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Mortgage Calculator — How Much Can You Afford?
The shortest answer to that question is: it depends on a number of factors. The most important are your gross household income, your down payment and the mortgage interest rate. Lenders will also consider your assets and liabilities. Your own lifestyle and debt comfort zone also come into play.
Use the Mortgage Calculator to estimate the maximum mortgage you can afford
This calculation is based on two simple rules that lenders use to determine how much of a mortgage you can afford. The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income. Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees.
Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income. This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.
Return to: CMHC Mortgage Loans
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CMHC Main Menu
Don has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Don or click on "Ask Your Own Questions."
Don can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Don can also help. Just fill out his Would like an address form, please !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form. |
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