The
above maximum monthly payment includes principal, interest, taxes,
heating (PITH) and 50% of the condominium fees.
If
the home you want costs more per month than you can afford right now,
consider these strategies:
•
Consider a less expensive home
• lower your non-housing debt obligations
• raise a large down-payment
|
3.
Maximum Home Price You Can Afford |
|
This
table gives you an idea of the maximum home price you can afford.
These estimates take into account household income and percentage
down payment you have. They assume a mortgage interest rate
of 10% , average tax and heating costs in Canada, and the mortgage
an average Canadian would qualify for based on a 32% debt service
ratio.
|
|
Household
Income |
10%
Down Payment |
Maximum
Home Price |
25%
Down Payment |
Maximum
Home Price |
| $25,000 |
$5,400 |
$53,800 |
$16,500 |
$66,200 |
| $30,000 |
$7,000 |
$70,000 |
$21,500 |
$86,000
|
| $35,000 |
$8,600
|
$86,100
|
$26,500 |
$105,900 |
| $40,000
|
$10,200 |
$102,300
|
$31,400
|
$125,800 |
| $45,000
|
$11,800
|
$118,400
|
$36,400
|
$145,700 |
| $50,000
|
$13,500 |
$134,600
|
$41,400
|
$165,500 |
| $60,000
|
$16,700 |
$166,900
|
$51,300
|
$205,300 |
| $70,000
|
$20,000 |
$199,200
|
$61,300
|
$245,000 |
| $80,000
|
$23,200 |
$231,500
|
$71,200
|
$284,800 |
| $90,000
|
$26,400 |
$263,800
|
$81,100
|
$324,500
|
| $1000,000
|
$29,600
|
$296,200
|
$91,100
|
$364,300 |
(Figures
are rounded to the nearest $100.00)
|