The table below gives you an idea of the maximum home price you will
be able to afford, taking into account household income and expenses. The
figures assume an intrest rate of 8%, average property taxes and heating
costs for Canada and the amount of mortgage that an average person would
qualify for, based on a 32% Gross Debt Service. |
| Household Income |
5% Down Payment |
Maximium Home Price |
|
| $25,000 |
$3,000 |
$60,000 |
| $30,000 |
$3,900 |
$78,000 |
| $35,000 |
$4,800 |
$96,000 |
| $40,000 |
$5,700 |
$114,000 |
| $45,000 |
$6,600 |
$132,000 |
| $50,000 |
$7,500 |
$150,000 |
| $60,000 |
$9,300 |
$186,000 |
| $70,000 |
$11,100 |
$221,000 |
| $80,000 |
$12,500 |
$250,000 |
| $90,000 |
$12,500 |
$250,000 |
| $100,000 |
$12,500 |
$250,000 |
|
