Mortgage affordability calculator

Your ability to afford a mortgage depends on several factors, such as your income, existing debts, and credit score. Our calculator also considers additional costs like heating, condo fees, and property taxes to give you a complete picture of what you can afford.

Lenders use metrics like Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to determine the maximum amount you can borrow for a mortgage.

Your down payment size is crucial in determining how much you can afford. If your down payment is less than 20%, you'll need to account for additional costs such as mortgage insurance.

Here are some tips to increase the amount you can afford:

• Enhance your credit score to qualify for lower interest rates.
• Decrease your monthly debt payments.
• Aim to save a larger down payment, ideally 20% or more to avoid additional mortgage insurance fees.

Although closing costs generally have a minor impact on affordability, it's wise to budget for these expenses along with your down payment.

Get started on your pre-approval today!