Mortgage Affordability Calculator

To help you estimate the maximum mortgage you can afford, CMHC has developed the following easy-to-use mortgage tool.

 

Mortgage Affordability Calculator

To help you estimate the maximum mortgage you can afford, CMHC has developed the following easy-to-use mortgage tool.

Calculation Results

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Maximum Mortgage represents the lesser of the maximum mortgage permitted with the down payment provided, or the maximum permitted given your income and debt obligations.

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  • This calculation is approximate and does not include CMHC Insurance Premiums, applicable sales taxes, closing costs or other fees that may be required.
  • Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with a down payment of less than 20% of the purchase price. However, lenders sometimes require mortgage loan insurance for homebuyers even if their down payment is greater than 20% of the purchase price. This calculator will return a premium amount regardless of the down payment amount entered.
  • For CMHC-insured mortgage loans, the minimum equity requirement is:
    • 5% down payment for the purchase price portion ≤ $500,000.
    • 10% down payment for the purchase price portion > $500,000 to < $1,000,000

Your Information

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Anticipated Monthly Expenses

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Borrowing Details

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Calculation Notes

To calculate an amount for you, we've assumed the interest rate is fixed over the entire amortization period. In fact, interest is usually renegotiated at the end of each mortgage term, when rates may be higher or lower. Other options, such as a variable interest rate, can also result in a different payment amount. The qualifying interest used to qualify for mortgage loan insurance is the greater of the mortgage contract rate or the Bank of Canada's conventional 5-year fixed posted rate. For more information, contact your mortgage professional.

 

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