Mortgage Qualification, GDS/TDS & Stress Test Calculator

At $650,000 you're inside the upper guidelines but above the comfortable range, so the choice of lender matters. Strong credit and stable income help files like this.

Your estimated ratios sit close to commonly used qualification guidelines. Small changes to the mortgage amount, other monthly obligations or the property's carrying costs could affect the result. Actual qualification depends on the lender, mortgage type, credit profile, income verification and other factors.

Canadian qualification rules generally require your mortgage application to be assessed at a qualifying rate that is higher than the rate you would actually pay. The qualifying payment shown above is the payment used in that assessment, not the payment you would make.

Testing your file at the higher rate is a way of checking whether the mortgage would still be manageable if rates were higher at renewal. Actual requirements vary by lender, mortgage type and whether the mortgage is insured.

Lenders qualify you at 6.79%, not your contract rate. Based on the information entered, your estimated qualification falls between $541,275 and $600,042 of mortgage financing.

Your down payment is below 20% of the purchase price, so default mortgage insurance would generally apply. The premium has been added to the mortgage amount shown; Ontario's 8% sales tax on the premium ($1,401) can't be added to the mortgage and is paid in cash at closing. With less than 20% down, the maximum amortization is 25 years unless you're a first-time buyer or buying a newly built home.

Actual qualification depends on the lender, mortgage type, credit profile, income verification, property details and other factors. A licensed mortgage professional can review the complete picture with you.