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Find out how much mortgage you can afford
We’ll help you figure out what home price you may be able to afford.
Ready to start looking for your dream home? Don’t just dream about it – let the TD Mortgage Affordability Calculator help you begin your search. Enter a few key details and the calculator will guide you in determining, with confidence, what house price may be within reach.
Step 1 of 6
Where do you want to live?
{{calculator.geo.selectedMunicipality}}, {{calculator.geo.selectedProvince}}
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How much mortgage can I afford?
The first step in searching for your home is understanding how large of a mortgage you can afford. With a few inputs, you can determine how much mortgage you may be comfortable with and the potential price range of your future home. Knowing your total household income, how much you’ve saved for a down payment, and your monthly expenses (car payments, loan payment, living expenses, and so on), plus new expenses you’d take on (property taxes, condo fees, utilities), you can get a reasonable estimate. Learn more about factors that can affect your mortgage affordability.
How to estimate affordability
To estimate mortgage affordability, lenders will use two standard debt service ratios: Gross Debt Service (GDS) and Total Debt Service (TDS). According to the Canadian Mortgage and Housing Corporation¹Note 1:
List of 2 items
- GDS is the percentage of your monthly household income that covers your housing costs (including mortgage payments, condo fees, utilities and taxes). It should be at or under 35% of your pre-tax household income.
- TDS is the percentage of your monthly household income that covers your housing costs and any other debts (including car payments and other loan expenses). It should be at or under 42% of your pre-tax income.
How your down payment affects affordability
The amount you have saved for a down payment is also another important piece of information to help determine affordability. Depending on the purchase price of a home, there are minimum amounts required for your down payment²Note 2:
Table - Minimum amount of downpayment required based upon the purchase price of the home
| Purchase price of your home | Minimum amount of your down payment |
|---|---|
| Less than $500,000 | 5% of the purchase price |
| $500,000 to $999,999 | 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000 |
| $1 million or more | 20% of the purchase price |
Keep in mind that if your down payment is less than 20% of the price of your home, you'll need to purchase mortgage default insurance, which can be added to the principal amount of your mortgage.
Sources:
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Step 2 of 6
What kind of home are you looking for?
{{calculator.propertyType == 'house' ? 'House' : 'Condo'}}
Different property types have different fees and fixed costs. For example, when you purchase a house, you can pay property taxes but you need to manage your own maintenance. A condominium has condo fees and property taxes, but the condo fees may take care of the maintenance costs.
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Step 3 of 6
What is your annual income?
! Please enter an amount between $1.00 and {{income.maxIncome|currency:'$':'0'}}.
If your annual household income before taxes is greater than {{income.maxIncome|currency:'$':'0'}}, please contact us to discuss your home-buying options.
Your annual income is the amount you earn before taxes, also known as the gross amount. If you’re buying a home with others, include their annual income before taxes as well.
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Step 4 of 6
How much do you have for a down payment?
! Please enter an amount less than {{downpayment.maxDownpayment | currency: '$':'0'}}. ! Please enter an amount greater than $1,000.
Your down payment affects the amount you can borrow to buy a home and the size of your payments. This will impact your monthly budget.
You must have at least 5% for a down payment if the home purchase price is less than $500,000.
If the home purchase price is between $500,000 and $999,999.99, you must have at least 5% for the first $500,000 and 10% for the remaining amount.
For home prices $1 million or over, the down payment must be 20%.
If you are a first-time home buyer, you can borrow up to $35,000 from your RSP towards your down payment.1
1. First time home buyers can withdraw up to $35,000, in a calendar year, from their RSPs for a home purchase (up to $70,000 for a couple). They then have 15 years to repay their RSP (other conditions apply). Find out more about the RSP Home Buyers' Plan.
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Step 5 of 6
What monthly expenses do you have?
! Please enter an amount less than {{lifeExpenses.slider.options.ceil | currency:'$':'0'}}.
(Your monthly income before taxes)
Estimate your monthly expenses such as groceries, transportation, child care, insurance, shopping, media and regular contributions to savings.
Please do not include rent or housing expenses.
If you're buying a home with a spouse, partner, friend or family member, include their monthly expenses as well.
If this amount is higher than your monthly income before taxes, please contact us to discuss your options.
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Step 6 of 6
What are your monthly payments for loans, car loans, leases, lines of credit and credit cards?
! Please enter an amount less than 50% of your monthly income before taxes.
