Mortgage Affordability Calculator | Mortgage Affordability Canada

Mortgage Affordability Calculator

When browsing real estate listings for a new home, the first step is to figure out how much you can afford. Affordability is based on the household income of the applicants purchasing the house, the personal monthly expenses of those applicants (car payments, credit expenses, etc.), and the expenses associated with owning a home (property taxes, condo fees, and heating costs). The calculator below will show you the maximum purchase price that you can afford.

You also need to determine if you have enough cash resources to purchase a home. The cash required is derived from the down payment put towards the purchase price, as well as the closing costs that must be incurred to complete the purchase. Ratehub.ca can help you estimate these closing costs with first tab under our affordability calculator.

Annual Income

Monthly Living Costs

Estimate for me

Before Tax
Applicant Income Your gross income before-tax, including any bonuses and supplementary income. Property Tax An annual tax levied by the municipality in which your home is located. We have used an estimate based on the average in your province.

Before Tax
Co-Applicant Income Your co-applicant's before-tax gross income. Your combined income will be used to calculate the mortgage you can afford. Condo Fees Condo fees cover common building expenses and maintenance in multi-unit properties. We have used a default estimate of $300.
Heating Costs The total costs associated with heating your home and water. We have used a default estimate based on provincial averages.

Monthly debt payments

Credit Card The average monthly interest owed on outstanding credit card balances. This does not include the balances themselves, only the interest portion. How much can I afford?
Car Payment Your monthly leasing or financing outlay on any household vehicles.
Loan Expenses Any other monthly loan expenses, such as lines of credit, student loans, alimony or child support.

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