Mortgage Eligibility Calculator

Mortgage Eligibility Calculator

Online calculator to approximately determine how much mortgage you can be eligible for. Disclaimer: Please note that this is not a guarantee for mortgage approval and is subject to further review by the agent and banks/lenders.
Do you currently own a property? *
Are you planning to sell the existing property(s) before buying your next property? *
Your situation requires a deeper analysis and so recommend that schedule a meeting with us for further discussion. Book here.

Can you tell us about the kind of property you were expecting to purchase?

Please review a sample MLS listing websites such as Realtor.ca, Housesigma.com, etc. to get approximate values.
Address of property/MLS# for future reference

Details of the Property
How much is the expected purchase price? *
How much do you expect to pay towards property taxes? *
Per year
Would it be a Freehold property? *
How much do you expect to pay towards Condo or Maintenance Fees? *
Per month
What is the intended use of this property? *
What is the maximum amount that you can contribute towards downpayment? *
Minimum downpayment required to purchase a {whatIs} for ${howMuch87} is ${minDownpayment156}. Adjust the purchase price or your downpayment to proceed further.
Monthly payment (Non-Mortgage)
Min. Downpayment Required
DP%
Mortgage Required

Can you tell us about your any existing debts you have?

Refer to your credit report, if it's available

Credit Cards and Lines of Credit
Do you carry outstanding balance on your credit cards or Unsecured Line of Credit across months? *
How much is the total outstanding balance on your Credit cards and Unsecured Line of Credits? *
Monthly Credit Card & LOC Payment

Car Loan
Do you have one or more car loans? *
What is the payment frequency for the car loan(s)? *
How much do you pay for the car loan(s) each time? *
Monthly Car Payment

Student Loans
Do you have student loan(s)? *
Are the students loan currently under repayment? *
How much is the outstanding balance on the student loan(s)? *
How much do you pay towards the student loan(s) each month? *
Monthly Student Loan Payment

Other Debts
Do you have any other debts? *
If so, how much is the monthly payment towards that debt? *

Credit Scores
Are you credit scores above 680? *
Your situation requires a deeper analysis and so recommend that schedule a meeting with us for further discussion. Book here.

Shelter Costs
Once you purchase the investment property, will you be: *
What are/will be your monthly rental expenses? *
Shelter Costs (Living with parents/spouse/partner)
Total Monthly debt payment - Non-property

Can you tell us about your employment income?
Number of applicants?

First Applicant
What is your employment status? *
Are you in Business / Self Employed for 2 tax years or more? *
2020 T4/T4A income with current employer / same business (before taxes) *
2021 T4/T4A income with current employer / same business (before taxes) *
What is the current base gross salary (before taxes), without bonus? *
Applicant 1 - Average income for last 2 years
Qualifying 2 year income
Income - Applicant 1

Second Applicant
What is your employment status? *
Are you in Business / Self Employed for 2 tax years or more? *
2020 T4/T4A income with current employer / same business (before taxes) *
2021 T4/T4A income with current employer / same business (before taxes) *
What is the current base gross salary (before taxes), without bonus? *
Applicant 2 - Average income for last 2 year
Qualifying 2 year income
Income - Applicant 2

Other Income
Any other Income being earned consistently for last 2 years?
Mention Annual figure

GDS Limit (Monthly)
TDS Limit (Monthly)
Limit (Insured/Insurable) Monthly
To save your inputs for future reference *
Specify your email address
MF - 25 years *
MF - 30 years *
Max Eligibility (Insured/Insurable) - 25 years
Principal - Insured (5-9.99%)
PP - Insured (5-9.99%)
DP (Insured 9.99%)
Principal - Insured (10%-14.99%)
PP - Insured (10%-14.99%)
DP (Insured 14.99%)
Principal - Insured (15-19.99%)
PP - Insured(15-19.99%)
DP (Insured 19.99%)
Max Eligibility - 30 years
PP - Insurable
Max Eligibility - 25 years (Big 5 bank)
PP - 25 years (Big 5 Bank)
Downpayment Required - Insurable 25 year
PP - 30 years
Downpayment Required - 25 years (Big 5 Bank)
Downpayment Required - 30 years

Preliminary Assessment

Based on the details provided, you are likely to qualify to borrow ${mortgageRequired} required to complete the purchase of the desired property for ${howMuch87} with the rest being funded by your downpayment of ${whatIs102}.

Reach out to us at 647-904-5557/ njoseph@mortgagealliance.com to confirm your eligibility.
Preliminary Assessment

Based on the details provided, further assessment is required to determine how your eligibility for the desired purchase can be increased.

Reach out to us at 647-904-5557/ njoseph@mortgagealliance.com for further discussion.
Additional Considerations

Based on the details provided, your qualification for a mortgage varies with the amount of downpayment available as mentioned below. Assumed debts levels and property taxes & condo fees, if any, to remain the same irrespective of purchase price and that may not be true. Hence, feel free to edit the property tax and condo fees, if any, to narrow to a feasible option.
- With downpayment of ${minDownpayment156}, mortgage eligibility is limited to ${principal} and thereby making a purchase price of ${pp} possible
- With downpayment of ${dpinsured165}, mortgage eligibility is limited to ${principal164} and thereby making a purchase price of ${pp196} possible
- With downpayment of ${dpinsured}, mortgage eligibility is limited to ${principal161} and thereby making a purchase price of ${pp197} possible
- With downpayment of ${downpaymentRequired151}, mortgage eligibility is limited to ${maxEligibility149} and thereby making a purchase price of ${pp200} possible
- With downpayment of ${downpaymentRequired}, mortgage eligibility is limited to ${maxEligibility} and thereby making a purchase price of ${pp201} possible
- With downpayment of ${downpaymentRequired154}, mortgage eligibility is limited to ${maxEligibility150} and thereby making a purchase price of ${pp202} possible.
- With a downpayment higher than above mentioned value, your mortgage eligibility will not rise any further with Prime lenders/banks. But your max. purchase price will increase with each additional $ of downpayment.
Without consideration of affordability, you can possibly get a mortgage of still higher amount if you are able to bring 20% of the purchase price as your own contribution or downpayment but those might come at a higher interest cost.
Disclaimer:

While this calculator is powerful enough, it does not replace the need to consult with a mortgage professional. Use of this calculator should be limited to gaining a basic understanding of your potential eligibility and to understand how your eligibility varies depending on most common factors.

All mortgages are subject to lender approval and the eligibility reflected by this calculator is not to be assumed as a guarantee for approval.
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Mortgage Eligibility Calculator

Can you tell us about the kind of property you were expecting to purchase?

Can you tell us about your any existing debts you have?

Can you tell us about your employment income?

Disclaimer: