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Toronto affordability calculator · 2026

How much house can I afford in Toronto?

Plan from your real starting point: income, debts and savings. We layer in Canada’s stress test, Ontario closing costs and the Toronto tax when it applies.

Your starting point

Set your numbers.

Editable estimate assumptions

These estimates are included in the debt-service calculation.

Qualification

The stress test is a planning guardrail.

A lender tests the mortgage payment at the higher of 5.25% or your rate plus 2%. The usual guideposts are a 39% gross debt service ratio and a 44% total debt service ratio, so monthly debts matter too.

Mortgage insurance

Less than 20% down changes the math.

An insured mortgage adds a premium based on loan-to-value. The premium is financed in the mortgage, while Ontario’s 8% PST on that premium is paid in cash at closing.

Amortization

Thirty years has a narrower path.

With mortgage insurance, 30 years is reserved for eligible first-time buyers and new builds. It can lower payments, but it also adds 0.20 percentage points to the insurance premium.

Cash at closing

PST on insurance is not financed.

That distinction can be easy to miss. The calculator shows mortgage insurance and its Ontario PST separately so the full cash commitment is visible before you make an offer.

FAQ

A few useful details.

How does the mortgage stress test affect affordability?

Lenders assess affordability at the higher of 5.25% or your contract rate plus 2 percentage points. This tool uses that qualifying payment for its debt-service estimate.

Does this estimate include mortgage default insurance?

Yes. If your down payment is below 20%, the estimate adds the applicable insurance premium to the mortgage and includes Ontario PST on that premium in cash needed at closing.

Who can use a 30-year insured amortization?

For an insured mortgage, a 30-year amortization is available only to eligible first-time buyers or buyers of a new build. A conventional mortgage can have different lender requirements.

What does total cash needed include?

It combines the minimum down payment, estimated land transfer tax after eligible rebates, closing-cost estimates and any Ontario PST payable on mortgage insurance.

Why might my lender calculate a different amount?

Lenders use your verified income, credit, property details, rate hold and their own underwriting. Condo fees, taxes and other obligations can also differ from these estimates.