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Mortgage Affordability Calculator

See what home budget your income, down payment and monthly costs could support.

Estimated purchase price

$593,770

View breakdown

Your details

Your finances

Before taxes.

Exclude cash saved for closing.

Exclude the new mortgage.

Costs of the home
Mortgage assumptions

Total repayment period.

Estimates only, not financial advice or a mortgage approval. Actual borrowing limits depend on your finances, the property and lender criteria. Speak with a licensed mortgage professional for personalized advice.

Estimated purchase budget $593,770. Estimated monthly mortgage payment $2,809.

Understand your buying budget

See how income, debts and the stress test shape your estimate.

More household income can create more room within the 39% housing guideline.

At $100,000 annual gross income, the 39% housing guideline allows $3,250 monthly for the qualifying mortgage payment, property tax, heating and half of condo fees.

These are planning guidelines, not universal approval rules. Housing costs include the qualifying mortgage payment, property tax, heating and half of condo fees. Your everyday budget still needs room for other expenses.

How much should you put down?

For a standard owner-occupied purchase, the minimum depends on your price. A lender may ask for more.

Up to $500,000
5%of the purchase price
Over $500,000, below $1.5 million
5% + 10%5% of the first $500,000, plus 10% of the rest
$1.5 million or more
20%at least; mortgage default insurance is not available

What insurance changes

Below 20% down, eligible purchases generally need mortgage default insurance. It protects the lender.

Premium goes into your loan

This estimate adds the standard CMHC premium to your mortgage, so your payment includes interest on it.

Tax stays in your closing budget

Ontario tax on the premium is paid in cash at closing. It cannot be added to your mortgage.

Explore mortgage insurance costs

Get ready for your mortgage review

Four things to prepare before you talk to a lender.

Check your credit before you apply

Review your report and correct errors early.

Review your credit report and correct errors early. A lender considers your credit history alongside your income and debts. A low score can affect available options, pricing or the need for a co-signer.

Build a budget you can live with

Leave room for everyday life and savings.

The calculated ceiling is not a spending target. Leave room for groceries, childcare, insurance, maintenance, savings and income changes. Use your take-home pay to decide what monthly housing cost feels manageable.

Keep closing cash separate

Reserve closing cash outside your down payment.

A general planning allowance is 1.5% to 4% of the purchase price for closing costs. Ontario land transfer tax, an additional Toronto tax where applicable, legal fees and adjustments depend on the property. Rebates and new-build taxes can change the total.

Prepare for a lender review

Gather your income, down-payment and debt records.

Gather identification, proof of income, employment details, down-payment records and debt balances. Self-employed buyers may need tax returns and business records. Confirm the document list and conditions with your broker before making an offer.

Guidance based on the Financial Consumer Agency of Canada, CMHC and OSFI. Rules reviewed October 4, 2026. This tool does not assess credit, validate income or confirm lender eligibility.

Keep planning

Mortgage payment calculatorFirst-time buyer guidance

Put your estimate in context.

A Mortio mortgage specialist can review your numbers and explain possible next steps.

Review my buying budget
FAQ

Frequently Asked Questions

Understand the assumptions before turning an estimate into a home search.

How much mortgage can I afford on my income?
Income is only one part of the estimate. This tool also considers your down payment, debt payments, property tax, heating and condo fees. It uses 39% gross debt service (GDS) and 44% total debt service (TDS) guidelines. A lender can apply different criteria, and your comfortable spending limit may be lower.
Is this estimate a mortgage preapproval?
No. A preapproval involves a lender reviewing your income, credit, down payment and debts. Final approval also depends on the property and lender conditions. This calculator is a starting point for a conversation, not a commitment to lend.
Which income and debt payments should I enter?
Use combined annual household income before tax. Enter monthly payments for debts such as car loans, credit cards, lines of credit and student loans, plus support obligations. Do not include the new mortgage payment. Variable or self-employed income needs a lender review; credit-card and line-of-credit payments may be assessed differently.
Why is the qualifying rate higher than the rate I entered?
The stress test checks whether you could manage a higher payment. This tool uses the greater of 5.25% or your entered mortgage rate plus two percentage points. It calculates the estimated actual payment at your entered rate. The entered rate is an assumption, not a Mortio rate offer.
How do condo fees affect affordability?
The qualification calculation includes 50% of condo fees. Your monthly housing budget includes the full fee, because you still pay all of it. The housing total also includes your estimated mortgage payment, property tax and heating.
What is the minimum down payment in Canada?
Generally, you need 5% on the first $500,000 and 10% on the portion above $500,000 for a home below $1.5 million. At $1.5 million or more, you need at least 20%. Eligible purchases below 20% down typically require mortgage default insurance, which protects the lender. Your lender may require more.
Can I choose a 30-year amortization?
With less than 20% down, eligible first-time buyers or buyers of newly built homes may qualify for a 30-year insured mortgage for an owner-occupied purchase below $1.5 million. When you choose 30 years, this tool automatically models an eligible insured purchase where needed and includes the CMHC 0.20-percentage-point premium surcharge. If you are not eligible, use 25 years or plan for at least 20% down. A longer repayment period can lower payments but increase total interest. Eligibility must be confirmed by the lender.
Are closing costs included in my down payment?
No. Enter only the money available for the down payment after reserving cash for closing. Plan separately for legal fees, land transfer tax, adjustments, inspection and moving costs. Ontario sales tax on a mortgage insurance premium must also be paid in cash. The calculator shows a planning range for closing costs, not a property-specific quote.
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