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Know your numbers

Home Affordability Calculator

Calculate how much house you can afford based on your income

Home Affordability Calculator

Use our affordability calculator to estimate a comfortable mortgage amount based on your current budget. Enter details about your income, down payment and monthly debts to determine how much to spend on a house.

Estimates for information only, not financial, tax or legal advice, and not a mortgage approval or rate offer. Your lender, lawyer or accountant will confirm the real numbers. Government rules used here were checked against official sources on September 24, 2026; see our editorial standards.

You can afford a house up to

$499,900

At $499,900 you are close to the most a lender is likely to approve. Leave room for closing costs and a higher rate at renewal.

Explore Price Range$499,900
Payment at this price:
$2,967/mo
GDS 35.2% · TDS 38.2% at 5.79% | Within affordable range
$50K$500K$1M$1.5M$2M+
Drag the slider to explore different price points and see payment amounts
GDS at the stress-test rate
35.2%
TDS at the stress-test rate
38.2%

Lenders qualify you at 5.79% (the greater of 5.25% or your rate plus 2 points) and keep housing costs (mortgage, property tax, heat and half of condo fees) within 39% of gross income and all debts within 44%. Your price is capped by the minimum down payment, not your income: a larger down payment raises it.

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Today’s mortgage rates

Lowest purchase rates tracked by Mortgage Squad from Canadian lenders. Tap a term to see the payment.

Updated Oct 9, 2026 · not an offer · OAC

5-yr fixed on an $800,000 home, 20% down, 25 years: $3,415/moMortgage calculator

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Mortgage Squad is an independent partner; Summitly may be compensated. Independent mortgage broker · OAC · rates subject to change and underwriting.

How it works

How much house can I afford in Ontario?

Explore more Ontario real estate calculators or read our buying and selling guides.

Quick answer

How much you can afford depends on your income, existing debts, down payment, and current mortgage rates. Lenders cap your housing costs and total debt using GDS and TDS ratios, and qualify you at a stress-test rate higher than your actual rate. An affordability calculator applies those rules to estimate your maximum price and monthly payment.

How to use the home affordability calculator

  1. Enter your gross household income and any monthly debt payments.
  2. Add your available down payment.
  3. The calculator applies GDS/TDS limits and the mortgage stress test.
  4. Review your estimated maximum home price and monthly payment.

Home Affordability Calculator: worked example

Household income
$140,000/year
Monthly debts
$400
Down payment
$120,000
Illustrative max price
≈ $720,000–$735,000

Illustrative range at a 3.79%–3.99% rate, stress-tested at that rate plus 2 points, within CMHC limits of 39% of income for housing and 44% for all debts. Your exact maximum depends on rates, property taxes and condo fees. A pre-approval confirms it.

Estimates for information only, not financial, tax or legal advice, and not a mortgage approval or rate offer. Your lender, lawyer or accountant will confirm the real numbers. Government rules used here were checked against official sources on September 24, 2026; see our editorial standards.

Home Affordability Calculator FAQ

What is the mortgage stress test?

Federally regulated lenders qualify you at a rate higher than your contract rate to confirm you could still afford payments if rates rose. It can lower the amount you qualify for.

What are GDS and TDS ratios?

GDS (Gross Debt Service) caps housing costs as a share of income; TDS (Total Debt Service) caps housing plus all other debts. Lenders use both to set your maximum.

Does a bigger down payment increase what I can afford?

Yes — a larger down payment lowers your mortgage and can avoid default insurance, both of which raise the price you can support for the same payment.