Ontario Mortgage Affordability Calculator

This affordability calculator is provided by Newcastle Financial Corporation for general informational and estimation purposes only. Results do not constitute financial advice, mortgage advice, or any other professional advice, and should not be relied upon as such.

Estimates are based on an assumed Gross Debt Service (GDS) ratio and a Total Debt Service (TDS) ratio — thresholds used by many Canadian lenders — with an assumed amortization period of 25 years, monthly heating cost of $100, and a property tax estimate of 1% of the purchase price per year. These assumptions may not reflect your municipality's actual tax rate, your property's heating costs, or your lender's qualifying criteria.

This calculator does not apply the mortgage stress test (qualifying at the greater of your contract rate plus 2%, or 5.25%), which federally regulated lenders are required to use. It also does not account for CMHC mortgage default insurance premiums (applicable when the down payment is less than 20%), property transfer taxes, legal fees, home inspection costs, or condominium maintenance fees. Your actual maximum purchase price may be lower than the estimate shown.

Results are not a pre-approval, approval, or commitment to lend. Actual mortgage qualification and terms will depend on your credit history, employment, income documentation, property type, lender criteria, and market conditions at the time of application.

Newcastle Financial Corporation is a licensed mortgage brokerage in Ontario (FSRA Brokerage Licence No. 13522). Please speak with one of our licensed mortgage professionals for advice tailored to your specific situation.