Icon: Rent or Buy a Home Calculator Rent or Buy a Home Calculator

Use this calculator to assess whether you can afford to buy a home based on what you spend on rent each month. Be sure to also read the "Tips" section as there are many things to consider before choosing to buy a home.

Mandatory fields are indicated by an asterisk ( * ).

Current Financial Details Definitions for Current Financial Details section opens in new window

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Note: Total housing costs should not exceed 30% of your gross income.
 

Additional Information

Check out some other useful Government of Canada interactive tools:

Definitions for Current Financial Details

Funds Available

Your savings for a down payment and closing costs.

Current Rent

Enter the amount you can afford for housing costs (including utilities) each month.

Please note that if the value is too high, an adjusted amount will be used to achieve a minimum downpayment of 5% on the house price.

Definitions for Results

Down Payment Needed

A downpayment of at least 5% of the house price is required.

Monthly Mortgage Payment

This calculator estimates the CMHC premium when the down payment is less than 20% of the house price.

Estimated Monthly Utilities and Property Taxes

Includes heating, hydro, property taxes, etc.

This calculator estimates monthly utilities and property taxes to be 3.00% of the house price.

Estimated Closing Costs

Includes land transfer taxes, legal fees, etc.

This calculator estimates closing costs to be 3.00% of the house price.

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