Free tool

Mortgage Calculator

Two ways to plan your purchase. Calculate your monthly payment on a specific home, or work out how much you can comfortably afford based on your income. Numbers below are estimates for planning — your bank or mortgage broker will give you exact figures based on your full application.

Estimated monthly payment
$3,920
Principal + interest only. Property tax, insurance & condo fees are extra.
Down payment %
20.0%
Loan amount
$680,000
CMHC insurance
Not required
Stress test reminder: Federally-regulated lenders qualify you at the higher of your contract rate + 2%, or 5.25%. With your rate, you'll be qualified at 7.04% — meaning your monthly payment at the stress rate would be $4,820.
Maximum home price you could qualify for
$640,000
Based on a 39% GDS ratio and the OSFI stress test rate.
Max monthly payment
$3,950
Max loan amount
$560,000
Qualifying rate
7.04%
About this estimate: Lenders use two ratios. GDS (Gross Debt Service) keeps housing costs under 39% of gross income, and TDS (Total Debt Service) keeps all debt under 44%. Property tax, heat and condo fees count toward GDS — this estimate sets aside roughly $400/month for those. Your real approval depends on credit score, employment, and the property type.

Ready to get pre-approved?

These numbers are a starting point. Let's chat about your specific situation — credit, employment, the type of home you're after — and I'll connect you with the right mortgage broker for your file.

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