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Mortgage Affordability Calculator

This calculator can help you determine how much you can afford to spend on a house.

We follow the same guidelines lenders and brokers use to determine the maximum mortgage you can qualify for. We recommend experimenting with different rate, monthly obligations, and credit scenarios, as these have a large effect on how much you can afford.

How much can I afford?

Your finances:
Combined monthly income:
Down payment available:
How's your credit?
Mortgage term/rate:
Custom rate:
Level of property taxes:
Estimated heating costs: (Per month)
Monthly condo fees:
All other monthly obligations:
Consider these for monthly obligations: Credit card/line of credit payments, car lease/loan, alimony & child support, insurance.

How much can you afford?

About $725,000

And here's why:

The amount you can qualify for depends on your credit history and your ratios of debt to income (TDS and GDS ratios.) The normal maximum TDS & GDS ratios are 40% and 32% respectively, but for those with exceptional credit, the mortgage qualification process only looks at the TDS ratio, and relaxes it to as much as 44%.

For your convenience:

GDS Ratio: Your Gross Debt Service Ratio is your monthly housing costs (mortgage, heating, half of condo fees, property taxes) divided by your income.

TDS Ratio: Your Total Debt Service Ratio is all of your monthly obligations divided by your income.

Qualification Calculation Details

Here is some more information about what is used for qualifying you:

Your Information
Monthly income: $12,400
Qualifying housing costs: $85 (before mortgage)
Total monthly costs: $785 (before mortgage)
Qualification Data
Qualifying rate 3.04% (As entered)
Maximum GDS ratio 32%
Maximum TDS ratio 40%
Home Price
Maximum mortgage: $705,000
Plus down payment: $20,000
Maximum home purchase price: $725,000
Monthly property tax: $411

Mortgage Calculations

Were you to buy a home worth $725,000, your mortgage would be likely similar to this:

Mortgage Details
Basic mortgage amount: $705,000
Down payment: $20,000
Loan to value ratio: 97%
Amortization: 25 years
CMHC insurance premium: $20,445 (2.90% of principal)
Mortgage with CMHC insurance: $725,445
Mortgage rate: 3.04%
Monthly payment: $3,448
Your ratios upon qualifying
Actual GDS ratio: 32%
Actual TDS ratio: 37%
Mortgage Quote
Mortgage Rate History
Rates are at historic lows. Want to see how the prime and mortgage rates have changed over the last ten years? Find more information with our mortgage rate history tables and graphs.
Mortgage Rates History
Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for clients in Sydney.

Mortgage Product Type Inquiries
Mortgage Pre-approval36.11%
First-time Home Buyer18.52%
No Money Down discontinued15.74%
New Purchase12.96%
Refinance/Consolidate Debt9.26%