Use this calculator as your first step in determining your ability to qualify for a loan. While this calculator can't guarantee you will qualify for your new loan, it is a good check point to see if it is within your means.
Loan Prequalification Calculator (Canadian)
Loan Prequalification Calculator (Canadian) Definitions
- Loan amount
- Total amount to be taken for this loan.
- Interest rate
- Annual interest rate for this loan.
- Loan term in years
- Number of years for this loan's term.
- Annual after-tax income
- Your total after-tax income for the current year from all sources of income from all borrowers on this loan.
- Number of income sources
- Number of income sources from all borrowers. The more income sources you have, the better your ability to qualify for your new loan.
- Payments for existing debt
- Total existing monthly payments remaining after the funds from this loan have been received. This total does not include the following: Any loan payments on loans paid off with proposed new loan, the new loan payment, any credit card payments.
- Credit card limit
- Your current total credit card limit. This is the total limit of your credit cards, not your outstanding balance. Include the credit cards from all borrowers on this loan.
- Number of dependents
- Total number of dependents. This number does not include the borrower.
- Real estate that will secure this loan
- Total value of the equity you have in real estate that will secure this loan. If you already have a loan secured by the same real estate you are using for this loan, make sure to only enter the equity you have in that real estate.