Other debts cut into what a $60,000 income can borrow. This page shows how much.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $60,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $251,000 | $12,550 | $1,306 |
| 10% | $265,000 | $26,500 | $1,295 |
| 20% | $294,000 | $58,800 | $1,282 |
The assumptions and rules behind these figures are on the affordability calculator page.
The effect of other debts
CMHC also limits all debt payments, housing included, to 44% of income. With $400 a month of car or credit payments, the price this income supports drops to about $230,000, from $251,000 with none.