What a first home in Ontario really costs
Most calculators give you a maximum price and stop. This one answers the three questions that actually decide it.
- Enough cash on buying day
- Monthly cost you can carry
- A bank would approve
Your numbers
$650,000
$200K$1.5M
Property type
$/yr
$/yr
$
$10,000 · $300/mo
$0$40K
$/mo
Saved in this browser only
Your results
Your rate is 4.04%, but approval is judged at 6.04%. Passing means you could still pay if rates jumped.
Housing costs vs income (GDS)33.0%limit 39.0%Passes
All debts vs income (TDS)37.5%limit 44.0%Passes
tested at 6.04%, not your real rate
Affordable, with $7,975 to spare. $52,025 needed of $60,000 available on buying day, then about $4,223 per month.
- Enough cash on buying dayPasses$7,975 left over afterwards
- Monthly cost you can carryPasses$4,223 per month, all in
- A bank would approvePasseshousing 33.0% of income, all debts 37.5%
Highest price that still works: $710,000 (limited by your cash)