Use the Mortgage Affordability Calculator to figure out the maximum mortgage you can take on and how much you can afford based on lenders’ qualifying criteria
The Mortgage Affordability Calculator should be used ahead of your decision to purchase a home.
To avoid setting unrealistic expectations regarding the type of home you can afford, use this comprehensive calculator to determine the maximum you should be spending on a property. This calculator takes into account lending ratios used by lenders to figure out the maximum mortgage you would be able to qualify for and thus the maximum home purchase price you’d be able to afford. Thus this calculator can be used as both a Mortgage Affordability Calculator as well as a Mortgage Qualification Calculator. It is important to enter accurate inputs in the calculator given that brokers and lenders will be using these same inputs in determine your eligibility for a mortgage. Remember that the size of the mortgage you qualify for will ultimately determine how much you’d be able to spend on a home since most Canadians can’t buy a home outright. The calculator will show you the maximum you should be spending on a home, the mortgage required as well as the resulting mortgage payment.
Before Tax | Per Year
Per Month | If Applicable
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How much can you afford?
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Maximum Purchase Price
Monthly Mortgage Payment
The Mortgage Affordability Calculator should be used for illustration purposes only. Brokers and Lenders tend to take into account a lot more factors (including your credit history) when adjudicating a mortgage. Thus the actual mortgage amount that you would qualify for with a lender can be different than what is indicated by this calculator. Also, the lending ratio thresholds that lenders use tend to vary so you might not get the same mortgage approval across different lenders. It is important that you consult a mortgage specialist prior to going through with the decision to purchase a property. The mortgage specialist can complete a mortgage pre-approval for you to have a better indication of your mortgage eligibility.
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