Easy-to-Use Mortgage Calculator
You’re ready to purchase a new home—congratulations! The first exciting step on the road to homeownership is to determine how much mortgage you can afford. If that sounds complicated—don’t fret! We’ve developed a user-friendly mortgage affordability calculator tool to help you do just that, all in a few easy clicks.
Following industry guidelines, this tool will instantaneously estimate your maximum purchase price based on your income, routine expenses, and property fees.
How Does It Work?
The application will calculate two essential ratios: your Gross Debt Service (GDS) ratio and your Total Debt Service (TDS) ratio. These ratios are the primary resources used by the Canada Mortgage and Housing Corporation to determine your mortgage affordability.
The calculator will also generate a down payment estimate, and account for potential closing costs, too. This is useful in determining the amount of cash you’ll need to put aside for your new purchase.
Make your results even more accurate by adjusting your location and property type!
