Approx. top price a lender may allow before comfort is considered.
Home Affordability Calculator
Estimate a practical home price from income, or switch modes to see the full monthly cost of a specific property.
This calculator uses Canadian mortgage rules. Switch your region to Canada for the intended defaults.
Choose your question
What price range fits my income?
Practical target
$0
A calmer target that keeps housing near 30% of household income before existing debts.
Lender check rate: your rate plus 2%, or 5.25% if that is higher.
First-time buyer snapshot
$0 estimated cash help
What this means
Use the green number as the first shopping filter, then compare real monthly costs before making offers.
Why two prices?
The lender ceiling is about qualification. The practical target is about having room left for savings, repairs, emergencies, and life outside the mortgage.
Real monthly carrying cost
$0
Mortgage plus property tax, maintenance, insurance, and building fees.
Mortgage payment$0/mo
Property tax$0/mo
Maintenance set-aside$0/mo
Home insurance$0/mo
Building fee$0/mo
Mortgage amount after adding required mortgage insurance.
Insurance added when down payment is below 20%.
$0 interest
Down payment plus insurance gap
Ownership cost check
Use this number beside your take-home pay, not just beside the mortgage payment.
Stress-test reminder
A lender may qualify the mortgage at a higher rate than the contract rate.
How this home affordability calculator works
This calculator has two practical modes. The income mode estimates a buying range from household income, current debt payments, saved cash, mortgage rate, property tax, heating, condo fees, and amortization. The property mode starts with a specific home price and estimates the full monthly carrying cost, not just the mortgage payment.
Why the practical price can be lower than the lender ceiling
A lender qualification number answers one question: how much debt could the household possibly qualify for under the assumptions used. A practical shopping number asks a better question: what price still leaves room for emergency savings, repairs, retirement contributions, child care, travel, insurance increases, and normal life.
Mortgage stress-test logic
The calculator uses a qualifying rate based on the higher of the entered mortgage rate plus 2 percentage points or 5.25%. That higher rate is used when estimating the maximum price supported by the mortgage payment. The actual payment shown for a specific property uses the entered contract rate.
What is included in monthly ownership cost?
The property mode includes principal and interest, property tax, a maintenance set-aside, home insurance, and condo or maintenance fees where relevant. This is why two homes with the same mortgage can feel very different month to month.
Common mistakes
Do not compare a home price only with salary, and do not compare rent only with the mortgage payment. Debt payments, property tax, condo fees, heating, maintenance, insurance, closing costs, and the stress-test rate can all change the answer. The safer approach is to test a practical target first, then test the exact home second.
First-time buyer notes
The first-time buyer section highlights common planning items such as FHSA room, RRSP Home Buyers' Plan room, the federal Home Buyers' Amount, and land transfer tax rebates where available. These are estimates for planning and should be confirmed against current government rules before buying.
Source notes
Mortgage affordability rules and stress-test assumptions change over time. This page uses common Canadian mortgage-planning conventions for education and comparison, not lender approval. Confirm your file with a licensed mortgage professional before relying on any purchase price.