Mortgage Affordability Calculator

Calculate how much home you can afford using Canadian stress test rules.

Your Finances

Car loans, credit cards, student loans, etc.

Maximum Home Price

$429,657

Max mortgage: $379,657

Monthly Costs

Mortgage Payment$2,219
Property Tax$333
Heating$150
Total Housing$2,703

CMHC Insurance Required

Down payment is 11.6% (under 20%). CMHC premium: $11,769

Stress Test

Banks qualify you at 7.00% (higher of contract + 2% or 5.25%), not your actual rate of 5.00%.

Save for Your Down Payment

Waypoint Budget helps you track savings toward your down payment goal.

Canadian Mortgage Rules

  • GDS Ratio: Housing costs (mortgage, tax, heat) ≤ 39% of gross income
  • TDS Ratio: All debts ≤ 44% of gross income
  • Minimum Down Payment: 5% for homes up to $500K, 10% on portion above $500K
  • CMHC Insurance: Required if down payment is less than 20%

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Disclaimer: This calculator is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on simplified assumptions and may not reflect your actual situation. Tax laws, contribution limits, and regulations change frequently. Always consult a qualified financial advisor or tax professional before making financial decisions. See our Terms of Service for full details.