MoneySense Toolkit: The mortgage affordability calculator Mar 14th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.

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Earlier this month, the Bank of England scrapped its mortgage affordability stress test. With mortgage rates presumably approaching their peak for this rate-hike cycle, some are wondering if changes to Canada's stress test are overdue. .... More »

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MoneySense Toolkit: The mortgage affordability calculator

– moneysense.ca

Mortgage Affordability Calculator

Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a variety of factors. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start by consulting an online calculator.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

What is mortgage affordability?

Mortgage affordability refers to the maximum mortgage you can afford to borrow, based on your gross income, debt payments and living costs. In short, the higher your mortgage affordability, the more money you can borrow to cover the cost of buying a home.

Many factors are used to determine mortgage affordability. These include your gross household income, the monthly expenses associated with the property you want to buy (including the mortgage payments, property taxes, heating costs and condo fees), as well as your debt obligations, such as credit card payments and car loans…

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