Mortgage payment
What principal and interest cost each month at a given rate and amortization.
Calculators
Numbers first. Decisions second.
Three tools that use the same math your lender does, including Canadian semi-annual compounding and the federal stress test. Estimates only — a real approval depends on your full application.
Affordability
An estimated maximum purchase price using the two ratios every Canadian lender applies: GDS at 39% and TDS at 44%, tested at the qualifying rate.
Assumptions used
- Qualifying rate: — (greater of contract + 2% or the benchmark)
- 25-year amortization · property tax $350/mo · heat $150/mo
- GDS limit 39% · TDS limit 44% · default insurance premium not included
Stress test
Federally regulated lenders qualify you at the greater of your contract rate plus 2% or the benchmark rate. Here's the payment you'd have to prove you can carry.
The benchmark is editable because it moves. If your lender is provincially regulated the test may be applied differently — I'll confirm which rule applies to your file.
These calculators are educational estimates. They exclude default insurance premiums, property taxes on title, condo fees, closing costs and lender-specific policy. Nothing here is an approval or an offer of credit.
Questions about your own numbers?
Every file is different. Send me yours and I will tell you exactly where you stand.