How Much Can You Afford?
Start here. Plug in your real income and see your maximum purchase price using Canadian GDS (39%) and TDS (44%) lender ratios.
Qualifying rate auto-updates from your contract rate below (greater of contract + 2% or 5.25%, per Canadian stress test rules).
This is a planning estimate, not a pre-approval. Property tax is estimated at 1.0% of home price annually. Actual approval depends on credit, employment, lender, and the property itself. For a real number, complete a full application with The Mortgage Project.
My Scenarios
Save up to 5 named scenarios (e.g. "dream place", "realistic", "stretch") and flip between them. Or copy a shareable link that loads every input exactly as it is right now, perfect for texting to your partner or your broker.
Run a Specific Scenario
Now try a real home price. See your monthly, bi-weekly, and accelerated bi-weekly payments.
Year-by-year balance, interest paid, and principal paid (based on monthly payment over your full amortization).
| Year | Payment | Interest | Principal | Balance |
|---|
CMHC insurance is automatically added when your down payment is less than 20%. Insurance premiums: 5–9.99% down = 4.00%, 10–14.99% = 3.10%, 15–19.99% = 2.80%. Minimum down payment in Canada: 5% on first $500K + 10% on portion above. Calculations are estimates only and not an offer of credit.
Rent vs Buy
The question everyone asks. We compare the total cost of renting versus buying the same place over the years you plan to stay, including the equity you'd build, opportunity cost on your down payment, and all the hidden ownership costs.
Buying total includes your down payment, mortgage interest, property tax (1%/yr), maintenance, CMHC insurance (if applicable), MINUS your home equity at sale (price appreciation + principal paid). Renting total includes all rent paid PLUS the opportunity cost of NOT investing your down payment. Both are pre-tax estimates; your actual numbers depend on lender, location, and market conditions.
Closing Costs Calculator
Estimate the one-time costs to close on your home.
Note: Toronto is the only city in Ontario with a Municipal Land Transfer Tax. All other Ontario cities pay only the Provincial LTT.
Ontario Land Transfer Tax: 0.5% up to $55K, 1% to $250K, 1.5% to $400K, 2% to $2M, 2.5% above $2M. Ontario FTHB rebate up to $4,000. Toronto Municipal LTT brackets mirror provincial up to $400K then 2% to $2M, 2.5% to $3M, 3.5% to $4M, 4.5% to $5M, 5.5% to $10M, 6.5% to $20M, 7.5% above. Toronto FTHB rebate up to $4,475. Verify current rates with your lawyer.
Cash to Close: Your Closing-Day Checklist
Two weeks before closing, your lawyer will tell you exactly how much to wire. Use this to know that number now, and to walk into your appointment with nothing missed.
CMHC premium is auto-calculated from your scenario above. Ontario charges 8% PST on the CMHC premium, payable at closing (the premium itself rolls into your mortgage).
This is an estimate to help you plan, not a final statement of adjustments. Your lawyer will issue a "Statement of Adjustments" 1, 2 weeks before closing with the exact wire amount. Common surprises that move the number: utility prepayments by the seller, condo status certificate fees, mortgage discharge fees on the seller's side, and any holdbacks. Always confirm the wire amount with your lawyer in writing before sending money.
Lifestyle Affordability
It's not just about whether the bank says yes, it's about whether your life still feels like yours after the mortgage. Build your real monthly picture below. Your mortgage payment auto-fills from the calculator.
Income (monthly, after tax)
Housing
Living
Debts & Savings
Lifestyle
Down Payment Tracker (FHSA + HBP)
Track your tax-advantaged down payment savings. The FHSA lets you save up to $40,000 tax-free, and the HBP lets you withdraw up to $60,000 from your RRSP.
FHSA progress
HBP (RRSP) progress
Other cash savings
FHSA: $8,000/year, $40,000 lifetime contribution limit. HBP: $60,000 max withdrawal (per person), repayable over 15 years starting in year 2 after withdrawal. Both can be combined for the same first home purchase.
From The Mortgage Project
Honest, opinionated reads from Rebecca on the things first-time buyers actually need to know.
First-Time Buyer Resources
Trusted Ontario & Canada-wide guides to help you prepare.
Glossary, Mortgage Terms Decoded
Swipe, hover, or just watch, the terms scroll past on their own. Hover any card to pause.
Ready to Apply?
You've run the numbers, now let's make it real. The next step is a proper pre-approval: it's free, takes just a few minutes, and tells you exactly what you qualify for so you can shop with confidence.
Start Your ApplicationAbout The Mortgage Project
We were created to make home financing feel less overwhelming and more empowering, especially for first-time buyers. We believe your mortgage isn't just a transaction; it's the foundation of your financial future. Our approach is built on clear education, honest numbers, and strategies that fit your life today and the life you're building for tomorrow.
Send Me a Message
Have a question, want to chat about your numbers, or ready to get started? Type it here and I'll get back to you personally.
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