This page looks at what a $50,000 income buys and how much a 30-year amortization adds.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $50,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $205,000 | $10,250 | $1,066 |
| 10% | $217,000 | $21,700 | $1,060 |
| 20% | $241,000 | $48,200 | $1,051 |
The assumptions and rules behind these figures are on the affordability calculator page.
Longer amortization
First-time buyers and buyers of new builds can take an insured mortgage over 30 years. On this income that lifts the price to about $219,000, from $205,000 over 25 years, at the cost of more interest and a premium 0.20 percentage points higher.