Tools for buyers & agents
Home affordability calculator
Adjust price, financing, and household costs below — methodology and references follow.
Your inputs
Typical range $50,000 – $5,000,000.
Down $112,500.00 · Federal minimum $50,000.00 (6.67%) · LTV 85.00% · High-ratio (CMHC-style premium)
Enter the contract rate your lender quoted (not the stress test). Decimals are allowed (e.g. 4.79).
Accelerated options match common bank schedules (half the monthly payment on each bi-weekly date, etc.).
Lenders vary: often part of rent is added to income for qualification. Adjust the slider to match your scenario.
Annual tax ≈ $5,625.00 (0.75% of price per year — adjust rate to match your municipality).
GDS-style math here uses half of the fee in the ratio; your cash outflow total includes the full monthly amount.
Used for discretionary cash flow, not for GDS/TDS (which focus on credit obligations and housing).
Mortgage & insurance
12 payments per year · Equiv. $3,733.58/mo cash out
Base mortgage + insurance rolled into the loan — see breakdown below.
Principal $1,143.37 (first period, illustrative)
How CMHC-style insurance fits in your mortgage
Premium is estimated from your down payment (via LTV tiers). It is usually added to the loan so you pay it over time with interest — not a separate monthly line item.
Debt service ratios (illustrative)
Benchmarks often cited for insured lending: GDS ≤ 39%, TDS ≤ 44% (varies by lender and product).
GDS uses mortgage (equiv. monthly), taxes, heat, and 50% of condo fees vs. adjusted income (employment income + 50% of rent). TDS adds other monthly debts.
Where your monthly income goes
Slices compare typical monthly cash outflows to your adjusted gross income ($12,000.00/mo). “Remaining income” appears when spending is below that figure.
- Mortgage $3,733.58 (31.1% of income)
- Property tax $468.75 (3.9% of income)
- Utilities (heat) $150.00 (1.3% of income)
- Monthly expenses $2,500.00 (20.8% of income)
- Debt payments $400.00 (3.3% of income)
- Remaining income $4,747.67 (39.6% of income)
Per month (incl. rent add-back)
Mortgage equiv., tax, heat, 50% condo, other debts
Income − housing, debts, remaining condo share, living costs
Amortization schedule
About this calculator
Enter a target price, financing assumptions, and your household numbers. The tool uses the Canadian semi-annual compounding convention for the quoted mortgage rate, estimates CMHC-style premiums when the loan is above 80% LTV, and shows GDS / TDS against common 39% / 44% benchmarks — for discussion with your mortgage professional, not a commitment to lend.
Educational only — lenders use their own models, stress tests, and rental treatment. Use this page to rehearse scenarios with clients, not as a pre-approval.
Insured mortgages (typically over 80% LTV) are modeled with a 25-year amortization cap in line with common program rules; your selected amortization is applied when the loan is conventional (80% LTV or below).
How to read & where to learn more
Affordability is more than a payment: it is stress-tested income, closing costs, maintenance, and lifestyle. Use this calculator to compare scenarios before you lock a budget with a licensed mortgage broker or lender.
Premium tables and context for high-ratio insurance (rates and rules change — verify current figures).
Open CMHC →Mortgages, budgeting, and debt service — consumer-focused explanations of how lenders look at income and obligations.
Open FCAC →Set the home & loan
Price and down payment drive LTV, insurance, and amortization rules. Toggle payment frequency to match how your client prefers to budget.
Layer taxes, heat, strata
Property tax and utilities are real monthly costs on top of principal and interest. Including half the condo fee in GDS mirrors a common lender approach.
Stress-test the lifestyle
Ratios do not capture every expense. The cash-after-bills line helps you see what is left for savings, repairs, and life changes — talk through it with your client.
Disclaimer
This calculator is for education and illustration only. It is not financial, legal, or mortgage advice. Lenders apply their own policies, stress tests, and qualifying rules — verify any numbers with a licensed mortgage professional before making decisions.