This page shows what a $250,000 income buys, and how the $1,500,000 insured-mortgage cap applies at this level: at or above it, you need 20% down.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $250,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $1,143,000 | $89,300 | $5,770 |
| 10% | $1,177,000 | $117,700 | $5,751 |
| 20% | $1,303,000 | $260,600 | $5,683 |
The assumptions and rules behind these figures are on the affordability calculator page.
Minimum down versus 20% at this income
With the minimum down payment the most this income supports is about $1,143,000. With 20% down it’s about $1,303,000, a payment of about $5,683 a month at the uninsured average rate.