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| HOW MUCH CAN I AFFORD ? | ||||
| The cost of the home you can afford to purchase is a direct reflection of the amount of money you have available on a monthly basis with which to run your home plus the amount of your downpayment. |
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Amount of money available monthly, $T |
:____________ | |
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TMI, see Cost of Home Ownership |
:____________ | |||
Amount available for mortgage payment, |
:____________ | |||
$M @ ____% interest amortized over ____years services a debt of, P |
:____________ | |||
Downpayment, D |
:____________ | |||
Maximum purchase price = D + P |
:____________ | |||
Note: Most purchasers find that the amount of money they can qualify to borrow combined with the TMI of a property, in fact, exceeds the amount of money they can afford or want to spend on a monthly basis in order to own a home. Click here to go to CMHC Mortgage Calculator. |
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