Home Affordability Calculator
Most affordability calculators tell you the maximum you can borrow. This one tells you what you can actually afford — including property tax, utilities, maintenance, and what happens to your payments when interest rates go up. Real numbers, not optimistic ones.
Your finances
Car loans, student loans, credit cards. Leave blank if none.
Maximum home price you qualify for
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At your qualifying rate (stress test applied)
Qualifying rate
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Your mortgage
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Monthly mortgage payment
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Down payment
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Real monthly cost of ownership
What if rates go up?
Your mortgage payment changes when you renew. Here's what your monthly payment looks like at higher rates — at the same mortgage balance you start with today.
| Rate scenario | Monthly payment | vs. today | Annual impact |
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The long view — what this home costs over time
This is what you'll pay in total if you stay the full amortization period at your current rate. These are real numbers, not marketing numbers.
Total principal paid
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Total interest paid
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Total paid to lender
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What most affordability calculators don't tell you
A bank's affordability calculator answers one question: what's the maximum mortgage we'll give you? That number tells you nothing about whether you can actually live comfortably on what's left. Property tax in Toronto runs around 0.66% of your home's assessed value annually. Maintenance on a house costs roughly 1% of its value every year, sometimes more. Add insurance, heat, hydro, and water, and the true monthly cost of owning a $900,000 home is significantly higher than the mortgage payment alone.
The interest rate reality
Most mortgages in Canada have a five-year fixed term. When you renew, you negotiate a new rate — whatever rates are at that time. The stress test accounts for a 2% rate increase, but rates can and do move more than that. The rate sensitivity table above shows you exactly what your payments would become at higher rates, so you can make that decision with open eyes.
The 1% maintenance rule
Older homes in Toronto often cost more than 1% per year to maintain. A new build might cost less for the first decade. But averaged across a 25-year ownership period, most homeowners who track their expenses find that 1% of property value per year is a reliable estimate for repairs, replacements, and upgrades. Not budgeting for this is how people end up financially stressed by a $15,000 roof or $8,000 furnace they didn't see coming.