Michael Taylor Real Estate

Affordability & Approval Calculator

Enter your finances to see what you could qualify for, including the mortgage stress test, minimum down payment, and estimated closing costs.

Likely qualifiesfor $524,958, based on the figures below
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Car loans, credit cards, student loans, other mortgages, etc.

How We Calculated This

Estimated Maximum Purchase Price

$524,958

Passes stress testQualifying rate: 6.99%

This is an estimate only, based on the figures entered, and is not a mortgage pre-approval, pre-qualification, or a guarantee of financing. Actual amounts depend on your full financial picture, credit history, and a lender's underwriting criteria. Your real estate agent is a licensed salesperson, not a mortgage broker — confirm your actual borrowing power and payment with a licensed mortgage professional before making an offer. Land transfer tax figures are approximate and may not reflect municipally-set rates in your area.

Estimated Mortgage Amount
$493,956
Monthly Payment (at contract rate)
$2,633/mo
Monthly Payment (at stress-test rate)
$3,250/mo
GDS Ratio
39.0%
TDS Ratio
42.6%
Minimum Down Payment Required
$27,496
5.2% of purchase price
Est. CMHC Insurance Premium
$18,998
Financed into your mortgage
Est. Land Transfer Tax / Closing Fee
$6,974

Limiting factor: your gross debt service ratio