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Affordability Calculator

Are you looking to purchase a home? Use this calculator to determine how much mortgage you can afford based on your current income and expenses.

An estimated cost for mortgage default insurance is included because the down payment is less than 20%
Gross Annual Household Income:

Your total income from wages or other sources of primary income before taxes. If you are married or common law, this is your total combined gross annual income.

Down Payment:

The amount you plan to pay upfront for your mortgage. You are typically required to pay at least 5% of the total purchase price.

Amortization period:

The number of months or years over which the mortgage is repaid. The maximum amortization period is 35 years.

Mortgage Term:

The length of the mortgage contract, which can be tied to a specific interest rate.

Interest Rate:

The annual interest rate on your mortgage.

Expenses
Monthly Debt Payments:

Your monthly total for debt payments (e.g. credit cards, lines of credit, and/or any other unsecured loan payments).

Annual Property Taxes:

An estimate for annual property taxes on the home you are considering to purchase.

Monthly Condominium Fees:

An estimate for monthly condominium (or building) fees for the home you are considering to purchase. These expenses are associated with condo or townhouse ownership.

Monthly Heating Costs:

An estimate for monthly heating costs for the home you are considering to purchase.

Based on these values,
you can afford:
  • Monthly payment: $0.00
  • Mortgage amount: $0.00
  • Mortgage default insurance: $0.00
  • Net mortgage amount: $0.00
  • Purchase price: $0.00

These calculators are made available to you as tools for independent use and are only intended to be used as a guide. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only.