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Mortgage Affordability Calculator 2020

Flag of CanadaCanada’s most comprehensive affordability calculator
We compare estimates for the Big Five Canadian Banks, CMHC, and our advanced model.

Simply the most comprehensive affordability calculator in Canada.

Annual Household Income

Your Income

$ 70,000

Your Partner’s Income

$ 70,000

Enter your annual income before taxes.
Gross Income: $00
Estimated Net Income: $00

How much do you have saved for your down payment?

$ 60,000

First-time home-buyer? You can withdraw up to $35,000 from your RRSP, with no fees or interest, to help increase your down payment.

Where are you looking to buy?

Province

ON

City

Toronto

What type of home are you looking for?

Condo Apt.
Townhouse
Detached House
Not Decided

Monthly Debt Paymentshelp

Some examples include: Credit Card, Student Loan, Car Payment, etc.

$ 0

Enter your average monthly payment. If you have multiple sources of debt, enter the total for your household.

Monthly Non-Housing Expenses

Food & Groceries

$ 1,000

Car & Transport

$ 500

Bills (e.g. Phone, TV)

$ 300

Childcare & Education

$ 0

Other Expenses

$ 0

Enter your average monthly expenses in each of the above categories, excluding any housing-related expenses. Exclude your heating costs from your utility bill total.

How is my affordability calculated?

Here’s a breakdown of each factor impacting your home affordability and the limit it places on your asking price. Your affordability is the minimum of all the values shown.

Limiting FactorPurchase Price Limit
Minimum Down Payment$850,000850k
TDS Ratio$60,00060k
GDS Ratio$60,00060k
Total Expenses$1,220,0001.22m
  • Your down payment directly imposes a limit on your maximum asking price. See the FAQ for details.
  • Under CMHC regulations, your total debt service (TDS) ratio cannot exceed 42%. The TDS ratio is calculated by dividing your total annual housing-related and debt expenses by your gross annual income. These expenses include:
    • Your mortgage payment (both principal and interest)
    • Your property tax
    • Your heating costs
    • Half of your condo fees (if applicable)
    • All forms of debt payments
    For TDS purposes, your mortgage payment may be computed at an interest rate higher than your current rate. See the section on stress-testing below for details.
  • Under CMHC regulations, your gross debt service (GDS) ratio cannot exceed 35%. The GDS ratio is calculated by dividing your annual housing-related expenses by your gross annual income. These expenses include:
    • Your mortgage payment (both principal and interest)
    • Your property tax
    • Your heating costs
    • Half of your condo fees (if applicable)
    For GDS purposes, your mortgage payment may be computed at an interest rate higher than your current rate. See the section on stress-testing below for details.
  • Your total monthly expenses cannot exceed your net (after-tax) monthly income.

Stress Testing

Visit our stress-test calculator for more details!

Affordability calculators need to take into account government stress testing regulations published by the Office of the Superintendent of Financial Institutions (OSFI). You must still be able to afford your mortgage payments if your interest rate increases to the greater of

  • the Bank of Canada five-year benchmark rate, currently set to 5.19%, and
  • your current or target interest rate, plus 2% if uninsured. See our stress-test calculator for more details.

Mortgage Information

Want to take a closer look at your potential mortgage payments? Use our Mortgage Calculator to estimate your future payments, find out how different interest rates affect you, and how much you'll pay over the course of your mortgage.

† Results are our estimates only. We provide no guarantee of accuracy; contact each lender for details.
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of information shown, and is not responsible for any consequences of the use of the calculator.
* Rates shown are on approved credit and subject to change without notice.