(50% of your monthly income before taxes)
Make sure to also include monthly payments for anyone who is buying the home with you.
If your current monthly debt payments are more than 50% of your monthly income before taxes, please contact us to discuss your options.
{{ today | date }}
Contact a TD Mortgage Specialist today and let us work with you to create a financing solution that meets your needs.
Good news! You may be able to buy a home priced up to ${{calculator.house.maxPrice | currency:'':0}}
Based on a purchase price of ,
here's what your mortgage loan payment, other housing costs and available cash would be:
The current purchase price is {{calculator.house.comfyPrice|currency:'$':0}}. Enter the purchase price that best suits your comfort level for your monthly budget. Your mortgage amount will be updated.
This amount must be between your {{calculator.house.minPrice|currency:'$':0}} minimum and {{calculator.house.maxPrice | currency:'$':0}} maximum.
Mortgage loan payment
${{(calculator.mortgage.monthly + calculator.insurance.total.total) | currency:'':0}}/mo
Based on a mortgage loan of {{getMortgageAmount() | currency:'$':0}}
{{calculator.mortgage.rateName}} {{calculator.mortgage.rate}}% over {{calculator.mortgage.amortization}} years
Includes optional TD Credit Protection of {{calculator.insurance.total.total | currency:'$':0}}/mo
Mortgage loan principal amount: {{getMortgageAmount() | currency:'$':0}}
Amortization period: {{calculator.mortgage.amortization}} {{calculator.mortgage.amortization> 1 ? 'years' : 'year'}}
Payment frequency: Monthly
Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years. Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years.If the home purchase price is less than $500,000, you must have at least 5% for a down payment.If the home purchase price is between $500,000 and $999,999.99, you must have at least 5% for the first $500,000 and 10% for the remaining amount.
Borrower {{$index+1}}
Age{{calculator.insurance.borrower[$index].age}} years old
Add Mortgage Critical Illness Insurance?{{calculator.insurance.borrower[$index].critical ? 'Yes':'No'}}
Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years. Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years.If the home purchase price is less than $500,000, you must have at least 5% for a down payment.If the home purchase price is between $500,000 and $999,999.99, you must have at least 5% for the first $500,000 and 10% for the remaining amount.Note: Since your down payment is more than 20% of your home purchase price, you can increase your amortization period up to 30 years which would lower your monthly payments but increase your overall cost of borrowing.
Monthly
Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years. Since your down payment is less than 20% of the home purchase price, mortgage default insurance is required. The premium amount will be added to the mortgage, and will then become part of your ongoing regular payments. In this scenario, the maximum amortization period is 25 years. If you change your down payment to more than 20%, you may not require mortgage default insurance and the maximum amortization period can be 30 years.If the home purchase price is less than $500,000, you must have at least 5% for a down payment. If the home purchase price is between $500,000 and $999,999.99, you must have at least 5% for the first $500,000 and 10% for the remaining amount.Note: Since your down payment is more than 20% of your home purchase price, you can increase your amortization period up to 30 years which would lower your monthly payments but increase your overall cost of borrowing.
Your monthly mortgage payment based on the term, interest rate, principal amount and amortization period.
${{modalMortgageMonthly + insurance.total.total | currency:'':0}}/mo
with TD Credit Protection of {{insurance.total.total | currency:'$':0}}/mo.
TD Credit Protection
Life can be unpredictable. It can be filled with wonderful moments — and life-changing challenges. Help protect yourself and your family financially from life's ups and downs. Mortgage Critical Illness and Life Insurance can help you pay up to $1,000,000 to your mortgage loan balance. Learn more about TD Credit Protection.
Borrower {{$index+1}}Remove
years
! You must be between the ages of 18 and {{borrower.critical ? '55':'69'}} to apply for {{borrower.critical ? 'Mortgage Critical Illness Insurance':'TD Credit Protection'}}.
TD Credit Protection
${{insurance.total.total | currency:'':0}}/mo
(monthly mortgage payment as {{modalMortgageMonthly | currency:'$':0}}/mo)
Mortgage Critical Illness Insurance may pay a benefit in the event of cancer (life threatening), acute heart attack, or stroke. See the Certificate of Insurance for definitions of covered events and coverage details along with applicable limitations and exclusions. Note that Mortgage Critical Illness Insurance is only available with Mortgage Life Insurance.
Mortgage Life Insurance may pay a benefit in the event of death, terminal illness or accidental dismemberment. See the Certificate of Insurance for definitions of covered events and coverage details. Learn more about Credit Protection.
Mortgage Critical Illness and Life Insurance provides life, terminal illness and critical illness coverages underwritten by The Canada Life Assurance Company and accidental dismemberment coverage underwritten by TD Life Insurance Company. TD Life Insurance Company is the authorized administrator for this insurance. For more details on insurer and/or administrator, as well as all benefits, exclusion and limitations please refer to the Certificate of Insurance or the Product Summary, Fact Sheet and Certificate of Insurance (Quebec residents). Mortgage Critical Illness and Life Insurance is available on mortgages held with TD Canada Trust. Self-directed RSP mortgages and mortgages on commercial properties are not eligible to be insured.
View more mortgage options
Other housing costs
${{calculator.houseExpenses.total | currency:'':0}}/mo
Includes property taxes, heating, condo fees (when they apply) and house maintenance. You can add in utilities and property insurance for a more accurate total monthly estimate.
Property tax{{calculator.houseExpenses.propertyTax | currency:'$':0}}
Heating{{calculator.houseExpenses.heating | currency:'$':0}}
House maintenance{{calculator.houseExpenses.maintenance | currency:'$':0}}
Condo fees{{calculator.houseExpenses.condoFee | currency:'$':0}}
Utilities{{calculator.houseExpenses.expenses.utilities | currency:'$':0}}
Property insurance{{calculator.houseExpenses.expenses.insurance | currency:'$':0}}
We've pre-filled some costs for you based on what you told us. For the rest, enter your own amounts for a more accurate total monthly estimate.
Total
{{houseExpenses.total | currency:'$':0}}/mo
! The utility expenses can't be more than monthly gross income.
- The amounts showing are based on square footage averages compiled from major cities in each province or territory, which may not reflect your specific situation or location:
- Property taxes: Based on a {{calculator.houseExpenses.sq | number : 0}} sq ft {{calculator.propertyType == 'house' ? 'House' : 'Condo'}} in {{calculator.geo.selectedMunicipality}}, {{calculator.geo.selectedProvince}}.
- Heating: Based on a {{calculator.houseExpenses.sq | number : 0}} sq ft {{calculator.propertyType == 'house' ? 'House' : 'Condo'}} in {{calculator.geo.selectedMunicipality}}, {{calculator.geo.selectedProvince}}.
- Condo fees: Based on a {{calculator.houseExpenses.sq | number : 0}} sq ft {{calculator.propertyType == 'house' ? 'House' : 'Condo'}} in {{calculator.geo.selectedMunicipality}}, {{calculator.geo.selectedProvince}}.
- House maintenance: We recommend saving the equivalent of at least 1% of your house price every year for emergencies and household maintenance
Remaining cash
${{calculator.balance | currency:'':0}}/mo
Based on the amount of your mortgage loan, debt payments and other expenses, this is the amount you have left over each month.
Adjust your information to see how it impacts what you can afford
Personal expenses
! This amount exceeds your monthly income of {{calculator.income.monthly | currency:'$':0}}. Please enter a lower amount to continue using this calculator or contact us to discuss your options.
OR
Itemize your personal monthly expenses for a more accurate amount
Total
{{lifeExpenses.total | currency:'$':0}}/mo
! This amount exceeds your monthly income of {{calculator.income.monthly | currency:'$':0}}. Please enter a lower amount to continue using this calculator or contact us to discuss your options.
Estimate your monthly expenses such as groceries, transportation, child care, insurance, shopping, media and regular contributions to savings.
Please do not include rent or housing expenses.
If you're buying a home with a spouse, partner, friend or family member, include their expenses as well.
If this amount is higher than your monthly income, please contact us.
Groceries{{calculator.lifeExpenses.expenses.food | currency:'$':0}}
Transportation{{calculator.lifeExpenses.expenses.transportation | currency:'$':0}}
Child care{{calculator.lifeExpenses.expenses.childCare | currency:'$':0}}
Insurance (excluding home){{calculator.lifeExpenses.expenses.insurance | currency:'$':0}}
Shopping{{calculator.lifeExpenses.expenses.shopping | currency:'$':0}}
Entertainment{{calculator.lifeExpenses.expenses.entertainment | currency:'$':0}}
Phone, Internet & TV{{calculator.lifeExpenses.expenses.cable | currency:'$':0}}
Other{{calculator.lifeExpenses.expenses.other | currency:'$':0}}
{{calculator.lifeExpenses.customerItem[0].label}}{{calculator.lifeExpenses.customerItem[0].amount | currency:'$':0}}
{{calculator.lifeExpenses.customerItem[1].label}}{{calculator.lifeExpenses.customerItem[1].amount | currency:'$':0 }}
{{calculator.lifeExpenses.customerItem[2].label}}{{calculator.lifeExpenses.customerItem[2].amount | currency:'$':0}}
Different property types have different fees and fixed costs. For example, when you purchase a house, you can pay property taxes but you need to manage your own maintenance. A condominium has condo fees and property taxes, but the condo fees may take care of the maintenance costs.
Debt payment
! This amount exceeds 50% of your monthly gross income of {{debt.maxMonthlyDebt | currency: '$':'0'}}. Please enter a lower amount.
OR
Itemize your monthly debt payments for a more accurate amount
={{debt.category.creditcard*0.03 | currency:'$':0}}/mo
={{debt.category.lineofcredit*0.03 | currency:'$':0}}/mo
Total
{{debt.total | currency:'$':0}}/mo
! This amount exceeds 50% of your monthly gross income of {{debt.maxMonthlyDebt | currency: '$':'0'}}. Please enter a lower amount.
Make sure to also include monthly payments for anyone who is buying the home with you.
We'll assume that you're making a minimum payment of 3% of your outstanding balances on your revolving credit.
If your current monthly debt payments are more than 50% of your monthly income before taxes, please contact us to discuss your options.
Lease(s){{calculator.debt.category.lease | currency:'$':0}}
Car loan(s){{calculator.debt.category.car | currency:'$':0}}
Credit card outstanding balance(s){{calculator.debt.category.creditcard | currency:'$':0}}
Lines of credit outstanding balance(s){{calculator.debt.category.lineofcredit | currency:'$':0}}
Loan(s) - including personal and student{{calculator.debt.category.loan | currency:'$':0}}
Other{{calculator.debt.category.other | currency:'$':0}}
Location
! Sorry, we couldn't find your city/town. Please re-enter, or press 'Next' to view property listings for City of Toronto
The province or territory will determine potential expenses that would be part of your monthly budget. These estimated expenses include property taxes, heating and condo fees (where they apply).
Your down payment affects the amount you can borrow to buy a home and the size of your payments. This will impact your monthly budget.
You must have at least 5% for a down payment if the home purchase price is less than $500,000.
If the home purchase price is between $500,000 and $999,999.99, you must have at least 5% for the first $500,000 and 10% for the remaining amount.
For home prices $1 million or over, the down payment must be 20%.
If you are a first-time home buyer, you can borrow up to $35,000 from your RSP towards your down payment.1
1. First time home buyers can withdraw up to $35,000, in a calendar year, from their RSPs for a home purchase (up to $70,000 for a couple). They then have 15 years to repay their RSP (other conditions apply). Find out more about the RSP Home Buyers' Plan.
OR
! If your annual household income before taxes is greater than {{income.maxIncome|currency:'$':'0'}}, please contact us to discuss a broader range of home-buying options.
Your monthly take-home pay
{{income.netIncome | currency:'$':0}}/mo*
* Where you've entered your annual household income before taxes, the calculation assumes a {{calculator.netIncome.taxRate | percentage:0}} tax rate based on the province you have selected.
Your annual income is the amount you earn before taxes, also known as the gross amount. If you're buying a home with someone else, include their annual income before taxes as well.
Here's what we found on REALTOR.ca in your desired location
- {{property.Office}} {{property.OfficeDesignation}}
{{property.Price}}
MLS® Number: {{property.ReferenceNumber}}
Building Type: {{property.BuildingType}}{{property.Bedrooms}}
{{property.Bathrooms}}
Powered By:
Sorry. There are no properties currently listed on Realtor.ca in {{calculator.geo.selectedMunicipality}}, {{calculator.geo.selectedProvince}} between $ {{calculator.house.minPrice|currency:' ':0}} and $ {{calculator.house.maxPrice | currency:' ':0}}.
- Consider modifying your choice of location.
Get pre-approved
Please contact your branch or call 1-800-281-8031.
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TD Mortgage Affordability Calculator:
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Connect with a specialist
Answer a few questions and we'll call you to match you with a TD Mortgage Specialist.
Request a callMortgage Pre-approval
Get an immediate response to your online application.
Get pre-approvedBook an appointment
Visit a branch at a time that's convenient for you.
Book an appointment
