This calculator is designed for separating homeowners who want to see whether a standard refinance may work, or whether a Spousal Buyout Mortgage, Alternative Lender, or Private Mortgage may be more appropriate.
Property and Payout Details
Registered debts secured against the property and expected to be paid out on refinance.
50%
Use the departing spouse's share of the net equity.
Net Equity After Selling Costs—
Estimated Equity Payout—
Selling Costs
Use this when you want the payout estimate to reflect a notional sale cost for commission.
—
Use this for estimated selling expenses such as staging, cleaning, minor repairs, or similar sale-related costs.
Total Selling Costs—
Per-Spouse Share of Selling Costs—
When included, the calculator deducts the total selling costs from the equity before calculating the buyout amount, and shows each spouse's half-share for reference.
Mortgage Costs and Break Costs
Used only for the IRD comparison on fixed mortgages.
When checked, mortgage break costs and refinance fees are deducted from equity first so both spouses share them before the payout is calculated.
Estimated Mortgage Penalty—
Mortgage Costs—
Total Costs—
Cost Allocation—
Mortgage Penalty cost is an estimate.
New Refinance Assumptions
25 yrs
The payment shown below uses the refinance rate you enter here. GDS and TDS are shown for guidance using qualifying logic, but the display is kept simple for consumers.
Default Mortgage Insurance
—
Insurance Requirement—
Premium Rate—
Required Premium Added to Mortgage—
Provincial Sales Tax on Premium—
Non-Financeable Tax Cost—
Status—
This uses refinance premium bands based on the base loan-to-value before the premium is added. The insurance premium itself is added to the mortgage and therefore increases the final LTV, monthly payment, GDS, and TDS. Provincial sales tax on the insurance premium applies in Ontario, Quebec, and Saskatchewan. That tax is shown separately as a cash cost and is not added to the mortgage amount.
Income and Property Costs
Results
Required New Mortgage—
Estimated Monthly Payment—
Loan-to-Value
—
0%80%95%
GDS
—
0%39%50%
TDS
—
0%44%50%
Equity Waterfall
Including selling costs assumes a notional future sale, which reduces the equity to be divided today.
Home Value—
Less: Existing Mortgage—
Less: Other Secured Debt—
Less: Selling Costs—
Less: Shared Refinance Costs—
Net Equity—
Departing Spouse Share—
Estimated Buyout Amount—
Existing Mortgage to Repay—
Plus: Other Secured Debt—
Plus: Buyout Amount—
Plus: Penalty and Fees—
Plus: Financed Insurance Premium—
Required New Mortgage—
Cash Needed at Closing
Mortgage insurance premium is financed into the mortgage. Provincial sales tax on that premium, where applicable, must be paid in cash at closing.
Mortgage Penalty—
Legal Fees—
Appraisal—
Admin / Discharge Fees—
Provincial Tax on Insurance—
Total Cash Required—
Prime guideline benchmark used here: 39% GDS / 44% TDS. Standard refinance benchmark: 80% maximum LTV.
Recommended Path
Complete the fields to see your likely path.
This section will tell the user whether the scenario looks more suitable for a standard refinance, a Spousal Buyout Mortgage, an Alternative Lender, or a Private Mortgage.
Need help with your next step?
Allen Ehlert can review your refinance, spousal buyout, alternative lending, and private mortgage options.
