Using our calculator below you can change the mortgage scenarios using different figures.

Calculations are based on two simple rules that lenders use to determine how much of a mortgage you can afford:

1. The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.
2. Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This includes housing costs, and other debts such as car payments, personal loans, and credit card payments. Bear in mind that lenders will also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play.

Use our simple Mortgage Calculator below to calculate you mortgage repayments with just the click of a button.

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* This data is provided for information purposes only and is updated daily by Mortgagegirl. Posted rates are subject to change without notice. Rates are compounded semi-annually, and not in advance. OAC E&OE