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Can I actually afford this home?
3 quick steps — we'll show you your real monthly cost and whether lenders will say yes.
1
The Home
2
Down Payment
3
Your Situation
4
Results
What's the home you're looking at?
Enter the price of the home — or a price range you're targeting. We'll use this as your starting point.
Guelph avg. ~$750K–$850K
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Not sure of a price? Enter your best guess — you can adjust it later.
Current 5-yr fixed ≈ 4.49–4.74%
%
Your mortgage broker will find your actual rate — this is a reasonable estimate for planning.
Most buyers choose 25 yrs
25 years is the standard. If your down payment is under 20%, you can't go longer than this.
How much do you have saved for a down payment?
This is the cash you put toward the home upfront. The more you put down, the lower your monthly payment — and the more you save over time.
10%
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Tell us a bit about your finances.
We use this to check whether lenders are likely to approve you — and to show you the real monthly cost, not just the mortgage payment.
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Include all income that will be on the mortgage — both applicants if buying together.
optional
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Car loans, student loans, credit card minimums, etc. If you have none, leave it at $0.
Adjust property tax & insurance estimates
auto-estimated
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Estimated using Guelph's tax rate applied to typical MPAC assessed value (usually below your purchase price). Adjust if you know your actual tax bill.
auto-estimated
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Typical Ontario home insurance runs $1,500–$2,500/yr. We've used a reasonable estimate.
Looks affordable
Based on your numbers, this home is within reach.
Total Monthly Housing Cost
$3,800
principal, interest, tax & insurance
Mortgage only
$3,100
per month
Principal & Interest
This is what goes to your mortgage — principal reduces your balance, interest is the cost of borrowing.
$3,100
Property Tax
Paid to your municipality — based on your home's assessed value. Often collected monthly by your lender.
$583
Home Insurance
Required by your lender. Covers your home against damage, fire, theft, and liability.
$150
🏦 How lenders see you
GDS — Gross Debt Service Ratio
Your housing costs as a % of your gross monthly income
—
Lenders want this under 32%.
TDS — Total Debt Service Ratio
All your monthly debts as a % of gross income
—
Lenders want this under 44%.
⚠️ The Stress Test — what banks actually check
Before approving you, your lender will test whether you can still afford this home if rates were 6.99% — the higher of your rate +2% or 5.25%.
At that rate, your mortgage payment would be $3,800/mo. You pass.
📊 The big picture
Total Mortgage AmountIncluding CMHC if applicable
$630,000
10% down vs. 20% down — side by side
Show comparison
🔴 10% Down
Down payment$70K
CMHC fee added$19,530
Total mortgage$649K
Monthly P&I$3,543
Total interest paid$350K
✅ 20% Down
Down payment$140K
CMHC fee added$0
Total mortgage$560K
Monthly P&I$3,053
Total interest paid$296K
By saving an extra $70K for a 20% down payment, you'd save an estimated $54K in interest + CMHC over the life of your mortgage.
Ready to talk next steps?
Get a free, no-pressure buyer roadmap built around your numbers — what to do first, what to expect, and how to get ready.
Disclaimer: All figures are estimates for educational purposes only and do not constitute financial, mortgage, or legal advice. Property tax and insurance are estimated — actual amounts will vary by municipality, property, and insurer. CMHC premium rates are current as of 2024. The stress test rate is the greater of your contract rate + 2% or 5.25%, per OSFI B-20 guidelines. Consult a licensed mortgage professional before making any financial decisions.
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