How much can you afford?
Before you start looking for your dream home, let’s find out how big you can dream. Knowing your true budget is the first and most important step in buying a home.
A home is a big purchase
It’s probably the most expensive thing you’ll ever buy, and there are lots of expenses you might not even know about. Some of them include:
- Down payment
- Legal fees
- Title insurance
- Inspection fees
- Property Transfer
Gross Debt Service Ratio (GDSR) calculation
This lending principle simply states that your monthly housing cost should not exceed 32% of your gross monthly family income.
Our mortgage affordability calculator will help you easily estimate your maximum affordable mortgage payment of principal and interest. Just enter your monthly income and expense amounts, and the calculator will do the rest.
Once you have used the What You Can Afford calculator to estimate your maximum monthly total, you can compare this number to the mortgage payments for specific loan amounts. Simply enter the loan amount in our mortgage calculator and the monthly principal and interest will be figured out for you.