Your numbers
Car loans, student loans, minimum card payments, etc. Not rent.
Example figure. Use the rate for your area.
What you could afford
Estimates only, based on the numbers you enter and the rules shown. Not financial advice. Your lender or provider will use its own checks.
How the 28/36 rule works
The 28/36 rule says your mortgage costs (principal, interest, property tax and insurance) should be no more than 28% of your gross monthly income, and all your debt payments together no more than 36%. The CFPB suggests keeping mortgage debt to 28–35% of income and total debt to 36% or less, and notes some lenders go up to 43% or higher.
Sources: CFPB: debt-to-income guide · CFPB: what is a debt-to-income ratio?
Costs to plan for besides the mortgage
- Closing costs and moving costs.
- Mortgage insurance if your down payment is under 20%.
- Repairs and maintenance.
- Higher utility bills than a rental.
A lender approving a loan doesn’t mean the payment fits your budget. Check it with the budget planner.
Frequently asked questions
How much house can I afford on my salary?
Enter your salary above. As a quick guide, under the 28 part of the rule a gross income of $6,000 a month allows about $1,680 a month for the mortgage, taxes and insurance, if you have little other debt.
Does the calculator include property taxes and insurance?
Yes. It includes property tax (as a % of the price), home insurance and HOA or condo fees in the monthly cost.
What is the Canadian stress test?
For insured mortgages, CMHC calculates your ratios at the higher of your contract rate plus 2% or 5.25%. Choose the Canada option to apply it.