Mortgage Eligibility Calculator

This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.

To qualify for a mortgage loan at a bank, you will need to pass a “stress test”. You will need to prove you can afford payments at a qualifying interest rate which is typically higher than the actual rate in your mortgage contract.

You need to pass this stress test even if you don’t need mortgage loan insurance.

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

You can always explore options of different lenders if you don't qualify with a bank.

The bank must use the higher interest rate of either:

• 5.25%
• The interest rate you negotiate with your lender plus 2%

If you already have a mortgage, you’ll need to pass this stress test if you:

• Refinance your home
• Switch to a new lender, or
• take out a home equity line of credit

Check your Eligibility Now**

The minimum down payment must be at least 5% of the home's purchase price.

Property Information

Property Value

%

Down Payment

% $

Annual Interest Rate

%

Amortization Period

1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years

select 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month

Payment Frequency Monthly (12x per year) Weekly Bi-Weekly (every 2 weeks) Semi-monthly (24x per year)

Term 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years

Your Income and Anticipated Expenses

Your Gross Income

%

Per Year Month

Heating Cost

%

Per Year Month

Property Taxes

%

Per Year Month

Credit Card / Line of Credit Payments

%

Per Year Month

Car Payments

%

Per Year Month

Other Debt Payments

%

Per Year Month

Calculate

Mortgage Required

Request Amount	$200000.00 ($,25000.00 - $,5000.00)
Mortgage Loan Insurance Premium	$0.00 ($200000.00 * 0.00%)
Total Mortgage Amount Required	$200000.00

** We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.