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How Much Mortgage Can I Afford?

Posted by on January 1, 2019
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Mortgage Affordability Calculator

Mortgage Calculator by

Mortgage Affordability Considerations:

  • Annual household income. Also consider any income changes that may impact your ability to make your payments.
  • Your down payment. Currently, you are required to have at least a 5% down payment when buying a house.
  • Amortization period. If you are trying to keep your regular mortgage payments low to fit the payment into your budget, you will likely want to apply for a mortgage with a longer amortization period. To save money on interest in the long run, you may want to consider a shorter amortization period and therefore monthly payments will be higher.
  • Closing costs are an often overlooked expense that will definitely help determine how much money you can afford as a down payment.
  • Property taxes, homeowner’s insurance, title insurance and additional expenses. Home maintenance should be factored in as well. These costs are often overlooked.

Calculating Gross Debt Service (GDS)

This is a way of estimating the maximum home-related expenses you can afford to pay each month. To qualify for CMHC insurance, the total should not exceed 32% of your gross monthly household income.

Calculating Total Debt Service (TDS)

This enables you to estimate the maximum debt load you can carry each month. It should not exceed 40% of your gross monthly household income.

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