How much can you afford?
Your income, debts and down payment set your budget. Get an estimate here, then let me turn it into a pre-approval you can shop with.
Mortgage affordability calculator
How to use it
Enter your gross household income, your monthly debt payments (car loans, lines of credit, credit cards), the down payment you have and a rate. The calculator estimates the mortgage a lender would consider and the price range that supports.
Reading the result
Lenders in Canada qualify you at a stress-test rate, the greater of your contract rate plus two percent or 5.25 percent, so the mortgage you qualify for is smaller than the rate alone suggests. They also cap how much of your income can go to housing costs and to all debt combined. The number you get is a ceiling, not a target: a payment that leaves room for life in Penticton is the better one to aim for. Your lenders, your credit and your down payment source all move it, which is why the real answer comes from a pre-approval.
Keep reading: First-time home buyers
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