| The Bottom Line
|% Down Payment
|Mortgage TERM :
||First Mortgage Amount
||Insurance Fee ( 0 % of mortgage )
|Total Mortgage Amount
||$ 105,000 |
|Monthly Mortgage Payment
|Monthly Property Taxes
|Monthly Condo Fees
|Monthly Heating Costs
|TOTAL Monthly Payment
||$ 535 |
|Household Income Required
||$ 20,077 |
See Current Rates for term options.
The Household Income Required figure of $ 20,077 is the minimum
amount of Gross Income to qualify for a total mortgage of $ 105,000
under generally accepted underwriting guidelines. To determine
qualifying sources of income, contact CanadaMortgage.com. Individual
lender policies may vary.
Typical loan qualification criteria requires that borrowers spend no
more than 32% of their gross income (Gross Debt Service Ratio or GDSR) on shelter financial obligations
including mortgage payments, taxes, utilities & half of condo fees. In addition, borrowers should spend no more than
an additional 8% to 10% (Total Debt Service Ratio or TDSR = 40% to 42%)
of their gross income on all other financial
obligation including personal loans, car loans, credit cards and
other debts. The calculation therefore
assumes the total of all non-shelter financial obligations will not exceed
$ 1,606, or an additional 8% of the required household income.
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 for calculation purposes. Borrowers may be required to
demonstrate their ability to cover closing costs equal to at least $ 2,100,
or 1.5% of the $ 140,000 purchase price.
The calculators default Down Payment is set for a minimum of 25%
of the property purchase price. For calculating results with 5% down
payment, % is the mode of current
Major Bank Rates and should be input to accurately calculate 5% down
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 by CM Canada Mortgage Coporation.
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