Mortgage Calculator - How Much Can You Afford?


 Mortgage Calculator
Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs.  To email yourself a copy of the results, click the Receive this Detailed Analysis link.


Calculate home expenses

For even more detailed list of expenses see our cost estimate form page. Get one customized to calculate your home expenses. Every buyer should have this.

We calculate your Loan, CMHC fees, Mortgage, Monthly costs, Taxes, and Lawyer fees!

Call us now to receive your own!

Acceptable Income Verification

Business for Self:

1)    Sole Proprietor

a.    2 years complete personal tax returns prepared by accountant

b.    add backs can be included & added to income

2)    Controlling Partner

a.    2 years financial statements prepared by accountant

b.    Or 2 years personal tax returns prepared by accountant

c.    Add backs for any paper write-offs may be acceptable (capital costs, business use of home, and motor vehicle expenses, subject to insurer approval)

3)    Corporation

a.    2 years T4’s

b.    AND business financials or tax returns to ensure continued income (15% add back line 150 for all BFS clients)

4)    Commission

a.    Tax returns averaging the last 2 years income (If income has declined in latest tax year, client must be able to qualify on most recent declined income)

Salaried, 2 of the following:

a.    Employment letter

b.    Paystub within 30 days of closing

c.    T4 – if client has had 2 different employers over the last 2 years, T4’s for last 2 years are required

Salaried with Bonus, Overtime or Tips:

b.    Employment letter

c.    Paystub within 30 days of closing

d.    T4, verifying 2 years history of additional income

Salaried with Commission:

e.    Employment letter

f.     Tax returns averaging the last 2 years income – If income has declined in latest tax year, client must be able to qualify on most recent declined income

Fixed Income:

1)    Alimony, Child Support income or payments – must be court ordered & verified for minimum 3 years

2)    Disability or Workman’s Compensation – must be verified that its permanent or will continue for 3 years

3)    Permanent Disability – income must be confirmed via insurance award letter

4)    Pension Income – must be verified via payment cheque, bank statements or letter indicating annual amount

Non-Taxable Income:

The following examples of non-taxable income can be used if income is verified and will continue untaxed for minimum 3 years.  If non-taxable income is less than $30,000 gross up by 25%, if equal to or greater than $30,000 gross up by 35%:

1)    Military allowances

2)    Disability retirement payments

3)    Workers compensation benefits

4)    Child support payments

5)    Old Age Security

6)    Native Indian Income

7)    Foster Care Income

Other Forms of Acceptable Income:

1)    Interest & Dividend – continuation for min 3 years & 2 years tax returns confirming past history & proof of assets to support ongoing income

2)    Trust Income – continuation for min 3 years & copy of trust agreement or trustee’s statement & 2 years tax returns confirming past history

3)    Mortgage Income – continuation for min 3 years & copy of mortgage document & 2 years tax returns or bank statements showing income deposits

4)      Inherited &/or Guaranteed Income – continuation for min 3 years & proof income paid to borrower as beneficiary, method of payment & duration, portion not taxable & 2 years tax returns confirming past history

5)      Temporary Disability – only considered if confirmation is received from employer of continued employment & anticipated return date

6)      Seasonal Unemployment – 2 years tax returns & letter from employer confirming continued employment & return to work date.

7)      Maternity Leave – 100% used if confirmation from employer verifies start & return date, income & position are the same

Required Fields
Estimate Insurance to of Cost
Estimate Tax to of Cost
Optional Fields
Receive Detailed Analysis  Receive this Detailed Analysis

Your Monthly Payments
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
Cost of House = [(Monthly income x Debt Ratio) –
monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %