Qualification
Income Required
Working backwards, given a purchase price, what household income do you need to qualify?
Uses 39% GDS and 44% TDS - the standard Ontario insured-mortgage limits. Half of condo fees count toward GDS per common lender practice.
Would you like help with these numbers?
Calculators use general assumptions. Athena can review your numbers and explain lender rules, qualification questions or options the estimate may not cover.
What this calculator helps you explore
The household income a lender would likely need to see for a specific Ontario purchase price, working backwards from the price instead of forwards from your income.
What the estimate considers
- Purchase price, down payment and the resulting mortgage
- Default insurance premium where the down payment is under 20%
- Property taxes, heating and condo fees
- Other monthly debt payments
- The debt-service ratios you select
What it may not capture
- How your income is actually documented and averaged by a lender
- Co-signer or guarantor arrangements
- Down payment gift or Home Buyers' Plan conditions
- Property or program restrictions that change the ratios available to you
A practical example
Two buyers looking at the same price can need materially different incomes once one of them carries a car payment. The tool makes that difference visible before you shop.
Assumptions and sources
- 39% GDS and 44% TDS as the starting Ontario insured-mortgage limits
- Half of condo fees counted toward GDS
- Canadian semi-annual compounding
Content placeholder for Athena: Confirm the GDS and TDS defaults, and whether the insured premium tiers shown should be described in more detail here.
Last reviewed: pending Athena's review