This calculator is intended to provide a estimate of your maximum affordable
Once you know that, you can use the mortgage calculator
to figure out how much you can borrow on that payment.
Together with your deposit that will tell you the total amount you can afford to spend
on your next home.
It works on two lending principles.
The first principle, known as the Gross Debt Service Ratio (GDSR), is that your
monthly housing cost (mortgage, taxes, heating and half of your condo fees)
should not exceed 32%
of your gross monthly family income.
The second principle used, the Total Debt Service Ratio (TDSR),
is that your monthly housing cost, plus payments on all of your other debts
(including loans, credit cards and leases) should not exceed 40%
of your gross monthly income.
Caution: These principles apply generally in Canada, but are not
fixed rules, and the practices of lenders vary.
They are unlikely to be applicable in countries other than Canada.
Consult a mortgage broker if you are in any doubt.
A good mortgage broker may be able to find you a lender even if the
results you get from this calculator suggest it is not possible.
The interest rate you obtain through a good mortgage broker may also
be more favourable that you can find on your own.
Be wary of paying fees up front to locate a lender.
 The maximum for mortgage approval may vary.
 Use Net income for self employed/commissioned sales applicants.
The information on this page is only for estimating, and your actual payment
amount can only be provided by your lender.
Neither Dot nor Team Realty KW Inc, not IBIS Inc, accept any liability
for the accuracy of the information on this page.