Image of the pink square with a house and a dollar-sign Mortgage Qualifier Tool

From Financial Consumer Agency of Canada

This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.

To qualify for a mortgage loan at a bank, you will need to pass a “stress test”. You will need to prove you can afford payments at a qualifying interest rate which is typically higher than the actual rate in your mortgage contract.

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

The qualifying interest rate your lender will use for the stress test depends on whether you need to get mortgage loan insurance.

If you need mortgage loan insurance, the bank must use the higher interest rate of either:

If you don’t need mortgage loan insurance, the bank must use the higher interest rate of either:

Property Information

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Your Income and Anticipated Expenses

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We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.
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