02 — Calculator
How muchcan I actuallyborrow?
Lenders test two ratios and then re-test everything at a rate higher than the one you are being offered. This shows you the number that survives all three checks.
- Stress-test qualifying rate
- 0%
- Mortgage amount
- $0
- Payment at your contract rate
- $0
- Payment at the stress-test rate
- $0
How this is calculated
GDS — Gross Debt Service
Housing costs (principal, interest, property tax and heat) against gross income. The working limit is around 39%.
TDS — Total Debt Service
Housing costs plus every other debt payment against gross income. The working limit is around 44%, and for most people this is the binding constraint.
The stress test
You must qualify at the greater of your contract rate plus two percent, or 5.25%. It applies to insured and uninsured mortgages at federally regulated lenders.
Estimate only. Assumes a fixed rate compounded semi-annually, not in advance. Actual payments, premiums and rates depend on lender, product, credit and property, and are subject to change without notice. Not an offer of credit or a pre-approval. O.A.C.
The other calculators
Payment
Most online calculators use the American monthly-compounding formula and overstate your payment. This one compounds semi-annually, the way a Canadian lender actually does.
Open calculator → 03Land transfer tax
Land transfer tax is due in cash on closing and cannot be added to your mortgage. Buy in Toronto and you pay it twice — once to the province, once to the city.
Open calculator → →All mortgages
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