Income Needed For 700k Mortgage Canada

This page will calculate how much you need to earn to buy a house that costs 700 000.

Income needed for 700k mortgage canada. Salary needed for 700 000 dollar mortgage. The qualifying rate requires you to qualify for a 5 year fixed mortgage rate if you seek a variable mortgage or a mortgage with a lesser term. A good rule of thumb is to spend no more than 28 of your pre tax income on your mortgage payment. For help we turned to adrian williams a toronto mortgage broker with an incredibly handy mortgage calculator.

What is your down payment. I ll give you a mortgage banker s answer to show you what you can qualify for. Your maximum affordability is also constrained by the qualifying mortgage rate set by the bank of canada. There are a couple of important variables in the approval equation.

Affordability maximum affordability this is the maximum home price you can afford based on your income or combined income and expenses. What are your other debt pay. To calculate an estimated gross income required you need the purchase price down payment interest rate estimated property taxes and a minimum of 100 a month for heating costs.