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.