Use this CIBC mortgage affordability calculator to estimate how much house you can afford with your income and credit situation.
The best mortgage rates are on approvU. Get qualified and apply for mortgages directly with trusted banks and lenders on approvU in 6 minutes or less—no baiting; no Spamming.
Mortgage Deals
Lenders & Brands
Huge Savings
How much house can you afford?
CIBC’s mortgage calculator helps you figure that out based on your earnings, existing debts, down payment, and credit rating. CIBC uses two key ratios, Gross Debt Service (GDS) and Total Debt Service (TDS), to gauge your ability to repay the loan while balancing other debts like car loans and credit cards.
Simply input your income, down payment, other debts, and credit score to get started.
approvU allows you to instantly shop the market for the lowest mortgage rates in 3-easy steps
Provide approvU with a few details about your mortgage needs, including your financial and credit situations.
approvU searches through over 12,000 mortgages and matches you with those you are most likely to get approved.
Make your mortgage selections; complete and submit your application directly to lenders for final approval.
See Your Personalized Mortgages Online With approvU
CIBC offers different types of home loans to fit your needs. With a fixed-rate mortgage, your monthly payments stay the same, which is suitable for planning your budget. Terms can be as short as 6 months or as long as 10 years.
If you prefer more flexibility, a variable-rate mortgage might suit you. These have interest rates that can go up or down. Plus, you can pay off your loan faster if you want.
CIBC also has special loans like the Home Power Mortgage for people who want to borrow against their home and a mortgage for self-employed people who can’t show a regular income.
CIBC offers a range of home loans to fit various needs, whether you’re a first-time buyer, upgrading, investing in property, or renewing your current loan. CIBC follows federal rules to ensure you only get a loan you can afford.
When you apply, the bank looks at your income, credit score, and debts to determine how much they can lend you.
Before applying, it’s a good idea to find out what you can afford based on your current financial situation. This helps you start on the right foot.
Gross Income: Your pre-tax income, including additional earnings like bonuses and commissions, is crucial in how much mortgage you can afford.
Credit Score: A credit score of at least 600 is required for a CIBC mortgage.
Mortgage Interest Rates: The interest rate CIBC charges for your mortgage impacts your qualification and monthly payments. Rates depend on factors such as your credit score. Mortgage rates can either be fixed or variable. A fixed rate remains the same for the mortgage term, whereas a variable rate can change according to CIBC’s prime rate.
Down Payment: The minimum down payment in Canada is 5% of the home price. This money can come from various sources, including your savings, RRSP, or government grants. The down payment size affects your loan-to-value (LTV) ratio, which CIBC uses to assess your mortgage risk.
Conclusion
You may need to make financial adjustments to afford a home, like reducing daily expenses or taking on a second job. These changes can boost your affordability, allowing you to secure a mortgage more comfortably.
The Canadian Imperial Bank of Commerce (CIBC) is a leading Canadian bank founded in 1867 and headquartered in Toronto. Serving over 11 million clients globally, CIBC offers a wide array of financial services, including retail and business banking, wealth management, and capital markets. With extensive domestic and international operations, the bank is known for its client service, innovative digital platforms, and corporate responsibility efforts in education and financial literacy.
© 2025 All Rights Reserved.
