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How Much Can You Afford?
Not sure? If insured through CMHC, you can work out the mortgage loan that you can afford, with just a few simple calculations. If you don't know how much your monthly mortgage payment might be, you can use our mortgage calculator to determine the likely monthly payments (principal + interest) associated with different house prices at different interest rates.
The following calculations will help you determine how much you can afford. Your mortgage lender or mortgage broker will make these and other calculations when evaluating your unique situation. Ask them about being pre-approved for a CMHC-insured mortgage to avoid any surprises. You can also do the following exercises to find out where you stand.
Calculating Gross Debt Service (GDS)
This is a way of estimating the maximum home-related expenses you can afford to pay each month. To qualify for CMHC insurance, the total should not exceed 32% of your gross monthly household income.
Calculate your GDS
Calculate your GDS Calculating Total Debt Service (TDS)
This enables you to estimate the maximum debt load you can carry each month. It should not exceed 40% of your gross monthly household income.
Calculate your TDS
Return to: CMHC Mortgage Loans
or
CMHC Main Menu
or
Mike's Home Page
Mike has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Mike or click on "Ask Your Own Questions."
Mike can send you information on any Property For Sale on the Multiple Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Mike can also help, just fill out his Would like an address form, please !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form.
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