Mortgage Affordability Calculator Edmonton 🏡💰
Find Out How Much Home You Can Afford in Edmonton
Buying a home? Use our Mortgage Affordability Calculator Edmonton to determine how much mortgage you qualify for based on your income, expenses, and down payment. This easy-to-use tool helps you understand your maximum borrowing power and monthly payments, so you can shop for a home with confidence.
🚀 Get Started Now
✅ Enter your income & expenses
✅ Adjust your down payment & interest rate
✅ See how much home you can afford instantly
🏆 Mortgage Affordability Calculator
Estimate your maximum home affordability in Edmonton in seconds.
Enter your income, debts, and mortgage details to calculate the mortgage amount you qualify for.
How It Works
- Mortgage Information: Enter your mortgage rate and amortization in years. We apply a Canadian stress test automatically.
- Property Expenses: Add annual tax, monthly heating, and condo fees for GDS/TDS calculations.
- Liabilities: Include monthly car/student loans, credit card debts, etc.
- Compare Scenarios: Toggle "Compare Another Scenario" to see how changing income/debt affects max mortgage.
Scenario 1: Income & Down Payment
Mortgage & Property Info
Liabilities (Monthly)
Scenario 2: Compare Different Income/Debts
Scenario 1 Results
Monthly Mortgage Payment
$2,500.00
Monthly
Maximum Mortgage Amount
$350,000.00
Payment Breakdown
Principal Paid $64.16
Interest Paid $41.58
Total Payment $105.743
Balance End of Term $46,121.62
Effective Amortization 25 years
🚀 Why Use This Mortgage Affordability Calculator?
- 100% Free & Accurate – Quickly estimate what home price fits your budget.
- Tailored for Edmonton – Uses Canadian mortgage rules & stress test guidelines.
- Compare Scenarios – Adjust income, debts & down payment for different affordability options.
- Confidence Before You Buy – Know what you can afford before you start house hunting.
📖 How to Use the Mortgage Affordability Calculator
1️⃣ Enter your gross annual income to estimate affordability.
2️⃣ Add your total monthly debt payments (credit cards, loans, etc.).
3️⃣ Input your expected down payment amount.
4️⃣ Choose your loan term & interest rate.
5️⃣ Click “Calculate” to see your maximum home affordability.
💡 FAQ: Mortgage Affordability Calculator Edmonton
How does the Mortgage Affordability Calculator Canada work?
This calculator determines how much home you can afford based on your income, monthly debt payments, and down payment. It follows Canadian mortgage qualification rules.
How accurate is this affordability estimate?
Our mortgage affordability calculator provides a strong estimate, but your lender may consider additional factors such as your credit score and mortgage stress test results.
What is the mortgage stress test in Canada?
The stress test ensures that borrowers can afford their mortgage at a higher qualifying rate. It is set at the greater of your contract rate + 2% or the Bank of Canada’s benchmark rate.
How much should I put as a down payment?
In Canada, the minimum down payment is:
- 5% for homes up to $500,000
- 10% for the portion between $500,000 – $1M
- 20% for homes over $1M (no CMHC insurance available)
How do lenders calculate mortgage affordability?
Lenders use two key ratios:
- Gross Debt Service (GDS): Must be ≤ 39% of income
- Total Debt Service (TDS): Must be ≤ 44% of income
Can I use this calculator for a rental property?
Yes! Just enter rental income under “Other Income” and adjust your down payment to reflect investment property requirements.
📞 Speak to a Mortgage Expert
🚀 Need personalized advice? A mortgage broker can help you navigate rates, down payments, and pre-approvals.
📌 Book a FREE consultation today!
