Purchase planning
Mortgage affordability calculator
An illustrative estimate built on published debt service references and a qualifying rate. It shows every assumption it uses — and it is not a pre-approval.
Runs entirely in your browser · Nothing is stored or submitted
Your numbers
Car loans, credit cards, lines of credit, student loans and support payments.
The rate you expect to be offered. This is not a quote.
Defaults to $0. Half of this amount is included in housing costs.
Context only. Credit is not an input to the debt service arithmetic and does not change the figures shown.
- Estimated maximum purchase price
- $692,951
- Estimated mortgage amount
- $572,951
- Estimated monthly payment at your entered rate4.75% over 25 years
- $3,251.24
- Qualification rate usedGreater of your entered rate + 2 percentage points, or 5.25%
- 6.75%
- Qualifying payment usedLimited by TDS (44%)
- $3,925.00
- Down payment entered
- $120,000
Remember to budget separately for closing costs. They are payable in cash at closing and are not included above.
This is an illustrative estimate, not a pre-approval, an approval or a guarantee. Credit, income verification, the property itself, lender rules, mortgage default insurance and other factors can all change the result.
How this estimate was calculated
- Gross annual household income entered: $140,000.
- Monthly debt payments entered: $650.00.
- Down payment entered: $120,000.
- Contract rate entered: 4.75%. Amortization: 25 years.
- Annual property taxes: $5,200. Monthly heating: $125.00. Monthly condo fees: $0.00 (50% included in housing costs).
- Credit score range selected: Unknown — contextual only, with no effect on the figures above.
- GDS reference of 39%: housing costs (principal and interest, property taxes, heating and 50% of condo fees) as a share of gross income.
- TDS reference of 44%: those housing costs plus your other monthly debt payments as a share of gross income.
- Qualification rate = greater of your entered rate + 2 percentage points or 5.25% — here, 6.75%.
- The maximum illustrative mortgage is the amount supported by the lower of the GDS and TDS payment capacities at the qualification rate.
- Payments use the Canadian nominal-rate convention with semi-annual compounding, converted to an effective monthly rate of (1 + rate/2)^(2/12) − 1.
- Estimated maximum purchase price = illustrative mortgage + your entered down payment.
- Mortgage default insurance premiums, minimum down-payment rules and closing costs are not applied here.
Assumptions last reviewed: September 2026
This article is general information only. It is not a mortgage approval, a rate quote, or individualized financial, tax or legal advice. Terms, availability and eligibility depend on the borrower, the property and the lender.