Mortgage Affordability Calculator

Annual income

Your gross income before-tax, including any bonuses and supplementary income.

Down payment ?

The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.

Maximum amortization ?

The total length of time it will take a homeowner to pay off their mortgage. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage. If your down payment is under 20%, you can only get a 30-year amortization if you are a first time home buyer or purchasing a new build.

Location of your future home

Living costs of your future home ?

Property taxAn annual tax levied by the municipality where your home is located.

Condo feesCondo fees cover common building expenses and maintenance in multi-unit properties.

Heating costsThe total costs associated with heating your home and water for your home.

(Optional)
If you don't know these costs, leave the fields blank and we will estimate for you.

Debt payments ?

Credit card debt paymentThe average monthly interest owed on outstanding credit card balances. This does not include the balances themselves, only the interest portion.

Car paymentYour monthly leasing or financing on any household vehicles.

Loan expensesAny other monthly loan expenses, such as lines of credit, student loans, alimony or child support.

(Optional)
Enter debt payments if applicable. If you have none, you can leave blank.