This page shows what a $120,000 income buys over a 25- or 30-year amortization.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $120,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $524,000 | $27,400 | $2,720 |
| 10% | $553,000 | $55,300 | $2,702 |
| 20% | $612,000 | $122,400 | $2,669 |
The assumptions and rules behind these figures are on the affordability calculator page.
A longer amortization
Over 30 years, available to first-time buyers and buyers of new builds, the price this income supports rises to about $560,000.