Mortgage Calculator Halifax | Affordability Estimator

Mortgage Calculator

Estimate your monthly and bi-weekly payments, CMHC insurance, and total interest paid.

Home Price $500,000

$100K$2M

Down Payment 5%

5%50%

Interest Rate 5.5%

2%12%

Amortization Period 25 yrs

10 yrs30 yrs

Like what you see? Get an exact quote based on your real situation.

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Affordability Estimator

Based on Canadian GDS/TDS guidelines and the mortgage stress test. Adjust the sliders to see your estimated maximum purchase price.

Annual Gross Income (Before Tax) $80,000/yr

$30K$500K

Monthly Debt Obligations (car, student loans, etc.) $500/mo

$0$5,000/mo

Down Payment Available $50,000

$10K$500K

Estimated Interest Rate 5.5%

2%10%

📐 How This Works

This uses Canada's standard GDS (Gross Debt Service) ≤ 39% and TDS (Total Debt Service) ≤ 44% ratios, plus the mortgage stress test (qualifying at contract rate + 2% or 5.25%, whichever is higher). This is a general estimate only. Your actual approval depends on employment type, credit score, property type, and lender policies.

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Common Questions

Quick mortgage answers

Fixed vs. Variable Rate — Which is Better?

Fixed rates provide payment certainty for the full term. Variable rates fluctuate with the Bank of Canada's prime rate and have historically been lower over time, but carry more risk. The right choice depends on your risk tolerance and financial situation. Ask Gourav which fits your profile.

What is CMHC Mortgage Insurance?

If your down payment is less than 20%, you're required to purchase CMHC (or Sagen/Canada Guaranty) default insurance. The premium (0–4% of the mortgage) is added to your mortgage balance. It protects the lender — not you — but it enables homeownership with as little as 5% down.

How Does the Stress Test Work?

You must qualify at the higher of your contract rate + 2%, or 5.25%. So if your rate is 5%, you're tested at 7%. This ensures you can still make payments if rates rise. The calculator above includes this in the affordability estimate.

Closed vs. Open Mortgage — What's the Difference?

A closed mortgage locks you in for the term with limited prepayment privileges but typically lower rates. An open mortgage lets you pay it off anytime but usually comes with a higher rate. Most buyers choose closed mortgages with prepayment options (typically 10–20% annually).

Know your numbers before you apply