How much can I afford to spend on a home?

• Calculations to estimate the maximum value of a home and the maximum mortgage amount are based on the highest between the floor rate determined periodically by the regulatory authorities and the rate entered by the member plus 2%.
• Monthly payment calculations are based on the interest rate you entered in the calculator.
• Interest is compounded semi-annually for a fixed-rate loan and monthly for a variable rate loan.
• Interest rate remains the same during the whole amortization period.
• When a mortgage requires CMHC or Sagen^TM insurance, the premium is included to the loan and payments.

The results of this calculator are estimates based on the general data you entered. They may change according to your financial and budgetary situation at the time of the loan. Also, they may vary subsequently if certain updates to the calculation tool could not be made at the moment of utilization.

Online tools are provided for information purposes only and must only be used for personal purposes. They provide an estimate based on the information you enter. Desjardins does not guarantee its accuracy or applicability to your circumstances.

This calculator is provided to help you plan your projects and evaluate your home-related needs, and to estimate how much you could afford to spend on a home. Estimates may change according to your financial and budgetary situation at the time of the loan and do not constitute a loan authorization.

This calculator is not intended for residential rental unit projects. The mortgage preauthorization evaluation criteria are more complicated than for a single-family home or condo. For more information, contact your Desjardins financial advisor.

Whatever your project may be, feel free to contact your caisse advisor for personalized advice, preauthorization or financing.

Interest Rates presented in the rates and promotions in effect table are recommended by the Fédération des caisses Desjardins du Québec to the Quebec caisses and to the Caisse Desjardins Ontario Credit Union Inc. These rates do not take into account the cost of life and disability insurance, should you choose it. They are subject to change without notice. Certain conditions apply.

How will this calculator help me?

• You can assess the maximum residential mortgage you can afford based on your current budget.
• You can see various scenarios by changing certain variables.

CMHC or Sagen^TM mortgage insurance

Do I have to pay mortgage insurance?

Canada Mortgage and Housing Corporation (CMHC) or Sagen^TM mortgage insurance is required when a down payment for a home is between 5% and 20% of the purchase price. The premium varies according to the amount borrowed and the ratio between the loan amount and the property value.

Note: This insurance is not the same as mortgage life insurance, which will cover your financial obligations in the event of a cancer diagnosis, death or disability.

Why is my mortgage insurance premium included in my mortgage payments?

You can pay off your mortgage insurance premium in full by making a single, lump-sum payment when taking out a mortgage. However, the premium is often added to the mortgage, resulting in slightly higher debt ratios (GDSR^{[ 1 ]} note, TDSR^{[ 2 ]} note).

How is my maximum mortgage amount calculated?

To evaluate your maximum borrowing capacity, calculations are based on your down payment, the maximum mortgage debt ratios (32% for the GDSR^{[ 1 ]} note and 40% for the TDSR^{[ 2 ]} note) and government-mandated Stress test. The rate used for calculations is the highest between the floor rate determined from time to time by the regulatory authorities and the rate entered by the member plus 2%.

Down payment

How do I increase my down payment?

See the Down payment and Home Buyers' Plan sections of our homebuyer's guide - This link will open in a new window.

What other costs should I anticipate?

See the Start-up costs section of our homebuyer's guide - This link will open in a new window.

You're better off buying a less expensive home

Results are based on the maximum mortgage debt ratios (32% for the GDSR1 and 40% for the TDSR2). As no one knows what the future holds, we strongly recommend that you buy a less expensive home. By borrowing 10% to 15% less than the amount generated by the calculator, you'll have more leeway to cover unexpected expenses.

Get pre-authorized

It's the ace up your sleeve. It's important to get pre-authorized before you start shopping for a home. It specifies the maximum mortgage you can afford based on your down payment, income and expenses, including recurring home-related expenses. A pre-authorization:

• shows that you're a serious buyer
• specifies the maximum mortgage you can afford, valid for 6 months
• simplifies communication with the real estate broker or seller
• specifies the loan terms and conditions

Contact a Desjardins advisor or mortgage representative.