Owning your own home is exciting but before you do you should understand what’s involved.

The key is to make sure that you can comfortably afford the mortgage payment and other monthly expenses that come owning a home.

How much can you afford?

This guide will show you how much you can afford as a down payment and lawyer fees.

Prepare a budget

Next, prepare a budget.  Make a detailed list of your current monthly expenses. Add everything up and then subtract this amount from your monthly take home amount. This will then give you a clear idea of how much you can truly afford for a mortgage payment each month.

Mortgage Payments

The size of your mortgage payments will depend on your down payment, the  amortization period (25 years), the term (fixed rate, variable rate) and your payment schedule (weekly, bi-weekly or monthly).

Down payment

The first thing you will need is a down payment. The more money you put down, the less interest you will pay over the life of your mortgage. The minimum mortgage down payment amount that is typically required in Canada is 5%. In order to put less than 20% down, mortgage default insurance is required.


Before you start house hunting, visit a Accredited Mortgage Professional.  They will look at your finances and determine the amount of mortgage they are willing to give you.