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Step 1 - Your Income

Gross Household Income:

Your annual income before tax and other deductions. If you are purchasing a house with your spouse or a partner, make sure you include their annual gross income as well.

Province:

Yes, I live in Toronto

Step 2 - Your Expenses

Property Taxes - annual:

The property taxes charged by the municipality on the house you are looking to purchase. Not too many people know this value off the top of their head, so we've entered an average amount of $3,000 for you.

Condo Fees - monthly:

If you plan to purchase a condo, you will be charged condominium fees on a monthly basis for maintenance and use of common areas.

Heating Costs - monthly:

An estimate of the monthly heating costs for the home you are purchasing. If you're not sure what this number should be, $100 per month is a good approximation.

Step 3 - Your Debts

Credit Card Balance:

Your total outstanding credit card debt. Like most mortgage lenders, we will automatically add 3% of your total credit card debt into your monthly debt fees.

Other Debt Balance:

Your total outstanding balance on all of your other debt, including a line of credit or student loan. We will automatically add 4% of your other debt balance into your monthly debt fees - just like how the lenders would calculate it.

Car Lease Payments - monthly:

Your monthly car payments. This doesn't include your car insurance or monthly gas expense - phew!

Your Results: What You can Afford

Property Value:

The maximum house value you can afford.

Mortgage Default Insurance:

If your down payment is less than 20% of your property value, you are required to get mortgage default insurance. You can add this amount to your mortgage if you would like.

Down Payment Required:

This is the initial upfront portion that you need to pay for the house. It's 5% of the property value. If this is 20% or greater you can avoid payment Mortgage Default Insurance.

Mortgage Value:

Mortgage Type and Term:

For this calculation we have pre-selected your mortgage type and term. If you want to change this or see how your payments would fluctuate based on a different mortgage type, simply click the button at the bottom to go to our Mortgage Calculator.

5 Year Fixed

Mortgage Rate:

For this calculation we have pre-selected the best 5 year fixed mortgage rate available in your province. If you want to change this or see how your payments would fluctuate with a different mortgage rate, simply click the button at the bottom to go to our Mortgage Calculator.

Amortization:

For this calculation we have pre-selected your amortization period, which is the length of time it will take you to pay off your mortgage making routine payments. If you want to change this value to pay off your mortgage quicker, simply click the button at the bottom to go to our Mortgage Calculator.

25 Years

Monthly Mortgage Payment:

Based on the values entered above, your income cannot support both your current debt and a mortgage.

Don't forget these Additional Costs

Home Inspection Fee:

Some lenders will actually require a professional inspection before issuing you a mortgage. Average home inspection fees range from $350 to $600.

Appraisal Fee:

Mortgage lenders will advance only a percentage of either the appraised market value of a home, or the home's purchase price � often, the lesser of the two. Appraisal fees range from $300 to $500, but some lenders might waive this fee, so make sure you ask!

Property Insurance:

Your lender will expect you to insure their investment. Property Insurance can range from $700 to $900 for minimum coverage.

Land Survey Fee:

Some lenders may ask for an up-to-date survey before finalizing the mortgage. In many cases the seller will pay this cost in order to facilitate the sale. Land survey fees range from $1000 to $2000.

Land Transfer Tax:

This fee is collected on properties that are changing owners. Unfortunately, it has to be paid by the buyer. The percentage ranges from 0.5% to 2%, depending on which province you live in. Most provinces use a multi-tiered system. Based on your province, we have estimated this fee for you.

Title Insurance:

This is optional, but well worth the cost. It protects you from such things as title defects, errors or omissions, undisclosed heirs who may try to claim your property and/or fraudulently discharged mortgages. Title insurance costs approximately $300.

Legal Fees:

Your lawyer will play a very important role in the final transaction. Expect to pay anywhere from $500-$1000 in legal fees, depending on the services provided.

Mortgage Default Insurance Tax:

Mortgage Default Insurance Tax: If your down payment is less than 20% of your property value, you are required to get mortgage default insurance. And yes, in some provinces this insurance is subject to tax. Based on your province and an estimated down payment of 5%, we have calculated the Mortgage Default Insurance Tax for you.

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Mortgage Affordability Calculator

How much can I afford? Use our handy Affordability Calculator to find out how much you can afford based on your current lifestyle.

Your Results: What You can Afford

Don't forget these Additional Costs

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