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Maximum Mortgage Calculator (Canadian)

What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

Maximum Mortgage Calculator (Canadian) Definitions

Monthly income
Total monthly income from all sources. All income should be entered before taxes.
Monthly housing expenses
Your monthly housing expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITH payment.
Monthly liabilities
Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITH.
Monthly housing payment
This is your total principal, interest, taxes, heat and 50% of your condo fee (PITH). Maximum monthly payment is calculated by taking the lower of these two calculations:

  1. Monthly Income X 39% = monthly PITH
  2. Monthly Income X 50% - Other loan payments = monthly PITH
Maximum principal and interest (PI)
This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITH payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.
Start interest rates at
The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.
Amortization in years
The number of years over which you will repay this loan. The most common mortgage amortization is 25 years.
Condo fees
Condo fees, if any, for the home purchase. Only 50% of this fee is included in your monthly housing expenses when figuring your maximum mortgage.