Stress Test Calculator 2021

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Mortgage Terms

Purchase Price

The purchase price of your home.

Down Payment

The amount paid upfront. In Canada, the minimum down payment is 5%. Mortgage default insurance (commonly referred to as CMHC insurance) is required for down payments under 20%.

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Interest Rate

The annual interest rate on the mortgage loan amount. A lower interest rate can drastically reduce your mortgage payments.

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Amortization5 Years6 Years7 Years8 Years9 Years10 Years11 Years12 Years13 Years14 Years15 Years16 Years17 Years18 Years19 Years20 Years21 Years22 Years23 Years24 Years25 Years26 Years27 Years28 Years29 Years30 Years31 Years32 Years33 Years34 Years35 Years

Unsure about your purchase price? Find out how much you can afford.

Annual Household Income

Your Income

Your Partner’s Income

Enter your annual income before taxes.
Gross Income: $00
Estimated Net Income: $00

I am self-employed with variable income

Where are you looking to buy?

CityBarrieBellevilleBramptonBrantBrantfordBrockvilleBurlingtonCambridgeClarence-RocklandCornwallElliot LakeEtobicokeGreater SudburyGuelphHaldimand CountyHamiltonKawartha LakesKenoraKingstonKitchenerLondonMarkhamMississaugaNewmarketNiagara FallsNorfolk CountyNorth BayNorth YorkOakvilleOrilliaOshawaOttawaOwen SoundPembrokePeterboroughPickeringPort ColbornePrince Edward CountyQuinte WestRichmond HillSarniaSault Ste. MarieScarboroughSt. CatharinesSt. ThomasStratfordTemiskaming ShoresThoroldThunder BayTimminsTorontoVaughanWaterlooWellandWindsorWoodstock

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What type of home are you looking for?

Condo Apt.TownhouseDetached HouseNot Decided

Monthly Non-Housing Expenses

Food & Groceries

Car & Transport

Bills (e.g. Phone, TV)

Other Expenses

Enter your average monthly expenses in each of the above categories, excluding any housing-related expenses. Exclude your heating costs from your utility bill total.

Monthly Debt Payments

Some examples include: Credit Card, Student Loan, Car Payment, etc.

Enter your average monthly payment. If you have multiple sources of debt, enter the total for your household.

Did I Pass?

How is my stress-test mortgage payment calculated?

To pass the stress test, you must still be able to afford your mortgage payments if your interest rate increases to a value called the qualifying rate.

If your mortgage is uninsured (generally, if your down payment is 20% or higher), then the qualifying rate is the higher of

• the Bank of Canada five-year benchmark rate of 5.25% (effective June 1st), and
• your current or target interest rate plus 2%.

If your mortgage is insured (required if your down payment is below 20%), then the qualifying rate is the higher of

• the Bank of Canada five-year benchmark rate of 5.25% (effective June 1st), and
• your current or target interest rate plus 2% (effective June 1st).

Stress Test Rate Changes

As of June 1st, the benchmark rate for both insured and uninsured mortgages will increase to 5.25%. In addition, insured mortgages will be required to qualify for the higher of the benchmark rate and the borrower's mortgage rate + 2%. Previously, the qualification rate was limited to the higher of the benchmark rate and the borrower's mortgage rate.