Housing Feasibility — GTA Home Purchase Calculator

Inputs

Income

Person 1 — annual gross

$

Person 2 — annual gross

$

Property

House price

$

Down payment

$

20.0% of price

Region

Mortgage

Interest rate (%)

Stress test: 6.99%

Amortization

Net monthly surplus

—

—

Mortgage payment

—

—

One-time to close

—

LTT + legal + moving

Total mortgage

—

—

Net monthly income

—

combined take-home

Total monthly expenses

—

housing + living

CMHC insurance required.

Monthly cash flow

Net income—

Mortgage—

Property tax—

Home insurance—

Utilities—

Maintenance (1% p.a.)—

Living expenses—

Surplus / (deficit)—

Lending ratios

GDS (max 39%)

——

TDS (max 44%)

——

Stress test (OSFI B-20)

Stress GDS

——

Stress TDS

——

Equity build (annual)

Person 1 net / month

—

—

Person 2 net / month

—

—

Combined net / month

—

take-home

Surplus after housing

—

—

Person 1 Employed

Annual salary

Bonus / other

Union / professional fees (annual)

Effective tax rate

—%

AUTO

Override %

Gross business revenue

Business expenses

Effective tax rate

—%

AUTO

Override %

Annual contract income

Effective tax rate

—%

AUTO

Override %

Person 1 excluded from income calculation.

Gross income—

Less CPP—

Tax rate applied—

Additional streams—

Net monthly—

Additional income streams

Person 2 Self-employed

Annual salary

Bonus / other

Union / professional fees (annual)

Effective tax rate

—%

AUTO

Override %

Gross business revenue

Business expenses

Effective tax rate

—%

AUTO

Override %

Annual contract income

Effective tax rate

—%

AUTO

Override %

Person 2 excluded from income calculation.

Net business income—

Less CPP—

Tax rate applied—

Additional streams—

Net monthly—

Additional income streams

Savings & investments

Person 1

RRSP

FHSA

TFSA

Non-registered investments

Person 2

RRSP

FHSA

TFSA

Non-registered investments

Person 1 total

—

Person 2 total

—

Cash / savings

Total liquid net worth

—

House price

—

—% down

Total mortgage

—

—

Monthly payment

—

+ —/mo tax

One-time to close

—

LTT + closing costs

Mortgage breakdown

House price—

Down payment—

Down payment %—

Mortgage principal—

CMHC rate—

CMHC premium—

Total mortgage (incl. CMHC)—

Effective monthly rate—

Monthly payment—

Total interest (lifetime)—

Annual property tax—

Monthly—

Land transfer tax

Ontario LTT—

Toronto city LTT—

First-time buyer rebate—

Net land transfer tax—

First-time buyer?

—

Closing costs

Legal fees

Home inspection

Title insurance

Moving costs

Total one-time costs—

Total housing / month

—

mortgage + tax + utils

Living expenses / month

—

— items

Total expenses / month

—

—% of net income

Surplus / (deficit)

—

after all expenses

Housing (auto-calculated)

Mortgage payment—

Property tax—

Maintenance reserve—

Fixed monthly

Home insurance

Condo fees (if applicable)

Hydro (electricity)

Gas / heat

Water

Internet / phone

Living expenses

Total living expenses—

Total mortgage

—

Monthly payment

—

Total interest paid

—

Interest as % of purchase

—

Break-even year (50% equity)

—

Effective monthly rate

—

Principal vs interest — first year

Principal paid

—

Interest paid

—

Equity vs balance — mid-point

Equity built

—

Balance remaining

—

Annual amortization schedule

Yr	Opening balance	Annual payment	Principal	Interest	Closing balance	Interest %	Equity