:
How Do I Select a 20% Downpayment, or Other Specific Percentage?
To select a specific downpayment percentage, like 20%, 15% etc… just click on the points on the slider.
How are Payment Amounts Calculated?
For Insured Loans, payments are calculated at the interest rate displayed, amortized over either 25 or 30 years… see below:
For First Time Homebuyers and New Homes, amortization will be 30 years. All other insured loans will be amortized over 25 years.
For Un-Insured Loans, payments are calculated at the interest rate displayed, amortized over 30 years.
What BC PTT Exemptions Are Supported By This Calculator?
This calculator supports the Newly Built Home BC Property Transfer Tax Exemption and The BC First Time Homebuyer Property Transfer Tax Exemption.
For a New Home, How do I pay GST?
For new homes, GST will apply and is calculated at 5% of the purchase price.
Instead of paying for this amount out of pocket, or as a completion cost, GST is added to the purchase price to create a “Total Purchase Price”. The “Total Purchase Price” is then used to determine the overall structure of the purchase.
How Accurate is This Calculator?
It’s pretty… pretty… good.
BUT it does err on the conservative side of things and you shouldn’t feel discouraged if something appears out of reach for you. Instead of feeling discouraged, talk to one of our amazing humans to see if there’s anything we can fine tune for you.
Does "Income Required" Factor In Potential Rental Suite Income?
Yes, the “Income Required” box does factor in potential rental suite income.
For example, imagine you’re looking at a home that has a rental suite that generates $1000/month OR $12,000/yr in rental income.
You have $100K in annual income. The calculator states you need $112K of income to qualify. This should be do-able for you!
