Tools and Resources

How Long Will it Take to Save for a Down Payment?

Saving for a down payment is second only to saving for retirement in terms of time and amount. Calculating how long it will take to save the amount required can be difficult. Try this calculator from the Globe and Mail to take a lot of the guess work out. 

The Down Payment Tool

Mortgage Planning Calculator

Looking to get a better understand of the total cost of your mortgage? Or what the CMHC premium will be given your down payment? Try out this great calculator from MoneyPages:

Mortgage Planner

Your Real Life Ratio

Are you worried that your mortgage is leaving you house poor? Thinking about buying a property but not sure how the mortgage payments will fit into your budget? Try this terrific calculator from the Globe and Mail. 

The Real Life Ratio 

Comparing Rates and Monthly Payments

When you're looking to get a mortgage, or renew your mortgage, you will need to decide on a type (variable or fixed) and a term length. Depending on the choices you make the rates available to you will change. Use this calculator from the National Post to understand how your monthly payments will change depending on your rate. 

Mortgage Comparison Calculator

Investment Fee Calculator

Investing in mutual funds and ETFs can be a great way to build your investments within registered plans (RRSPs and TFSAs), but make sure you understand the fees on your investments and how they can impact your total return. Use this great calculator from the government of British Columbia to compare the difference even a 1% difference can make over time.

Investment Fee Calculator

 

Personal Income Spending Flow Chart

Many great things have come out of Reddit, including this flow chart for Canadians trying to understand how they should budget and spend. Like all resources, these are just suggestions, always remember that everyone has a different situation and will need to plan around their differences. 

Personal Income Spending Flow Chart