The Stress Test tool helps you find out the maximum loan you can afford to borrow.
All is required is your annual income and you'll be able to quickly and accurately calculate the maximum loan qualified using the Stress Test Rate.
You can further refine the loan by entering the expected annual property tax, condo fees (if you are planning to purchase a condominium), the estimated heat (usually $100), as well as entering a sum of all other monthly debt payments you have.
The "other monthly debt" should include all your monthly debt payments, including car payments, credit card payments or other loan payments.
The app uses industry standard debt service ratios, 35%/42% to estimate your maximum loan. However, these ratios depends on the specific lender.