How Much House Can I Afford on $100,000 a Year? About $498,346
Lenders qualify you at 6.30% (the greater of your rate + 2% or 5.25%), not at your actual rate.
Updated for the 2026 tax year · Rates checked 14 October 2026
| Home price you can afford | $498,346 |
|---|---|
| Mortgage amount | $418,346 |
| Deposit | $80,000 |
| Monthly mortgage payment | $2,269 |
| Property tax & insurance (monthly) | $498 |
| Total monthly housing cost | $2,767 |
- Lenders qualify you at 6.30% (the greater of your rate + 2% or 5.25%), not at your actual rate.
- Your deposit is 16% of the price; under 20% usually means mortgage insurance.
- At 4.3% the monthly payment would be about $2,767 (33% of gross income).
Your result, explained
Based on your income, debts and deposit, lenders would likely approve a home of up to about $498,346, with a $418,346 mortgage costing around $2,767 a month.
That is the maximum a lender allows, not necessarily what is comfortable. Leave room for savings, repairs and rate rises: many buyers aim 10–20% below the maximum. Paying off a car loan or credit card first is often the fastest way to raise your budget, because every monthly debt payment reduces what you can borrow.
Compare nearby amounts
| Amount | Home price you can afford |
|---|---|
| $90,000 | $455,455 |
| $95,000 | $476,901 |
| $100,000 | $498,346 |
| $105,000 | $519,791 |
| $110,000 | $541,236 |
GDS, TDS and the stress test
Canadian lenders cap your gross debt service (housing costs) at 39% of income and total debt service at 44%. They calculate it at a stress-test rate: the greater of your contract rate plus 2% or 5.25%. That is why approval amounts are lower than your actual payment suggests.