How much can I afford?

Determine how much of a home (mortgage) you can afford by considering your total household income and debts. Get a sense of how much you may be able to borrow and how much of a home you could potentially purchase.

Your information

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Gross Annual Household Income
Gross household income is the total income from wages or primary source of income before taxes.
Monthly loan and credit card payments
You should include the monthly total of debts such as car loans, credit cards, line of credit.
Did you know?
You may be able to reduce your debts faster by consolidating accounts into one lower interest rate loan or line of credit.
Monthly Property Taxes
Property taxes depend on various factors. For a more accurate estimate, contact your real estate agent or the local municipality of the area that you are interested in.
Monthly Heating Costs
Heating costs depend on the type of heating (i.e. oil, gas, electric) and size of the home. For a more accurate estimate, consider asking your real estate agent or local heating company.
Monthly Condo Fees
Condominium fees vary depending on factors such as location, square footage, and maintenance requirements. For a more accurate estimate, consider contacting your real estate agent or the property manager of the building you are interested in.
Typically, a minimum of 5% of the purchase price is required for your down payment.
Did you know?
If you are a first time home buyer, under the Home Buyers' Plan (HBP), you and your spouse or common-law partner may be allowed to withdraw up to $25,000 each from your RRSP as a tax-free loan that you pay back in equal installments over 15 years to put towards your down payment.

Your results

You can borrow up to:


The monthly payment
would be:


Your maximum house price:


Explore different scenarios to find the home financing solution that works for you. Adjusting your down payment amount will impact your overall purchase price.

Your Scenario Option 1 Option 2
Mortgage principal $140,727 $140,727 $140,727
How much can I afford?
Down payment (%) 36.24% 10% 20%
Down payment ($) $80,000 $15,636 $35,181
Max. purchase price $220,727 $156,364 $175,909
How much will my total mortgage be?
Default insurance $0 $3,377 $0
Total amount borrowed $140,727 $144,105 $140,727

My mortgage payment details

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