OpenBook briefing
Home Purchase Affordability Briefing
Start with the part of the home purchase question you are trying to understand. OpenBook will keep rough estimates visible, use calculations only as educational support, and point to the questions to explore next.
Runs in your browser and does not save what you enter.
You are buying a home. That is a big move.
Together we'll set out the purchase, the borrowing, the ongoing ownership costs, and the rough estimates behind them.
A few details are needed before we can prepare a meaningful home purchase briefing. Other parts can begin with visible rough estimates.
Which part should we explore first?
Choose the angle closest to the question you have right now.
Home purchase picture
This path starts with the monthly mortgage payment you feel you can afford, then uses the borrowing assumptions to estimate what kind of home-price range that payment may point toward.
To continue from a monthly-payment starting point, we need the approximate monthly mortgage payment you feel you can afford. A rough estimate is perfectly fine, and you can always adjust it later.
Home purchase picture
About how much might the home cost?
A rough estimate is perfectly fine. You can always adjust it later.
To continue from a specific home price, we need the approximate target home price. A rough estimate is perfectly fine, and you can always adjust it later.
Home purchase picture
About how much do you expect to put down?
A rough estimate is perfectly fine. You can always adjust it later.
To continue from this home-purchase starting point, we need the approximate down payment. A rough estimate is perfectly fine, and you can always adjust it later.
Home purchase picture
About how much does your household earn each year?
A rough estimate is perfectly fine. You can always adjust it later.
To continue with a useful home-purchase briefing, we need an approximate household income so the briefing can estimate borrowing room, debt-service ratios, and a useful affordability range. A rough estimate is perfectly fine, and you can always adjust it later.
Home purchase picture
Which province or territory is the home in?
To continue with a useful home-purchase briefing, we need the province or territory to use. If that is not settled yet, choose the place you want to explore first; you can always adjust it later or go back to a different home-purchase starting point.
Home purchase picture
What mortgage rate would you like this briefing to use?
If you're unsure, a rough estimate is enough to begin.
Please use an annual mortgage rate from 0% to 25% for this briefing. A higher number may be a typo or a scenario outside the current home-purchase calculator boundary.
To continue with a mortgage-rate estimate, enter the annual rate you want this briefing to use. If you are not sure yet, choose “Use a rough estimate” and the briefing will use 5%.
This mortgage rate is unusual for a home-purchase estimate. Please double-check that the annual rate was entered as intended before continuing.
Home purchase picture
How many years would you like the mortgage payment estimate to use?
If you're not sure, use the length you want to explore first.
Please use a mortgage length from 1 to 30 years for this briefing. OpenBook keeps this range so the payment and stress-test estimates stay within the current home-purchase calculator boundary.
To continue with a mortgage-length estimate, enter the number of years you want this briefing to use. If you are not sure yet, choose “I'm not sure yet” and the briefing will use 25 years.
Home purchase picture
Are there other monthly debt payments to include?
This helps distinguish the mortgage payment from broader monthly debt pressure.
To continue with other monthly debt payments, enter the amount to include. If there are no other monthly debt payments, choose “No other monthly debt payments.” If you are not sure yet, choose “Use a rough estimate” and the briefing will use $400.
Home purchase picture
What ongoing home costs would you like this briefing to include?
Add what you know. If you're unsure, rough estimates are enough.
To continue with ownership costs, add the costs you know. If you are not sure yet, choose “Use rough ownership-cost estimates” and the briefing will use $5,000 for annual property tax, $150 for monthly heating, and $0 for condo or strata fees.
Home purchase picture
Is this for a first home purchase?
This helps the briefing include the educational notes that may be useful.
Situation summary
You are exploring whether a home purchase fits your current financial situation.
We now have enough information to begin exploring the purchase, the borrowing, the monthly costs, and the rough estimates behind them.
The briefing will show the purchase picture, the borrowing estimate, the monthly costs, and the questions worth checking next.
If this sounds right, OpenBook is ready to prepare your first educational briefing.
Your situation
Review the picture so far, then continue if it feels close enough for this first pass.