- Apply On Line - Apply Online Apply by Fax Arrange a Callback - Mortgage Resources - Rates Learning Centre Press Releases Industry News Glossary Legal Information Privacy Policy - Calculators & Tools - Amortization Finance your Purchase Mortgage Manager Schedule Investment Planner Buy Down Affordability Affordability Chart Rent vs. Own ---> Differential ---> Housing Affordability Calculator A fast and easy tool to find out how much home you can afford. Change interest rates, fees, and income to test options. Required Information Estimated Monthly Expenses Mortgage Rate : Property Tax : /month Down Payment : Condominium Fees : /month Gross Monthly Income : Debt Payments : /month   see chart below         Based on your $4,000 Monthly Income and these Down Payment options :   USER Input Interest Rate - See Current Rates % Down Payment   25% 20% 15% 10% 5% Down Payment   $56,705 $42,108 $29,504 $18,531 $8,671 Mortgage   $170,117 $168,433 $167,191 $166,781 $164,762     Max Home Price   $226,822 $210,541 $196,695 $185,312 $173,433     CMHC Insurance Fee   $0 $1,684 $2,925 $3,335 $5,354 Total Mortgage   $170,118 $170,118 $170,118 $170,118 $170,118     Monthly Mtg Pmts   $1,155 $1,155 $1,155 $1,155 $1,155 TOTAL Monthly Pmts   $1,280 $1,280 $1,280 $1,280 $1,280     Amount of DOWN PAYMENT, INCOME make a difference   High Ratio - 5.72 % Down Payment Max Home Price $174,763 Your $10,000 Down Payment and your Gross Monthly Income of $4,000 results in a Maximum Home Price of $174,763 using 94.28 % High Ratio Financing. Your first mortgage of $164,763 plus the 3.25 % mortgage insurance fee of $5,355 results in a total mortgage of $170,118. Your monthly mortgage payments will be $1,155.     With Conventional ( 75.00 %) Financing Max Home Price $40,000 Under conventional financing criteria, based on a $10,000 (25%) Down Payment and Gross Monthly Income of $4,000, the Maximum Home Price is $40,000. Your mortgage will be $30,000 with monthly payments of $204. The maximum is often limited by a small down payment. High Ratio financing may be required.	COMPARE RATES TERM OURS BANKS 6.mo 1yr. 3yr. 5yr. 6.35% 5.05% 5.70% 5.64% 6.60% 6.95% 6.65% 7.15% Quick Calculator
Back to Top     Figures are rounded to nearest dollar. The above information is for illustrative purposes only. We cannot guarantee its accuracy. Please contact your financial advisor for more specific information. Calculator powered by CanadaMortgage.com	Legal Information Privacy Policy