Mortgage Tools | Ricky Kwok

Tool 1: Affordability & Qualification

Client Profile

Annual Household Income ($)

Down Payment Available ($)

Monthly Debt Payments ($)

Mortgage Interest Rate (%)

Monthly Property Tax ($)

Monthly Heating/Condo Fees ($)

First-Time Buyer/New Build (30yr Amort)

Qualification Results

Max Purchase Price

Max Mortgage Amount

GDS Ratio (Limit 39%)

TDS Ratio (Limit 44%)

Tool 2: Payment & Interest Breakdown

Quick Estimator

Mortgage Amount ($)

Amortization (Years)

Interest Rate (%)

Total Monthly Payment

First Month Interest vs. Principal

Principal:

Interest:

Calculation Methodology

Mortgage Stress Test (MQR): Lenders must use the greater of the contract rate + 2% or 5.25% to qualify borrowers.
Debt Service Limits: Maximum allowable Gross Debt Service (GDS) is 39% and Total Debt Service (TDS) is 44%.
Down Payment Tiers: Minimum down payment is 5% for the first $500,000 and 10% for the remaining portion up to $1.5 million.
Insured Price Cap: CMHC insurance is not available for properties with a purchase price over $1.5 million.
Amortization: Maximum amortization is 25 years, unless the borrower is a first-time home buyer or purchasing a new build, in which case it is 30 years.

Disclaimer

This calculator is for informational purposes only and does not constitute financial advice. The Office of the Superintendent of Financial Institutions (OSFI) reviews the Minimum Qualifying Rate at least annually. Actual qualification depends on full credit underwriting and lender policy. Please consult a licensed professional.

Source References

[1, 12] OSFI: Minimum qualifying rate for uninsured mortgages (Current rate: Contract + 2% or 5.25%).

[17, 26, 68] WOWA.ca: CMHC Mortgage Rules 2026 (Price limit increased to $1.5 million).

[35, 38, 39] WOWA.ca: Debt Service Ratios (GDS 39% / TDS 44%).

[19, 31, 63] WOWA.ca: Amortization Rules (30 years for First-Time Buyers/New Builds).

[21, 28, 62] WOWA.ca: Down Payment Rules (5% on first $500k, 10% on remainder).