List Price : Prop Taxes : /mo
Rate : % Condo Fees : /mo
Amort. : Heating : /mo
Term :  
Down Pmt :  

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% Down Payment 25 %
Mortgage TERM : 3 Yr
Down Payment $ 35,000
First Mortgage Amount $ 105,000
Insurance Fee ( 0 % of mortgage ) $ 0
Total Mortgage Amount $ 105,000
Monthly Mortgage Payment $ 535
Monthly Property Taxes $ 0
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
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 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 5 Year Major Bank Rates and should be input to accurately calculate 5% down payment results.
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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