Mortgage Affordability Calculator - 2023

This Affordability Calculator works based on the Ontario Standard GDS and TDS which 99% of the lenders use these factors to determine the borrowers eligibility for the loan/mortgage.

GDS stands for Gross Debt Services.
Its a proportion of your payments for Mortgage Principal + Mortgage Interest rate + the amount of money you pay for heat + The property tax + half of your Condo fee if the property is a condo
divided by your gross income in a percentage format.
Today's acceptable GDS is 32%.
If your GDS is less than the Ontario standard then you might get approved by some lenders.
Some private or subprime lenders will accept higher GDS amount but you might need to pay for the insurance

TDS stands for Total Debt Services.
For some lenders this factor is more important than GDS.
Its a proportion of your payments for Mortgage Principal + Mortgage Interest rate + the amount of money you pay for heat + The property tax + half of your Condo fee if the property is a condo + all the payments you make to your debts, like Credit Cards, Car loans and others
divided by your gross income in a percentage format.
Today's acceptable TDS is 40%.
If your TDS is less than the Ontario standard then you might get approved by most of the lenders.
Some private or subprime lenders will accept higher TDS amount but you might need to pay for the insurance

This number is the sum of all the income receives in a household in one month before tax, if you have spouse you need to add his/her income to this number.
If you are self employed or work on commission basis you can enter the average safe income per moth in this section.

You need to add the amounts you pay to your all of your credit cards per months and mention it here, if you are not sure or you pay variable payments every month you can add all your balances of your credit cards and calculate 3% of it fir this field (all the balances X 3%)