MORTGAGE AFFORDABILITY CALCULATOR

How much mortgage can you afford?

Use our calculator to help you find a home in a price range that fits your budget.

Thinking about how much mortgage you can afford?

Let us walk you through each step in the calculator with helpful tips and mortgage definitions.

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Step 1 of 5

What's your gross household income before taxes?

Your total annual income can impact how much mortgage you can afford. If you're buying a home with other people, include their incomes, too.

Gross household income in dollars.

Gross household income is the total income, before deductions, for all people who live at the same address and are co-borrowers on a mortgage.

Lenders check the income and credit history of all co-borrowers. They're all registered on title to the property and are equally responsible to pay the mortgage.
Step 2 of 5

How much is your down payment?

Avoid paying mortgage default insurance with a down payment of 20% or more of the property value. Minimum down payments vary from 5% to 20%, depending on location.
Down payment in dollars.

A down payment is the amount of money, including deposit, you put towards the purchase price of a property.

For homes that cost up to $500,000, the minimum down payment is 5%

For homes that cost between $500,000 and $1,000,000, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance

For homes that cost over $1,000,000, the minimum down payment is 20%

For down payments of less than 20%, home buyers are required to purchase mortgage default insurance.
Find ways to maximize your down payment and minimize your mortgage: tap into your RRSP if you're a first-time home buyer, set a budget, pay down debts and save your work bonuses.
Step 3 of 5

What type of mortgage do you want?

Consider your budget, payment flexibility and risk level when picking your mortgage type.

Mortgage term

A mortgage term is the length of the contract with your lender.

Interest rate as a percentage Check rates Opens a new window in your browser.

Interest is the money you pay to your lender for using the funds you borrow. Use the interest rate shown or enter a new one, up to 20%.

Amortization period

The amortization period is the time it takes to pay off a mortgage in full, including interest. The amortization period may be up to 25 years if the mortgage is default insured, and up to 30 years if it's not. For a new mortgage, the amortization period is usually 25 years.

Fixed or variable? With fixed-rate mortgages, your interest rate and monthly payment stay the same for the entire term. With variable-rate mortgages, interest rates change with the market. When rates drop, you pay down your principal faster.
Step 4 of 5

What are your monthly home expenses?(optional)

Your expenses and debt payments help lenders determine how much you could borrow.

Heating Enter heating expenses in dollars.

Debt payments Enter debt payments in dollars.

Enter your total monthly debt payments, which include car loans, personal lines of credit, credit cards, student loans and more.

Property tax Enter property tax in dollars.

The property tax amount depends on your property's market value. You can divide your annual tax into equal amounts and add it to your monthly mortgage payments.

Condo fees Enter condo fee in dollars.

Condo owners pay fixed monthly fees that cover costs, such as building insurance and property maintenance, elevators, roofing, fitness facilities and more.

Need help tracking your expenses? Create a budget. It gives you a snapshot of what you earn and spend each month, and helps you set spending limits and savings goals.
Step 5 of 5

Do you want creditor insurance coverage to help protect you and your family from the unexpected?

Get financial protection for your CIBC Mortgage Loan if you can't work due to a disability, involuntary job loss or in the case of your death. Learn about creditor insurance for CIBC mortgages.

Creditor insurance
Yes, add creditor insurance

No, don't add creditor insurance

Type of insurance

In the case of disability, critical illness, job loss or death, creditor insurance can help pay off your debt or reduce your balance, or help cover some payments.

Age range

Add creditor insurance to your mortgage to help ensure your family can enjoy your home today and in the future. You can also add it anytime during the life of your mortgage.

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Mortgage information

Gross household income

Down payment

Mortgage term

Interest rate²

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Amortization period

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Monthly home expenses (optional)

Heating

Debt payments

Property tax

Condo fees

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Creditor insurance (optional)**

Type of insurance

Age range

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Mortgage details

Down payment – More down payment options Opens a popup.
Mortgage principal Mortgage principal is the amount of money you borrow from a lender. If a mortgage is for $250,000, then the mortgage principal is $250,000. You pay the principal, with interest, back to the lender over time through mortgage payments.
Mortgage default insurance³ Mortgage default insurance protects your lender if you can't repay your mortgage loan. You need this insurance if you have a high-ratio mortgage, and it's typically added to your mortgage principal. A mortgage is high-ratio when your down payment is less than 20% of the property value.
Total mortgage amount If you're buying a property, your principal amount is generally the purchase price minus your down payment. If you're renewing an existing mortgage, it's the principal owed after your last mortgage term.

Creditor insurance payments

Total monthly creditor insurance payments

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Your monthly expenses

Mortgage payment
Home expenses
Debt payments

Edit calculations. Edit monthly home expenses.

If you make extra payments or switch to an accelerated payment frequency, you’ll pay less interest and be mortgage-free faster.

The table shows how making more frequent payments can affect your mortgage payments and amortization.
Payment frequency	Payment amount	Amortization period
Monthly
Semi-monthly
Biweekly
Weekly
Accelerated Biweekly
Accelerated Weekly

Amortization schedule

Choose your payment frequency.

Table shows how much you spend each year on your mortgage when you make monthly or accelerated biweekly payments, and your balance at the end of each year.
Amortization period	Total principal and interest	Balance

Table shows how much you spend each year on your mortgage when you make monthly or accelerated biweekly payments, and your balance at the end of each year.
Amortization period	Total principal and interest	Balance	Total principal and interest (Monthly)	Balance (Monthly)

^* Calculator results are approximate and for illustration purposes only; do not rely solely on this information when making financial decisions; visit your CIBC Banking Centre or speak with a CIBC Mortgage Advisor.

Results are based on the information you provide, interest rates, which, for purposes of the calculation, are assumed not to change. (Actual rates may vary and will affect the maximum amount you can borrow.)

Actual mortgage payment amounts may vary and as illustrated do not include property tax, insurance premiums, utilities or common expenses. The maximum amortization for a default insured mortgage is 25 years.

^** Creditor Insurance for CIBC Mortgage Loans, underwritten by The Canada Life Assurance Company (Canada Life) , can help pay off, reduce your balance or cover your payments in case of disability, job loss or death.

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MORTGAGE AFFORDABILITY CALCULATOR

How much mortgage can you afford?

Thinking about how much mortgage you can afford?

What's your gross household income before taxes?

How much is your down payment?

What type of mortgage do you want?

What are your monthly home expenses?(optional)

Do you want creditor insurance coverage to help protect you and your family from the unexpected?

Mortgage information

Monthly home expenses (optional)

Creditor insurance (optional)**

My results

Mortgage details

Creditor insurance payments

Your monthly expenses

Amortization schedule

Learn more about mortgages

Let's get started