One of the first steps when you are thinking about buying a home is determining how much you can afford! You need to know what your maximum purchase price is before getting out there and searching for a home. Below is a simple mortgage affordability calculator to help you get a summary of how much house you can buy with your income and down payment. Again this calculator is simply for Illustrative Purposes and should not be used to replace a mortgage approval provided by a financial institution. Please seek professional mortgage from a mortgage broker or mortgage adviser when you are ready to move forward.