The Assessment Process
3 Steps to Calculate Affordability
Income & Province
Select your province to add regional context. Enter local property taxes and other costs where requested because the tool does not maintain every municipal rate.
Debt Analysis
The calculator uses the debts you enter to estimate a total debt-service ratio. A lender may calculate income and obligations differently.
Stress Test Result
Receive an educational Mortgage Affordability Assessment with a high-level purchase-price estimate. It is not a qualification decision.
Mortgage Affordability Calculators by Province
Housing costs and rules vary across Canada. Choose a province for general context, then verify municipal taxes, utilities, closing costs, insurance, and current qualification rules independently.
Why You Need a Detailed Assessment
A pre-approval is based on the information and rules available at the time. Lenders use gross and total debt-service ratios, the mortgage stress test, credit history, down payment, property details, and other criteria to determine qualification.
- Debt-service estimate: Review how housing costs and other debts affect affordability under common lender calculations.
- Rate sensitivity: See how a higher qualifying or renewal rate could change estimated payments and affordability.
- Mortgage insurance: Include an estimated premium where the selected down payment may require insured financing.
Frequently Asked Questions
How does the Mortgage Affordability Calculator work for Ontario?
The tool uses the information you enter to provide an educational estimate. It does not capture every Ontario property cost, lender policy, insurance rule, tax, or qualification requirement.
What is a Mortgage Affordability Assessment?
It compares entered income, debts, and estimated housing costs using common debt-service concepts. It cannot determine whether a particular lender will approve a mortgage.
How are GDS and TDS used?
GDS compares qualifying income with housing costs, while TDS also includes other debt obligations. Acceptable thresholds can vary by insurer, lender, product, borrower profile, and current rules.