Mortgage Affordability Calculator

When shopping 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.

Annual Income

Annual Income Before Tax

$

Co-Applicant IncomeBefore Tax

$

Monthly Living Costs

Estimate for me

Property Tax

$

Condo Fees

$

Heating Costs

$

Monthly debt payments

Credit Card

$

Car Payment

$

Other Loan Expenses

$
Max. Afforability Build Your Own Tips
Home Price $- $-
Down payment 20 % $
CMHC insurance 0 %
Total Mortgage Required ($26,015,578) $-
Amortization period 30 Years
Mortgage rate 2.79 % %
Mortgage type 5-Year Fixed
Total Mortgage Payment
Land Transfer Tax ($1,211,521) $0
Provincial ($1,211,521)
Municipal 0 %
Rebate 0 %
My Profile Province City First-time home buyer
  • Cash Needed How much extra cash will I need when my house closes?

    When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.
    Our tool will help you calculate these costs, so you know how much you'll need to save.

    Type of home:

    Required Cash Expenditures

    Scenario :

    • Down payment

      $-

    • PST on mortgage insurance

      $-

    • Land Transfer Tax

      $-

    • Lawyer fees

      $-

    • Title insurance

      $-

    • Estoppel certificate fee

      $-

    • Total Cash Required

      $-

    Other Cash Considerations

    • Home inspection fees

      $300 - $500

    • Appraisal fees

      $300

  • Monthly Expenses Can I afford my monthly expenses & mortgage payments?

    Expenses

    Scenario :

    • Mortgage payment

      $-

    • Property Tax

      $-

    • Monthly debt payments

      $
    • Utilities

      $
    • Condo Fees

      $
    • Property insurance

      $
    • Phone

      $
    • Cable

      $
    • Internet

      $
    • Total

      $-

  • Interest Rate RiskWhat would my payment be at higher interest rates?

    When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.
    The calculation below shows how much of your mortgage principal will be left at the end of the term.

    Mortgage Amount

    Scenario :

    • Mortgage amount today

      $-

    • Less: Principal paid off over term

      $-

    • Mortgage remaining at end of term:

      $16,880

    Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

    Interest Rate Payment Selected Scenario
    Selected Rate3.19 % $87
    Average 5-year Fixed Rates (2000 - 2010)3.89% $91
    Average 5-year Fixed Rates (1990 - 2000)7.23% $91
    Average 5-year Fixed Rates (1980 - 1990)11.92% $91

    Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates over the past 35+ years.

  • Amortization ScheduleWhat do my payments look like over time?
    Year Total Paid Principal Paid Interest Paid Balance
    2015 $510,757 $388,443 $122,314 $4,046,391
    2016 $510,757 $388,443 $122,314 $4,046,391
    2017 $510,757 $388,443 $122,314 $4,046,391
    2018 $510,757 $388,443 $122,314 $4,046,391
    2019 $510,757 $388,443 $122,314 $4,046,391
    Total (term) $2,553,785 $2,553,785 $2,553,785 $2,553,785

    The highlighted line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period which may not be possible.

    2015 $510,757 $388,443 $122,314 $4,046,391
    2016 $510,757 $388,443 $122,314 $4,046,391
    2017 $510,757 $388,443 $122,314 $4,046,391
    2018 $510,757 $388,443 $122,314 $4,046,391
    2019 $510,757 $388,443 $122,314 $4,046,391
    Total (term) $2,553,785 $2,553,785 $2,553,785 $2,553,785

The most important result of a general character to which the special theory of relativity has led is concerned with the conception of mass. Before the advent of relativity, physics recognised two conservation laws of fundamental importance, namely, the law of the conservation of energy and the law of the conservation of mass these two fundamental laws appeared to be quite independent of each other. By means of the theory of relativity they have been united into one law. We shall now briefly consider how this unification came about, and what meaning is to be attached to it.

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