Mortgage Income Calculator Canada | What Income Do I Need?

Required incomeIncome short

$153,262

For a $600,000 mortgage, stress-tested at 7.10%

Qualifying GDS

38.8%

Qualifying TDS

44.4%

Max mortgage

$593,452

Cap: TDS

Contract payment

$3,523.86

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Mortgage structure

Control mortgage amount, rate, amortization, and frequency.

Mortgage amount

Contract rate (%)

Amortization (years)

Amortization (months)

Payment frequency

Purchase price

Optional. Helps compute minimum down payment.

Property taxes (annual)

Heat (monthly)

Condo fees (monthly)

Insurance (monthly)

Income & debts

Gross income, additional income, and monthly debts.

Gross income (annual)

Other income (annual)

Other debts (monthly)

OSFI floor (%)

Typically 5.25%

You need $1,262 more annual income under these assumptions.

Qualification is checked at 7.10% — max(5.25%, contract + 2%) per OSFI B-20 — not your contract rate.

Required income: $153,262; Driven by the TDS cap at the stress-test rate
Your income: $152,000; $1,262 short
Max mortgage at your income: $593,452; Binding cap: TDS
Stress test rate: 7.10%; Contract $3,523.86 · stressed $4,239.60

38.8%cap 39

Qualifying GDS

At contract rate: 33.2%

44.4%cap 44

Qualifying TDS

At contract rate: 38.7%

Monthly shelter costs: $4,303.86; Payment + taxes + heat + fees + insurance
Total monthly obligations: $4,903.86; Shelter costs plus other debts
Minimum down payment: $50,000; Insured eligible

Make these numbers useful for your mortgage.

Review your estimate with a BC broker, including the assumptions, eligibility and costs that need checking.

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See whether a mortgage amount fits your income, debts, and policy rules.

Make sense of your numbers

What income do I need for this mortgage?

Enter the total mortgage you need, including any financed insurance premium. Required income uses the stress-test payment; the contract payment shows the estimated payment at your actual example rate.

How this estimate works

Uses the higher of the entered qualifying-rate floor and contract rate plus two percentage points. The standard floor is 5.25%; lender and transaction rules can differ.
Default debt-service targets are 39% GDS and 44% TDS. Enter property expenses yourself; zero taxes or heating means those costs are excluded, not automatically estimated.
For a cautious budget this tool includes entered home insurance, half of condo fees in GDS and all condo fees in TDS. Ask the lender to confirm its own expense treatment.
Results do not verify credit, income documents or the property and are not an approval. Leave room for living expenses, maintenance and savings.

Rules checked October 29, 2026. Sources: FCAC mortgage qualification and CMHC debt-service guidance.

Does this calculator give me a mortgage pre-approval?

No. It estimates from the figures you enter. A lender must review income evidence, credit, down-payment sources, the property and its own product rules. Use the result to prepare for that review.

Does paying off a car loan always let me borrow more?

No. It helps the income calculation when total debt service is the limiting factor. If housing costs already set the lower limit, the mortgage ceiling may stay the same. Repaying debt from savings also leaves less cash for your down payment and closing costs.

Can I include self-employed or rental income?

Use only an amount the lender can support. Business revenue is not automatically personal qualifying income, and lenders treat rental income differently. Ask which tax records, financial statements, leases and other evidence are needed before relying on these amounts.