How much can you afford?
Choose the chart below with the Down Payment amount that your desire
(25%, 10%, 5% or 0%. Find the annual household income amount that most
closely approximates your own. Follow that to the far right, and see the
“Home Purchase Price” that you could qualify for!
All calculations are for demonstration purposes only; this is not intended
to read as a pre-approval, or promise of mortgage approval in any way.
Rates, terms, and conditions will apply. For purposes of these calculations,
average heat, and property taxes have been taken into account.
| Income* |
Mortgage |
25% Down Payment |
Purchase Price |
| $50,000 |
$172,500 |
$57,500 |
$230,000 |
| $75,000 |
$264,750 |
$88,250 |
$363,000 |
| $100,000 |
$360,000 |
$120,000 |
$480,000 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
10% Down Payment |
Purchase Price |
| $50,000 |
$172,500 |
$18,000 |
$187,000 |
| $75,000 |
$264,750 |
$28,700 |
$287,000 |
| $100,000 |
$360,000 |
$39,000 |
$390,000 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
5% Down Payment |
Purchase Price |
| $50,000 |
$172,500 |
$8,625 |
$175,000 |
| $75,000 |
$264,406 |
$12,500 |
$250,000 |
| $100,000 |
$246,406 |
$12,500 |
$250,000 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
0% Down Payment |
Purchase Price |
| $50,000 |
$157,000 |
$0.00 |
$151,000 |
| $75,000 |
$242,320 |
$0.00 |
$233,000 |
| $100,000 |
$327,600 |
$0.00 |
$315,000 |
| * |
Total gross annual household income. All products assume the 3
yr qualifying rate of 6.00%, although your actual rate may be much
lower (i.e., 4.5%), the Banks use the higher 3 year posted rate to
qualify most applications. |
| |
|
| ** |
All mortgages on properties purchased with less than 25% down require
a one-time insurance to be issued and added to the mortgage amount
(typically CMHC and GE Capital, 2.50% premium on 10% down, 3.75% premium
on 5% down, Xceed mortgage 4% fee on No “0” down). The
No Down mortgage rate is currently 7.05%, and is subject to change. |
|
