Mortgage Affordability Calculator
A home price is only useful if the payments leave room for the rest of your life. Enter your income, debts, down payment and estimated housing costs to explore a starting budget.
Enter your details
Indicative maximum purchase price
$586,509
Your estimate
- Indicative maximum purchase price
- $586,509
- Maximum qualifying mortgage
- $500,132
- Housing payment room
- $3,350
- Monthly amount available for the mortgage payment after taxes, heating and half of any condo fees.
- Qualifying rate used
- 6.50%
Uses illustrative 39% housing and 44% total-debt limits and the higher of 5.25% or the entered rate plus 2%. The purchase estimate includes a standard CMHC premium where applicable. It does not establish approval; other lender requirements and closing costs are not included.
How to use this estimate
This estimate uses a 39% housing-cost guideline, a 44% total-debt guideline and a qualifying rate. It includes half of the entered condo fees and standard mortgage insurance where applicable. A lender may assess other expenses, credit and income differently.
Check the underlying guidance: Financial Consumer Agency of Canada: preparing to get a mortgage