HomewiseHomewise
Oh Canada!

Affordability Calculator

Looking to buy a home soon? Our mortgage affordability calculator will give you a high-level view of your maximum mortgage and home affordability.

Annual Incomes

Mortgage Info

25 years

%

Monthly Debt Payments

Living Costs

Max Home Affordability

$0

Down Payment

0%

Max Mortgage

$0

Monthly Mortgage Payment

$0

Monthly Breakdown

Loading Chart
Monthly Mortgage Payment$0
Monthly Debt Payments$0
Living Costs$329.17

CMHC Insurance

cmhc insurance$0
max mortgage + cmhc$0
max monthly after cmhc$0

* These calculations are just an estimate. Calculations are based on the Bank of Canada five-year mortgage rate used in mortgage stress tests and assume no change in the interest rate over the life of the mortgage. This rate is your offered rate + 2% and is subject to change. The actual qualifying interest rate for your morgage may be different. To get a true overview of your affordability, apply online in 5 minutes and a Homewise Advisor can overview your full financial picture.

Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB. We are proudly Canadian!

Affordability
Key Concepts

The Ultimate Mortgage Guidebook

Whether you have already purchased or are looking to buy soon, being prepared is very important and will save you money. With so much to look forward to, it is important that you make the proper financial decisions during the mortgage process, as it could be one of the largest financial decisions you make in your life. This Mortgage 101 post will help you understand some of the basics to start your learning process on your way to a great mortgage. You can also view more posts here, or reach out to our team at any time with questions using our contact info. 

📚  Learn More

How debt and income Affects Mortgage Affordability

When you apply for a mortgage, lenders will take a variety of factors into account to determine whether or not you’re eligible for approval. One of the most important factors to consider is your debt-to-income ratio.  A debt-to-income ratio is also used to determine how much you’re eligible to borrow from the lending institution, which then determines the type of home or neighbourhood you can buy in.

📚  Learn More

How You Can Prepare to Buy a Home as Prices Increase

As competition and home prices are increasing, it’s normal for buyers to feel overwhelmed and a little hesitant about entering the market. If you’re planning to buy a home during this time, here are some ways you can better prepare for this purchase.

📚  Learn More

Ready to get
The best mortgage?

Homewise
Top Brokerage
Top Brokerage
Brokerage of the year
Brokerage of the year - Fewer than 25 Employees
Brokerage of the year - 2022
Google for Startups

Homewise Available across Canada

© 2022 Homewise Solutions Inc. All rights reserved.
Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB.
Homewise can pursue mortgage brokering activity in SK, NL, NS and NB. We are proudly Canadian!

Privacy Policy    Terms of use