Housing Affordability Calculator

A fast and easy tool to find out how much home you can afford. Change interest rates, fees, and income to test options.

Required Information Estimated Monthly Expenses
Mortgage Rate : Property Tax : /month
Down Payment : Condominium Fees : /month
Gross Monthly Income : Debt Payments : /month
  see chart below
 
      Based on your $4,000 Monthly Income and these Down Payment options :
 
USER Input Interest Rate - See Current Rates
% Down Payment   25% 20% 15% 10% 5%
Down Payment   $75,507 $56,069 $39,286 $24,675 $11,546
Mortgage   $226,521 $224,279 $222,625 $222,080 $219,391
   
Max Home Price   $302,028 $280,348 $261,911 $246,755 $230,937
   
CMHC Insurance Fee   $0 $2,242 $3,895 $4,441 $7,130
Total Mortgage   $226,522 $226,522 $226,522 $226,522 $226,522
   
Monthly Mtg Pmts   $1,155 $1,155 $1,155 $1,155 $1,155
TOTAL Monthly Pmts   $1,280 $1,280 $1,280 $1,280 $1,280
   

Amount of DOWN PAYMENT, INCOME make a difference
  High Ratio - 5.00 % Down Payment Max Home Price
$200,000
Your $10,000 Down Payment and your Gross Monthly Income of $4,000 results in a Maximum Home Price of $200,000 using 95.00 % High Ratio Financing. Your first mortgage of $190,000 plus the 3.25 % mortgage insurance fee of $6,175 results in a total mortgage of $196,175. Your monthly mortgage payments will be $1,000.
 

  With Conventional ( 75.00 %) Financing Max Home Price
$40,000
Under conventional financing criteria, based on a $10,000 (25%) Down Payment and Gross Monthly Income of $4,000, the Maximum Home Price is $40,000. Your mortgage will be $30,000 with monthly payments of $153. The maximum is often limited by a small down payment. High Ratio financing may be required.
 
COMPARE RATES
TERM OURS BANKS
6.mo
1yr.
3yr.
5yr.
4.00%
3.10%
3.70%
5.24%

Quick Calculator

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Figures are rounded to nearest dollar.
The above information is for illustrative purposes only. We cannot guarantee its accuracy. Please contact your financial advisor for more specific information.
Calculator powered by CanadaMortgage.com