Mortgage Calculator · Alberta
Mortgage affordability calculator: how much home can I afford?
Answer six quick questions to estimate the maximum home price you could qualify for in Alberta.
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Affordability Calculator
How much can I afford?
How is my mortgage affordability calculated?
Four inputs drive the result — your income, down payment, monthly debts, and credit — measured against two ratios and the stress-test rate:
| Ratio | Typical limit | What it includes |
|---|---|---|
| GDS (Gross Debt Service) | 39% | Mortgage payment + property tax + heat (+ ½ of condo fees) |
| TDS (Total Debt Service) | 44% | Everything in GDS + all other debt payments (loans, credit cards, support) |
The calculator qualifies you at the higher of your contract rate + 2% or 5.25% (around 6% today for strong credit), includes property tax of about 1% of value per year plus heat, and counts roughly 3% of any credit-card balance as a monthly payment.
How much down payment do I need?
| Home price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,001 – $1,499,999 | 5% of the first $500,000 + 10% of the rest |
| $1,500,000 or more | 20% of the price (no insurance available) |
Under 20% down, your mortgage is insured and a one-time premium is added to the loan (see the CMHC table on our main calculator page). First-time buyers and new-build buyers can choose a 30-year amortization, which lowers the payment and can raise this estimate.
Frequently asked questions
How much income do I need to buy a house in Alberta?
There’s no single number — it depends on your down payment, debts and the stress-test rate. As a rough guide, a household earning $120,000 with about $50,000 down and modest debts can qualify for roughly a $541,000 home today. Enter your own numbers above for a personalized estimate.
How is mortgage affordability calculated?
Lenders cap your housing costs at 39% of gross income (GDS) and your total debt payments at 44% (TDS), using a qualifying rate of the higher of your contract rate + 2% or 5.25%. Property tax (about 1% of value a year) and heat are included. Whichever ratio is tighter — plus your minimum down payment — sets your maximum price.
Does credit-card debt lower how much I can afford?
Yes. Lenders count roughly 3% of your credit-card balance as a monthly payment in the TDS ratio, so a $10,000 balance acts like a $300/month obligation and reduces your maximum price.
Is this the same as a pre-approval?
No — it’s an estimate to point you in the right direction. A pre-approval confirms your income and credit with a lender. When you’re ready, you can apply online for a real number.
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Ready for a real number?
These tools give an estimate. For an exact pre-approval, apply online in minutes — no credit check to start.