Canadian Mortgage Qualification Calculator

Calculator Usage Instructions

This calculator helps home buyers see if they can qualify to buy a home they are looking at. Enter data in the second column and when your data changes it will automatically calculate the monthly data in the third column. This calculator is for the Canadian market. We also offer a US mortgage qualifier. Here are some general tips about the Canadian mortgage market.

1. Mortgage Insurance: If you put less than 20% down on your home it will have to be insured. The insurance premium rates increase for smaller loan amounts.
2. Down Payment: You must put at least 5% down. On homes priced at or above $1,000,000 you must put at least 20% down.
3. Closing Costs: For most loans closing costs are roughly around 1.5% of the home's purchase price.
4. Amortization: You can create an amortization schedule when you are done calculating your results, though note that as market conditions change and your rate resets your actual rates, monthly payments and amortization schedule will change periodically to reflect current market conditions.

Purchase Info	Inputs	Outputs
Purchase price / property value:
Down payment / equity:	% $
Loan amount:

Loan Info	Inputs	Outputs
Desired loan amount:
Annual interest rate:
Amortization period in years:
Monthly principal & interest payment:

Income, Property & Debt Info	Inputs	Outputs
Gross Annual Monthly income:
Annual property taxes:	% $
Annual heating:	% $
Monthly condominium fees:
Other monthly debt payments:

Qualifying Info	Outputs
Qualify for loan?
Maximum qualifying loan amount:
Gross debt to income ratio (GDSR):
Total debt to income ratio (tdSR):

Create a Printable Amortization Schedule
Loan Origination Date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec