Most mortgage calculators on the internet spit out numbers based on what you will qualify for. A more prudent approach would be to base a purchase price on payments that are within your budget.
The calculator below has been designed to base a purchase price on what you can afford, taking into consideration all of your current financial obligations.
The calculator has categories for basic expenses and a category for “Other.” “Other” is every other monthly expense. Spend some time considering what you are currently spending money on for this category: furniture, appliances, lawn and garden care, home maintenance and improvement, personal care items, life and disability insurance, pet care, subscriptions, donations, gifts, dining out, movies, concerts, sporting events, books, hobbies, memberships, sports, vacations, RESPs, RRSPs, etc. The list could go on and on.
This is not a qualification calculator.
*** Being reworked for new insurance premiums, may not be reliable. ***