What mortgage can I get with $70000 salary Canada?

What mortgage can I get with $70000 salary Canada?

Mortgage interest rate and your home buying budget

Salary $70,000/year $70,000/year
Down Payment $40,000 $40,000
Current Monthly Debts $250 $250
Mortgage Rate 2.75% 4.0%
Home Buying Budget $420,800 $367,200

How is affordability calculated for a mortgage?

Generally, in order to complete an affordability assessment, a lender will review how much you earn (your income) and how much you spend on bills and other regular payments (your committed expenditure). This is the same whether it’s a joint or sole application.

How much income do I need for a 400k mortgage?

What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should be at least $8200 and your monthly payments on existing debt should not exceed $981. (This is an estimated example.)

How much house can I afford making 75k a year?

You can afford a $225,000 house.

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