How much house can I afford?
We apply the 35% rule (payment ≤ 35% of net income minus debts), a 30% total down payment (20% + ~10% costs) and term until age 75.
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Estimated results
Notes
- We assume a total 30% down (20% + ~10% taxes/fees like VAT/ITP).
- Monthly payment should not exceed 35% of net income minus existing debts.
- Term is capped until the oldest borrower reaches age 75.
- Results are indicative; confirm with your bank or advisor.
FAQ
Why a 35% debt-to-income rule?
It is a prudent benchmark: your total monthly debt payments should stay at or below 35% of net income minus existing debts.
Does the 30% down include taxes/fees?
Yes, we assume 20% down plus ~10% for taxes/fees (VAT/ITP), so total savings required are ~30% of the price.
Which interest rate should I enter?
Use an approximate annual APR from current offers. A higher rate reduces the principal you can finance and the affordable price.
How is term computed with two borrowers?
We limit the term so the oldest borrower reaches 75 at maturity. If ages are blank, we default to 30 years.
What if my savings are low?
Savings must cover ~30% of price. If not, the savings constraint will bind even if your payment capacity allows more.
What if I have high existing debts?
They reduce your disposable income, limiting the monthly payment and the loan principal. Paying them down can improve the result.
Should I include other costs (insurance, HOA)?
Yes for your own budgeting, though the tool focuses on the 35% mortgage benchmark.
Is this binding for banks?
No, results are indicative. Lenders apply their own risk policies, appraisal and LTV limits.