Mortgage Payment & Affordability Calculator
Two ways to look at the same question. Find your estimated monthly payment on a specific price, or flip it around and find the purchase price that fits your budget, for any North or West Vancouver property.
Estimate Your Monthly Payment
Enter a purchase price, down payment, and your own rate to see your estimated principal & interest payment.
Find Your Price Range
Enter your household income, debts, and down payment to see a rough purchase price range to work from.
How This Works
This tool is built around one number you control: the rate. Interest rates move, and a calculator that bakes in today's rate quietly becomes wrong the day rates change. So instead of guessing a rate for you, it asks for yours, whatever you've been quoted, or whatever you're seeing while you shop. That keeps the math accurate no matter what the market is doing when you happen to use it.
The "Monthly Payment" tab answers the question most buyers ask first: if I buy this place, what would I actually pay each month? The "What Can I Afford" tab flips it around: given my income and debts, what price range makes sense for me to be looking in? Both use the same underlying math, just solved in different directions.
One thing this tool deliberately leaves out: the mortgage stress test. Every federally regulated lender in Canada has to qualify you at a higher rate than the one you'll actually pay, generally your rate plus 2%. That's a real rule that affects your actual approval amount, and it's worth understanding before you fall in love with a number. I kept it out of this calculator to keep things simple and transparent, not because it doesn't matter, so I've flagged it clearly in the results above. A mortgage broker can run your exact stress-tested number in a few minutes.
Frequently Asked Questions
Why doesn't this calculator just fill in today's interest rate for me?
Because the rate you'd actually qualify for depends on your lender, your credit, your down payment size, and the day you lock it in, and because rates move. A tool with a baked-in rate goes stale the moment the market shifts. Using your own rate keeps this accurate indefinitely, and it's a good habit anyway: shop a couple of lenders or talk to a broker, and plug in whatever you're actually being offered.
What's the mortgage stress test, and why does it matter here?
It's a federal rule that requires banks to confirm you could still afford your payments at a higher rate than your contract rate, generally your rate plus 2%. It exists to protect both you and the lender if rates rise later. It means your real bank-approved amount will likely be somewhat lower than what this calculator shows, since this tool uses your actual rate, not the stress-tested one. Think of this calculator as your real-world payment, and your bank's number as the more conservative approval ceiling.
What income percentage should I actually use in the affordability tool?
There's no single right answer, it depends on your other goals and how much flexibility you want in your monthly budget. The "Comfortable" setting (30%) tends to leave more breathing room for savings, travel, or a variable income. The "Maximum" setting (39%) is closer to a typical lender ceiling and assumes you're comfortable allocating more of your income to housing. Most buyers land somewhere in the middle.
Does this include property tax, strata fees, or mortgage insurance?
No, deliberately. Those costs vary a lot by property and would make the tool feel more precise than it actually is. Once you've narrowed in on a price range or a specific property, those are exactly the kind of details worth running by me or your mortgage broker before you commit.
I want to factor in closing costs too. Where do I start?
That's a separate piece of the puzzle, your closing costs (like property transfer tax) come out of your cash on hand, not your monthly payment. My property transfer tax calculator covers that part specifically.
A Quick, No-Pressure Read on Your Numbers
If you want to talk through what a realistic price range or payment looks like for your situation, including how the stress test might affect your real approval, send me a message. I'm happy to run the numbers with you before you're deep into a search.
This calculator provides estimates for planning purposes only. It does not apply the federally mandated mortgage stress test and excludes property tax, heat, strata fees, and mortgage insurance. It is not a mortgage pre-approval and does not constitute financial advice. Confirm your real numbers with a licensed mortgage broker or lender.