To determine 'affordability' you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation. Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders' usual guidelines.

Mortgage calculators

Maximum Mortgage - Calculate the maximum mortgage amount you qualify for based on your income. A great tool for buyers.

Prepayment Analyzer - Calculate your mortgage payment. Discover how many years you will shorten your amortization and how much interest savings you will realize by making a prepayment (lump sum) on your mortgage. 

Rent or Buy Analyzer - Compare the financial advantage of renting and buying based on your current monthly rent, funds towards your down payment and your desired monthly payment if you purchased a home.

Mortgage Glossary - A listing of mortgage terms and definations