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Can I afford this home?

See the monthly cost, cash needed to buy and what’s left in your budget.

2026 tax year · Planning estimate · No account required

Amounts in CAD
Is the home in Toronto?

Toronto has an additional land transfer tax.

First-time buyer?

Choose yes only if you qualify for the applicable transfer tax rebates.

The homeCAD
Your mortgage

Example fixed rate. Use your lender’s quote.

We estimate take-home pay for the location above.

Your everyday budget$2,050 / month · adjust to yours

Food, transport and other bills. Exclude home costs and debt entered separately.

Monthly loan and card payments.

What you want to save after buying.

For a shared budget, include the co-buyer’s income and everyday costs.

This home would cost

$3,034 / month

Other home costs include tax, insurance, utilities, fees and money for repairs.

Cash needed to buy

$48,368

$40,000 down + $8,368 closing costs. Paid once.

Money left each month

$1,100

After home costs, everyday bills, debt and savings.

Uses $6,184 estimated take-home pay and $2,050 for bills, debt and savings each month.

What’s included in the monthly cost?

Divide an annual property-tax estimate by 12.

Use a quote for the home.

Heat, power, water and other utilities you pay separately.

Money to save for future repairs, not a monthly bill.

Leave at 0 if no shared fees apply.

Down payment & closing costs

Mortgage amount: $371,160. Includes any financed mortgage insurance.

Your down payment
$40,000
Estimated closing costs
$8,368

Closing costs are extra taxes and fees paid when you buy. They are separate from your down payment.

An allowance beyond transfer taxes and mortgage-insurance tax.

Ontario / British Columbia transfer taxes are already included. Enter only extra local fees.

Will my savings cover it?

Cash for the purchase and money you want to keep.

For your emergency fund or other plans. This is not a purchase cost.

Your savings cover the purchase.

Planning estimate, not mortgage approval.

Calculation details & sources

The monthly estimate

Estimated take-home pay minus ownership costs, everyday bills, debt and savings. Repairs are a reserve; the other ownership amounts are estimated monthly payments. Component rounding may differ by a cent.

The upfront estimate

Your chosen down payment plus its estimated closing costs. The mortgage uses that same down payment. Savings you want to keep are checked separately and are not included in the cost to buy.

Estimated take-home / month
$6,183.84
Ownership costs / month
$3,033.69
Other costs & savings / month
$2,050.00
Money left / month
$1,100.15
Borrowing-and-cash price ceiling
$417,523
Stress-test rate used
7%

Mortgage & tax assumptions

This is an annual income estimate before unentered claims, not a complete tax return. It uses standard basic claims and the same province for employment and residence; refundable credits and benefit payments are not included in take-home pay.

Age-based credits and pension-contribution exemptions, spouse and dependant claims, disability, tuition, medical expenses, donations, northern deductions and other personal credits are not entered. Employment estimates assume a full year subject to ordinary CPP/QPP contributions and EI/QPIP premiums.

This estimate assumes an owner-occupied one- or two-unit home and a fixed rate quoted with semi-annual compounding. Other property types, rental income, leasehold or ground rent, borrower credit and residency, and lender-specific rules need separate checks. Mortgage approval is not determined here.

Debt payments must include the lender’s qualifying amounts. CMHC uses at least 3% of unsecured revolving balances, even when your required payment is lower; secured lines of credit have separate qualifying-payment rules.

Closing costs do not automatically include GST/HST or other sales taxes on new or substantially renovated homes, new-build rebates or transfer-tax exemptions, foreign-buyer or non-resident surcharges, or moving costs. New builds and purchases subject to these rules need a separate closing-tax estimate before relying on the cash total or price ceiling. Add confirmed extra cash charges not already included elsewhere to Legal & other closing costs, together with the legal and other fees you expect; that field replaces the default allowance.

The supported-price estimate checks income, debt, down payment, mortgage-insurance rules, and closing cash before treating a purchase as feasible.

A good life belongs in the plan.

Tell Fred about the home you want. Your financial copilot researches mortgage costs, taxes and upkeep alongside your bills, savings and other plans.

Your finances live in deezbills. Fred sets up goals, updates your budget and saves your plan, with your approval.

Meet Fred Explore deezbills
could we actually buy a place someday?
Fred

Yes, buying a place looks possible enough to explore, Elena. I can’t yet say what you could comfortably buy or when, but this isn’t starting from zero. 🏡

Common questions

Does this mean I can get a mortgage?

No. It assumes an owner-occupied home with one or two units. Lenders also review credit, income type, property details, documents, insurer rules, and their own policies.

Why is upfront cash more than the down payment?

Cash needed to buy is your chosen down payment plus estimated closing costs. Closing costs are extra taxes and fees paid when you buy. Money you want to keep for an emergency fund is checked separately against your available savings; it is not a purchase cost.

How is money left each month calculated?

Estimated take-home pay minus mortgage payments, property tax, home insurance, utilities, condo fees, a repairs reserve, everyday costs, debt payments and the savings amount entered. Repairs are money set aside, not a bill due every month. Costs you have not entered still need to come from the amount left.

Which costs and assumptions should I check?

Use home-specific estimates for the mortgage rate, property tax, insurance, utilities, condo fees and repairs reserve. Confirm closing fees and transfer taxes locally; outside modeled regions, enter all local transfer fees. GST/HST and other sales taxes, new-build rebates and transfer-tax exemptions, and foreign-buyer or non-resident surcharges are not calculated. Get a separate closing-tax estimate for those purchases. Add extra cash charges not included elsewhere to Legal & other closing costs together with your legal and other fees; that field replaces the default allowance. Moving costs and other unentered expenses need their own allowance. The Canadian borrowing check uses a higher stress-test rate.