How Much Can I Afford?

A starting estimate based on your income, debts, and down payment.

Annual household income ($/year)

Monthly debt payments ($/month)

Car loans, credit cards, lines of credit, support payments.

Down payment available ($)

Qualifying guideline

CMHC-insured deals use 39/44. Conventional and alternative (B) lenders set their own ratios, often higher. We confirm the right fit. Conventional ratios here are illustrative assumptions, not a lender commitment. Condo fees must be included where applicable.

Interest rate (%)

Amortization (years)

First-time buyer or newly built home

On an insured mortgage, a 30-year amortization is open only to a first-time home buyer or a newly built home.

Est. property tax ($/year)

Est. heat ($/month)

Estimated maximum purchase price

Maximum mortgage$0

Plus your down payment$0

Limited byGDS

Qualifying (stress-test) rate0%

Implied monthly payment at qualifying rate$0

Lenders test you at a qualifying rate, the higher of your rate plus 2% or 5.25%, not your actual rate.

APR. OAC. For illustrative purposes only. Subject to change without notice. This is not financial, legal or lending advice.

Talk to Us

This is not a pre-approval, an offer of financing, or a guarantee of qualification. This estimate uses CMHC-insured GDS 39% and TDS 44% guidelines by default, or higher illustrative ratios for the conventional and alternative option (lenders set their own), and a qualifying rate of the higher of your rate plus 2% or 5.25%; it assumes a fixed rate and Canadian semi-annual compounding, and excludes mortgage default insurance premiums, condo fees, and other costs. Your actual qualification depends on credit, income verification, the property, the lender, and whether the mortgage is insured or conventional. Speak with us for figures specific to you. Mortgage broker services provided by TMG AnchorPoint Mortgage Inc., NS Licence 3000145, NB Licence 260055962, NL Licence 26-07-TM223-1.

What These Numbers Mean

Plain-language definitions and the typical ranges, so you can play with the inputs with confidence.

Annual household income: Gross income before tax for everyone on the application. Lenders verify it, and self-employed income is often averaged over two years.
Typical: the verifiable, provable figure, not your best year.
Monthly debt payments: Car loans, credit cards, lines of credit, and support payments. These feed your TDS ratio and reduce what is left for housing.
Typical: lenders count roughly 3 percent of a credit card or unsecured line balance as a monthly payment.
Down payment available: Cash you can put toward the purchase. Under 20 percent makes the mortgage insured; 20 percent or more is conventional.
Typical: minimum 5 percent on the first $500,000, 10 percent on the portion from $500,000 to $1.5 million.
Qualifying guideline: Which ratio set applies. CMHC-insured deals use GDS 39 percent and TDS 44 percent; conventional and alternative lenders set their own, often higher.
Typical: insured 39/44; conventional and B lenders vary.
Interest rate and amortization: A rate to estimate with and the years to repay. A longer amortization stretches the payment and can raise your borrowing room.
Typical: 25 years standard; 30 years on insured first-time and new-build deals, and on conventional.
Property tax and heat: Housing costs that count in GDS and TDS alongside your mortgage payment. Condo fees, where they apply, are partly counted too.
Typical: lenders use real or estimated figures for the property.
Qualifying (stress-test) rate: You are tested at a higher rate than your contract rate, so a payment shock would not break you.
Standard: the greater of your contract rate plus 2 percent, or 5.25 percent.
GDS and TDS: GDS is housing costs as a share of income; TDS adds all your other debts. Whichever binds first caps your purchase price.
Typical: insured GDS up to 39 percent, TDS up to 44 percent.
Estimated maximum purchase price: The most you could likely buy at the qualifying rate, given your income, debts, and down payment. It excludes the insurance premium and closing costs.
Typical: a planning ceiling, not a pre-approval.

These are general ranges, not your numbers. The right figure depends on your situation, the property, and the lender. Talk to us and we will pin it down.

How Much Can I Afford?

What These Numbers Mean

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