North Light Mortgages - Financial Toolkit

Step 1: Down Payment & CMHC Calculator

Enter a purchase price and use the slider to see how different down payment amounts affect your total mortgage and the cost of mortgage default (CMHC) insurance.

Purchase Price ($)

Down Payment (10%)

Step 2: Your Government Incentives

You're not in this alone. Federal, provincial, and municipal governments offer several programs to help make your first home purchase more affordable. Let's see which ones you might be able to use.

Important Update on a Discontinued Program

You may see the federal **First-Time Home Buyer Incentive** mentioned online. Please note this shared-equity program is **no longer accepting new applications** as of March 21, 2024.

Your Potential Savings Checklist

Check the boxes that apply to your situation to see your potential savings.

Land Transfer Tax (LTT) Refund
Provincial (Ontario) rebate with a maximum value of **$4,000**.

Municipal LTT Rebate (City of Toronto only)
Municipal (Toronto) rebate with a maximum value of **$4,475**.

Home Buyers' Tax Credit (HBTC)
Federal tax credit to help offset closing costs, with a maximum value of **$1,500**.

Your Total Potential Upfront Savings: $0.00

Step 3: Your Buying Power & The Mortgage Stress Test

Let's demystify the complex mortgage qualification process.

Your Live Affordability Calculator

Lenders calculate two key ratios to determine what you can afford. Enter your numbers below to see an estimate. The goal is to keep GDS below **39%** and TDS below **44%**.

Your Gross (Pre-Tax) Monthly Income ($)

Total Other Monthly Debt Payments ($)

Estimated Monthly Property Tax ($)

Estimated Monthly Heating Cost ($)

Your Target Monthly Mortgage Payment ($)

Gross Debt Service (GDS) Ratio

0%

Target: Below 39%

Total Debt Service (TDS) Ratio

0%

Target: Below 44%

Step 4: Budgeting for Closing Costs

Let's estimate the one-time fees you'll need to have saved in cash for closing day.

Purchase Price ($)

Purchase Location

Enter a price above to see your estimated closing costs.