Free tool · Canada
Mortgage Calculator + Stress Test
See your monthly payment, total interest, CMHC insurance and the rate you must qualify at under the mortgage stress test.
To qualify (income test)
Monthly payment
$3,594.97
Mortgage amount
$649,530
Total interest
$428,962
CMHC insurance
$19,530
Household income needed to qualify
$156,432
Housing costs / mo
$5,084.04
By GDS (39%)
$156,432
By TDS (44%)
$138,656
Lenders qualify you at the stress rate (6.50%) and cap housing costs at 39% of gross income and total debts at 44%. You need the higher of the two.
Stress test
To qualify, lenders test you at 6.50% (the greater of your rate +2% or 5.25%). At that rate your payment would be $4,350.71/month — make sure your budget can handle it.
With less than 20% down, CMHC mortgage insurance of $19,530 is added to your loan. Put 20% down to avoid it.
Estimate using Canadian semi-annual compounding. Excludes property tax, condo/strata fees, home insurance and closing costs. Not financial advice.
The stress test
Federally regulated lenders must check you can afford payments at the greater of your contract rate + 2% or 5.25%. Passing the stress test is required to get the mortgage — budget for that higher payment.
Down payment & CMHC
Minimum down is 5% on the first $500k, 10% on the portion from $500k–$1.5M, and 20% above $1.5M. Under 20% down requires CMHC insurance, added to your loan. Canadian mortgages compound semi-annually, which this tool uses.
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