How much can you afford?
Choose the chart below with the Down Payment amount that you 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 |
$216,000 |
$72,000 |
$288,000 |
| $75,000 |
$352,500 |
$117,500 |
$470,000 |
| $100,000 |
$491,000 |
$163,750 |
$655,000 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
10% Down Payment |
Purchase Price |
| $50,000 |
$216,000 |
$24,000 |
$240,000 |
| $75,000 |
$352,500 |
$39,150 |
$391,500 |
| $100,000 |
$491,000 |
$53,450 |
$534,500 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
5% Down Payment |
Purchase Price |
| $50,000 |
$216,000 |
$11,075 |
$221,500 |
| $75,000 |
$352,500 |
$18,000 |
$360,000 |
| $100,000 |
$491,000 |
$25,125 |
$502,500 |
| |
|
|
|
| Income* |
Mortgage w/ins** |
0% Down Payment |
Purchase Price |
| $50,000 |
$216,000 |
$0.00 |
$207,360 |
| $75,000 |
$352,500 |
$0.00 |
$338,400 |
| $100,000 |
$491,000 |
$0.00 |
$471,360 |
| * |
Total gross annual household income. All products
assume the 3 yr qualifying rate of 3.2%, although your actual rate
may be much lower (i.e. 3.05%), 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, AIG and GENWORTH,
2% premium on 10% down, 2.75% premium on 5% down. The No Down mortgage
rate is currently 4%, and is subject to change. |
|