The Mortgage Qualifier Calculator provides you with a tool to determine what your budget is for purchasing a home.
Complete the following fields as specified to complete the qualifier calculation:
Annual income
Enter your gross annual income for the names that will be stated on the mortgage. For couples this is your total combined gross annual income. Please note that if you enter a purchase price or total monthly payment the calculator will determine the gross annual income required to qualify for the purchase.
Purchase price
The price of the home you wish to purchase. This is the actual price you pay, not including any closing costs. If you enter an annual income or a total monthly payment, the purchase price will be calculated based on these amounts.
Total monthly payment
Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and heat paid each month. If you enter a purchase price or annual income, the total monthly payment will be calculated based on these amounts.
Cash on hand
Amount of cash you have for the down payment and all closing costs.
Interest rate
This is the expected rate the loan will be calculated at
Amortization in years
The number of years over which you will repay this mortgage.
Annual property taxes
Enter the annual property tax for the property you are purchasing.
Monthly Heat
Enter estimate of what the monthly heat bill will be
Monthly car payment(s)
Enter the total monthly payment for your existing car loan(s).
Credit card payments
Enter the total monthly minimum payments for all your credit cards.
Condo Fee
If you are purchasing a condo unit enter any monthly fee that you expect to incur with the ownership of this home.
Other loan payments
Enter any other installment loan payments you have, such as student loans or unsecured loans.
Total closing costs
Total up front costs to close your loan. This is the total of your mortgage insurance premium, transfer tax, GST and other closing costs.
Other closing costs
Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid.
GST
This calculator calculates GST at 5% of a new home's purchase price minus a GST rebate. GST rebates are calculated as follows. For homes under $350,000, the rebate amounts to 36% of GST, up to a maximum rebate of $8,750. For homes between $350,000 and $450,000, the maximum rebate of $8750 declines to zero on a proportional basis. All homes selling for more than $450,000 receive no GST rebate.
Mortgage Loan Insurance Premium (non-refundable)
Mortgage insurance makes it possible for homebuyers to purchase a home using a lower down payment. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 75% of the value of the home or purchases with less than 25% down payment. The Canadian Mortgage and Housing Corporation (CMHC) offers mortgage loan insurance.
| CMHC current Mortgage Loan insurance Premium Rates*: |
Loan Size
(% of property value) |
Standard Rate (as a % of loan) |
| Up to and including 65% (over 35% down payment) |
0.5% |
| Up to and including 75% (25% to 34.99% down payment) |
0.65% |
| Up to and including 80% (20% to 24.99% down payment) |
1.00% |
| Up to and including 85% (15% to 19.99% down payment) |
1.75% |
| Up to and including 90% (10% to 14.99% down payment) |
2.00% |
| Up to and including 95% (5% to 9.99% down payment) |
2.75% |
| Up to and including 95% Flex Down or Cash Back Equity Owner-Occupancy Program** (5% to 9.99% down payment) |
2.90% |
| Up to and including 100% (0% to 4.99% down payment) |
3.10% |
*An additional 0.2% is added to all mortgages with amortizations of 26 to 30 years. An additional .4% is added to all mortgages with amortizations of 31 to 35 years. An additional .6% is added to all mortgages with amortizations of 36 years or more.
This calculator assumes the following:
That financial institutions will not charge any Mortgage Loan insurance Premium if your down payment is 25% or greater.
That your mortgage insurance premium can be financed by your mortgage, which can greatly reduce the amount of upfront money that is required to purchase a home.
Other Options
Show Schedule By Year
Provides breakdown based on annual numbers
Show Schedule by Month
Provides breakdown based on monthly numbers
Calculate Based On
Allows you to choose the method of calculation depending on the information you are able to provide based on either Annual Income, Purchase Price or Total Monthly Payment.
Upon input completion you have two options
Calculate button will display the Mortgage Qualifier breakdown for the values you entered.
View Report Button will provide you with a hard copy of the Mortgage Qualifier breakdown for the values you entered .
GDSR: Gross Debt Service Ratio
- Compares the total cost of your monthly mortgage payment, taxes and heating to your gross monthly (pre-tax) income from all sources. The general rule is that these monthly payments should not exceed 32% of your gross income.
TDSR: Total Debt Service Ratio
- Examines the relationship between all monthly debts (i.e. mortgage payments, property taxes, cars, credit cards, other loans and obligations, etc.) and your gross monthly income. The general rule is that these total monthly payments should not exceed 40% of your income.
Qualify amount
Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Heat" for your home.