MORTGAGE CALCULATOR
Whether you’re buying your first home, renewing your mortgage, or exploring your budget, these mortgage calculators are designed to give you clear, real-world numbers based on Canadian guidelines.
Use the tools below to estimate your monthly payment, determine how much you can afford, and understand your closing costs in British Columbia. If you’d like us to review your numbers and structure the best strategy, we’re always here to help.
How accurate are mortgage calculators in Canada?
Mortgage calculators are a great starting point and can give you a solid estimate of your monthly payment, affordability, and closing costs. However, your actual approval depends on lender-specific guidelines, your credit profile, income structure, and debt ratios.
If you want a precise number, it’s best to get a full review through our pre-approval process.
What interest rate should I use in a mortgage calculator?
For the most accurate estimate, use a current market rate based on your scenario. Rates can vary depending on whether your mortgage is insured, your down payment amount, and your overall financial profile.
If you’re unsure, we can provide real-time rates tailored to your situation—this will give you a much more accurate result than a generic estimate.
How much mortgage can I afford in Canada?
Most lenders in Canada use debt service ratios to determine affordability. Typically:
- Gross Debt Service (GDS): ~39% of your income
- Total Debt Service (TDS): ~44% of your income
Your actual approval may vary depending on the strength of your application. You can use our affordability calculator above as a guide, or learn more on our First-Time Home Buyer Guide page.
What is the mortgage stress test in Canada?
The mortgage stress test is used by lenders to ensure you can still afford your mortgage if interest rates rise. You are qualified at:
- Your contract rate + 2%, or
- The Bank of Canada benchmark rate
(Whichever is higher)
This means your approval amount is often lower than what the calculator shows at your actual rate.
How much are closing costs in British Columbia?
A good rule of thumb is to budget approximately 1.5% of the purchase price for closing costs. This includes:
- Property Transfer Tax (PTT)
- Legal or notary fees
- Appraisal (if required)
- Home inspection
- Adjustments (property taxes, strata fees)
You can use our calculator above for a more detailed estimate.
Can I use mortgage calculators if I have foreign income or am moving to Canada?
Yes, but calculators won’t fully capture lender requirements in these scenarios. Many lenders have stricter rules when it comes to:
- Foreign income
- Work permits or permanent residency status
- Employment transitions
If you’re relocating or earning income outside Canada, we recommend reviewing your situation directly with us so we can structure it properly from the start.
Should I get pre-approved before using a mortgage calculator?
Using a calculator is a great first step, but getting pre-approved gives you real numbers you can rely on when making an offer.
A pre-approval will:
- Confirm your maximum purchase price
- Lock in a rate (for a period of time)
- Strengthen your position with sellers
You can start your application here:
👉 Mortgage Application
Want a Real Approval Number?
These calculators are a great starting point—but lenders look at your full financial picture.
We can structure your mortgage properly, maximize your approval, and help you secure the best rate available across 100+ lenders.