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How much mortgage can you afford?
Maximum purchase price
$460,576
At 4.44% over 25 years, tested at 6.44%.
Total monthly cost
$2,641
Cash to close
$64,780
Mortgage amount
$412,994
Down payment
13.0%
A comfortable price, one that leaves more room in the budget, would be closer to $375,537.
Cash needed on closing day ($64,780) is more than the down payment alone. It includes land transfer tax, legal fees, and tax on the insurance premium.
Clearing that $400/month in debt would add roughly $78,000 to what you could qualify for.
See every line
The purchase
Purchase price$460,576
Down payment$60,000
Base mortgage$400,576
Default insurance premium$12,418
Insured mortgage$412,994
Monthly costs
Mortgage payment$2,272
Property tax (est.)$269
Heat allowance$100
Condo fee counted$0
Total$2,641
Closing day
Ontario land transfer tax$5,687
Ontario first-time rebate-$4,000
PST on insurance premium (cash)$993
Legal fees (est.)$1,800
Title insurance (est.)$300
Total cash to close$64,780
What this assumed
Stress test rate6.44%
GDS / TDS limit39% / 44%
Property tax rate (assumed)0.70%
First-time buyer rebates appliedYes
What this number means
This number comes from two tests a lender actually runs: whether the payment fits within about 39% of your income, and whether you'd still qualify if rates rose two points. Your down payment, existing debt, and where you're buying all move it.
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