How Much Can You Afford?

How much house you can afford depends on two things: how much you can afford for the monthly mortgage payment, and how much you can invest in the down payment. Monthly payments include the principal and interest on the mortgage loan and property taxes and insurance against fire and other hazards. These four costs are often abbreviated PITI.

The key items are the size of the down payment, the amount of the mortgage and the term – or length – of the loan.

HLC Home Loans Canada offers a Mortgage Affordability Calculator to determine how much you can afford and a Mortgage Comparison Calculator to compare different payment options.

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