Stress Test Calculator 2021

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Stress Test Rate Dropping to 4.79%

August 12th, 2020

The stress test rate has fallen by 15 basis points to 4.79%, 40 basis points lower than early 2020 and only 15 basis points above the record-low of 4.64%.

This comes as National Bank followed the rest of the Big 5 in cutting their posted 5-year fixed rate to 4.79% from 4.94%. BMO and CIBC lowered their rates over the weekend and TD and RBC lowered their rates last week.

As of August 12th, 2020, this has been confirmed by the Bank of Canada. Our calculator has been updated to reflect these new changes.

Mortgage Terms

Purchase Price

The purchase price of your home.

Down Payment

The amount paid upfront. In Canada, the minimum down payment is 5%. Mortgage default insurance (commonly referred to as CMHC insurance) is required for down payments under 20%.

Interest Rate

The annual interest rate on the mortgage loan amount. A lower interest rate can drastically reduce your mortgage payments.


Unsure about your purchase price? Find out how much you can afford.

Annual Household Income

Your Income

Your Partner’s Income

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

Where are you looking to buy?





What type of home are you looking for?

Condo Apt.
Detached House
Not Decided
Monthly Non-Housing Expenses

Food & Groceries

Car & Transport

Bills (e.g. Phone, TV)

Other 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.
Monthly Debt Payments

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

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

How is my stress-test mortgage payment calculated?

To pass the stress test, you must still be able to afford your mortgage payments if your interest rate increases to a value called the qualifying rate.

If your mortgage is uninsured (generally, if your down payment is 20% or higher), then the qualifying rate is the higher of

If your mortgage is insured (required if your down payment is below 20%), then the qualifying rate is the higher of

Earlier Proposed Stress Test Changes

As of March 13th, 2020, a previously announced change to the mortgage stress test for insured mortgages has been suspended. The proposed changes were announced on Februrary 18th, 2020 by Minister Morneau and included a change to the Benchmark Rate for insured mortgages to be set to the weekly median 5-year fixed insured mortgage rate as calculated by the Bank of Canada plus an additional 200 basis points, to take effect April 6th, 2020. These changes are now suspended.

The Benchmark Rate for insured mortgages will continue to be the 5-Year Benchmark Rate currently at 4.94% until further notice.

The Benchmark Rate for uninsured mortgages was not part of the proposed changes and will continue to remain at the 5-Year Benchmark Rate of 4.94%.

Learn more about the stress test on our Mortgage Stress Test Guide page
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.