Your home
Mortgage Affordability
What home price could fit your income and commitments?
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Editable example. Replace these numbers with your own; results update immediately.
- Illustrative maximum home price
- $527,368.25
- Mortgage before default insurance
- $467,368.25
- Estimated financed default-insurance premium
- $14,488.42
- Total mortgage including premium
- $481,856.67
- Payment · Monthly
- $2,802.50
- Monthly equivalent: payments, tax, heat and full condo fee
- $3,327.50
- Qualifying stress-test rate
- 7.00%
- Monthly mortgage allowance at qualifying rate
- $3,375.00
A useful next step
Treat this as a ceiling to explore, not a spending target. Reserve cash for closing costs, repairs and emergencies, and check the payment against your take-home budget.
How this estimate works
Uses 39% gross debt service and 44% total debt service, annual property tax ÷ 12, heating and 50% of condo fees for qualification. Qualifying rate is the greater of contract rate + 2 percentage points or 5.25%. Qualification uses monthly payments; changing frequency changes the payment estimate, not the qualifying price. Applies minimum down payments of 5% on the first $500,000 and 10% above that below $1.5 million; homes at $1.5 million or more require 20%. Adds estimated standard premiums of 2.8%, 3.1% or 4% when loan-to-value exceeds 80%, 85% or 90%. Assumes a traditional down payment, owner-occupied purchase and 5–25 year amortization. This tool does not model eligible 30-year insured mortgages, non-traditional down payments, premium refunds or lender-required insurance at 20% down. Premium sales tax, land-transfer taxes, legal costs, repairs and other closing costs are excluded and must be funded separately. Lender credit, income and property assessments may reduce or prevent approval. If debt-service allowance is zero, the price shown is cash-only. Rules checked October 12, 2026.
FCAC mortgage payment guidance · CMHC debt-service rules · CMHC premiums
Educational estimates only, not financial, legal or lending advice, an offer, approval or eligibility decision. Confirm terms, costs and affordability with your lender. Amounts are Canadian dollars.