Mortgage Affordability Calculator 2020
Canada’s most comprehensive affordability calculatorSimply the most comprehensive affordability calculator in Canada.â€
Annual Household Income
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?
What type of home are you looking for?
Condo Apt.
Townhouse
Detached House
Not DecidedMonthly Debt PaymentshelpSome examples include: Credit Card, Student Loan, Car Payment, etc.
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
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 Factor | Purchase 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
- 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)
- 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.
* Rates shown are on approved credit and subject to change without notice.