Coming soon: Mortgage360 mobile app for iOS & Android — Client portal + Broker portal in your pocket.
Mortgage360
All calculators
Pre-approval

Pre-approval amount calculator

The maximum mortgage you can get pre-approved for under current stress-test rules — federally regulated lenders, OSFI B-20.

Your scenario

Result

Max purchase price
$555,945
Max mortgage
$475,945
Monthly P&I
$3,287
Qualifying rate
6.84%
GDS cap (39%)
$3,900

Estimate only — final approval depends on credit, employment tenure, and lender overlays.

How a mortgage pre-approval works in Canada

A mortgage pre-approval is a formal review of your credit, income, debt, and down payment by a lender. Unlike a pre-qualification (which is just a back-of-envelope estimate), a pre-approval comes with a rate hold — typically 90 to 120 days — and a written letter that sellers and real estate agents take seriously.

What this calculator computes

The federal mortgage stress test caps your qualifying payment at the higher of contract rate + 2% or 5.25%. This calculator applies that qualifying rate against the standard Canadian Gross Debt Service (GDS) and Total Debt Service (TDS) ratios — 39% and 44% respectively for insured borrowers. The smaller of the two ratios determines your ceiling.

What we don't include

  • Lender-specific overlays (employment tenure rules, BFS docs, gift letter requirements)
  • Credit-score-based rate adjustments
  • Co-signers (run the co-signer impact calculator)
  • Provincial cost stacks like land transfer tax (see LTT calculator)

Pre-approval vs pre-qualification

Pre-approval requires real document review and locks a rate. Pre-qualification is a guess. Read the full breakdown in our pre-approval vs pre-qualification guide.

Next steps