What can you really afford?
This quick calculator gives you a realistic sense of what you can afford before you start looking. Tell me your household income, down payment, monthly debts, and the rate you see today, and you'll get a ballpark maximum home price plus the real monthly cost of carrying it.
It follows the same income rules lenders lean on in Canada, so the number is honest, not just optimistic.
Licensed REALTOR® · License #5015411 · Real Broker Ontario Ltd., Brokerage
Your numbers, your ballpark
Fill in what you know and the estimate updates as you type. It assumes a 25-year amortization, a typical Ontario property tax rate, and average heating, so you see the real monthly cost, not just the mortgage.
Savings you'll put toward the purchase
Car payments, credit cards, loans, lines of credit
Today's typical 5-year fixed rate, adjust to your offer
Assumes a 25-year amortization, Ontario property tax near 1.15% of the home price, and monthly heating of roughly $125, the estimate lenders commonly use for a typical Canadian house.
(down payment under 20%) $18,000
Before home insurance, condo or maintenance fees. Estimate only.
Comfortable
Your existing debts are light, which gives your budget real breathing room. The maximum below is your ceiling, not a target; most buyers find extra comfort staying 5-10% under it.
Want the exact number?
Book a free consultation and we'll walk through a real pre-approval plan together. No pressure, no jargon.
Book a Free ConsultationThe same rules lenders use
Canadian lenders size approvals with two simple ratios of your gross monthly income. This calculator blends both and takes the more conservative result.
Mortgage, property tax, and heating together usually can't push past about 32% of your gross monthly income for a conventional approval.
Add your other monthly payments (car, cards, loans), and lenders typically want the whole total under about 40% of gross income.
A standard 25-year amortization keeps payments realistic, and a down payment under 20% adds a default-insurance premium, which I've factored in.
These are rough estimates to guide your search, not a lender commitment. Your actual approval depends on credit, job history, and current offerings. Tory's trusted partner, M2 Mortgage Team, can run your real numbers and give you an exact pre-approval.
Ready to turn the estimate into a plan?
Book a free consultation and we'll walk through your budget, your neighbourhoods, and your timeline. Or reach out by text any time, hey how's it going?