Mortgage calculators are now built directly into Finmo, making it easier to answer common client questions without leaving your workflow.
Instead of switching to external websites or opening additional tools, you can quickly calculate:
Maximum Mortgage – Estimate the maximum mortgage amount a client may qualify for.
Required Income – Calculate the income required to support a target mortgage amount.
Note: Calculators are not currently connected to Lender Spotlight. This is a planned direction, not part of this first release.
Click the red arrow below to watch a video:
Where do I find the calculators?
1. Click on the "Calculators" icon on the left-hand navigation panel in Finmo.
2.Select either Maximum Mortgage or Required Income to open the calculator.
How do I use the Maximum Mortgage calculator?
Use this calculator to estimate the maximum mortgage a borrower may qualify for, based on income and expenses.
Enter the borrower's annual income. The calculation updates automatically as you type (it starts at zero).
Enter the interest rate you'd like to use.
Add monthly home expenses as needed, such as condo fees and heating.
GDS and TDS are pre-filled with default values (32% and 40%), but can be adjusted manually if needed.
Add any existing monthly debt payments (for example, $150/month).
The calculator automatically applies the current stress test rate on top of your entered interest rate to determine the qualifying monthly mortgage payment: your entered rate plus 2%, or 5.25%, whichever is higher. Your results will show the maximum mortgage amount, along with a breakdown of home expenses and cash left over.
How do I use the Required Income calculator?
Use this calculator to estimate the income a borrower would need to support a given mortgage amount and payment.
Enter the mortgage amount.
Enter the desired monthly repayment amount.
Enter the interest rate manually.
The stress test rate is applied automatically: your entered rate plus 2%, or 5.25%, whichever is higher.
Add property taxes (entered annually), condo fees, and heating (calculated monthly).
Choose your payment period.
GDS and TDS are pre-filled with default values (32% and 40%), but can be adjusted manually if needed.
Enter the amortization period.
The calculator will display the required income based on the stress-tested qualifying rate.
Good to know
Calculators do not read from or write to any deal or application. They're a standalone tool for quick, ad hoc calculations.
GDS and TDS default values can be edited by the broker on either calculator.
This is the first version of the calculators. If you'd like to see them connected to a specific deal or to Lender Spotlight in the future, let us know: your feedback shapes what comes next.
Should you have any questions, please click on the chat box in Finmo or email us at support@finmo.ca.