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)
|