HOW IT WORKS

  1. Enter in your annual gross income.

  2. Enter in the total amount of your monthly debt. For example, credit card, auto loans, line of credit etc. (for all revolving debt use 3% of the outstanding balance)

  3. Under Rate, enter in 5.04% as the bank of Canada bench mark rate. This is the Canada government qualifying rate as of April 14, 2020.

  4. Add in your Amortization (number of years).

  5. Estimate your heating bill cost per month. (Take the square footage of the home and divide by 12. Enter the answer)

  6. Enter the monthly Condo fee if applicable

  7. Enter in the estimated annual Property Tax

This calculator will then generate the mortgage amount you can afford up above.

Need more info tailored to you?