What Can I Afford?

Thinking of buying a home? Figure out first how much you can afford with this simple and useful calculator. Complete the Asking Price, Interest Rate, Amortization, Heating, Taxes and Other fields, and then click the Calculate button.
Mortgage Qualifier
Mortgage Details
Asking Price $
Stress Rate %
Annual Expenses
Heating $
Taxes $
Other $
Property Location 
Percent Down
Down Payment $ $ $
First Mortgage $ $ $
CMHC/GE Prem. $ $ $
Total Financing $ $ $
(Monthly) P&I $ $ $
Expenses $ $ $
Total Payment $ $ $
Income Required $ $ $
Information is provided for sample purposes and for your convenience. Information should be verified and should not be relied upon as legal, financial, or other advice.
Please note amortization periods vary by lender and subject to change. Please speak to your mortgage specialist/lending institution for specific details.

 Explanation of Terms


 Asking Price

This is the "asking price" of the home in consideration. (Back to Top)

 Stress Rate

For INSURED Government loans/mortgages through banks, trust comanies etc., borrowers will need to qualify at a rate two (2) percentage points higher than their offered rate (example; offered bank rate 3%, Stress Rate 2% = 5%. Add this 5% in this column). (Back to Top)

 Interest Rate

Insert the interest rate which the 'uninsured' mortgage can be obtained (examples private lender, credit inions, mortgage brokers0 and do not add the Stress Rate onto this interest rate. (Back to Top)


The period of time in which the mortgage will be paid off.  (Back to Top)

 Property Location

For Barrie and area, select 'Higher Priced Market' 
For other areas consult CMHC  (Back to Top)


Enter annual estimated heating costs. (Back to Top)


Enter annual estimated taxes. (Back to Top)

 Others (TDS)

Total Debt Service (TDS) - If you have additional fixed costs such as car leases, loans, car loans, credit cards, personal loans, etc., enter the total annual amounts. 
If an amount is entered, please change the GDS percentage (below) to 42%.*
If no amount is entered, leave blank, and proceed to GDS.  (Back to Top)

*This means your mortgage, property taxes, heating costs and 'other' fixed expenses combined cannot exceed 42% of annual family income.


Gross Debt Service (GDS). The maximum allowed by mortgage lending institution is 32% of your annual gross family income. This means your mortgage, property taxes and heating combined cannot exceed 32% of annual family income. (For condominiums add 50% of annual condominium fees onto either Heating or Taxes column.) (Back to Top)

 Percentage Down

The minimum requirement by mortgage lending institutions is five percent (5%) of purchase price. (Back to Top)


Amount initially placed toward the purchase price of the house.
For CMHC mortgage, a minimum 5% is to be placed down. (Back to Top)

 First Mortgage

The amount of mortgage required after deducting the downpayment.
(Back to Top)


This is the interest/amount charged by the Mortgage Insurance Company accepting the mortgage amount and is amortized over term of mortgage (i.e. 25 years) (Back to Top)

 Total Financing

This is the combined Mortgage (First Mortgage and CMHC/GE Premiums) (Back to Top)

 (Monthly) P&I

This represents monthly payments for total financing. Above mentioned (P&I) represents Principal & Interest (Back to Top)


This represents your monthly fixed "Others (TDS)" costs IF you entered an amount on "Others" (Back to Top)

 Total Payment

This represents your TOTAL monthly payments based on information provided. (Back to Top)

 Income Required

NOTE: When reviewing income requirements, if your annual family income exceeds the income required on the chart, you should be able to qualify for the mortgage indicated on the chart. (Back to Top)

 Need HELP!!

Every effort has been made to make this calculator as accurate as possible but verification of findings should be confirmed by your Mortgage Specialist/Lending Institution.

Please do not hesitate to contact me should you require any assistance with this very useful "What Can I Afford" tool. (Back to Top)