Mortgage Calculator

To qualify for a mortgage loan at a bank, you will need to pass a “stress test”. You will need to prove you can afford payments at a qualifying interest rate which is typically higher than the actual rate in your mortgage contract.

You need to pass this stress test even if you don’t need mortgage loan insurance.

Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.

Banks must use the higher interest rate of either:

5.25%
the interest rate you negotiate with your lender plus 2%

Click below to access the mortgage calculator (it will open in a new tab):