COVID-19 takes toll on BC households' finances
Half of all households in the province experienced income reduction due to the outbreak, study showsRead more
How much can I afford for a mortgage?—this is the first question most home-buyers ask themselves. To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your monthly expenditures. Our Mortgage Affordability Calculator applies the federal lending rules most lenders use in assessing mortgage suitability to give you a realistic snapshot of your financial picture, showing how much you can afford to spend on your picture-perfect home.
Every homebuyer has a different financial situation. Some have large capitals, while others have tighter budgets. By using our Mortgage Affordability Calculator, you can determine how much money you can borrow for your mortgage, fitting your financial situation.
This calculator will help you understand how much you’ll be able to afford. The calculator considers your annual income, any outstanding debts, and monthly living expenses when calculating a tailor-made mortgage amount for you.
The calculator is a crucial tool in your quest for a mortgage, but a meeting with your dedicated mortgage professional will further help you in the process. Your broker can address all your needs, providing you with an affordable mortgage and the best rates.