Price : Prop Taxes : /mth
Rate : % Condo Fees : /mth
Amort. : Heating Costs : /mth
Term :
Down Pmt :
Calculator bottom

3.7 % is 3 yr mode of Current Rates

% Down Payment
INPUT or SELECT percentage above.
10 %
Mortgage TERM : 3 Yr
Down Payment $ 10,000
First Mortgage Amount $ 90,000
Insurance Fee ( 2 % of mtg ) $ 1,800
Total Mortgage Amount $ 91,800
Mthly Mortgage Payment $ 468
Mthly Property Taxes $ 0
Mthly Condo Fees $ 0
Mthly Heating Costs $ 0
TOTAL Mthly Payment $ 468

Household Income Required $ 17,553

Figures are rounded to nearest dollar.
The above information is deemed reliable, but is not guaranteed.


A 5 % Minimum Down Payment is required to insure a mortgage with CMHC.

The maximum Gross and Total Debt Service Ratios (GDSR and TDSR) are 32% and 40% respectively. As such, the calculation assumes the total of all non shelter financial obligations will not exceed $ 1,404, or an additional 8% of the required household income. The mortgage insurance fee is based on a single loan advance. The GDSR considers only 1/2 of the input condo fees for underwriting purposes. Property taxes are gross amounts, but can be re-input, net of grants or subsidies, where appropriate.

The minimum loan term is set at six months. The greater of the current three year posted mortgage rate or the actual contract rate may be used to qualify the borrower. Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least $ 1,500, or 1.5% of the $ 100,000 purchase price.
The Household Income Required of $ 17,553 is the minimum amount of Gross Income to qualify for a total mortgage of $ 91,800 under generally accepted underwriting guidelines (see GDSR and TDSR above). To determine qualifying sources of income, contact your lender.

For more information contact your financial institution. Individual lender policies may vary.