This page shows what a $70,000 income buys and what the CMHC premium adds to a small-down-payment purchase.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $70,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $296,000 | $14,800 | $1,540 |
| 10% | $313,000 | $31,300 | $1,529 |
| 20% | $347,000 | $69,400 | $1,513 |
The assumptions and rules behind these figures are on the affordability calculator page.
The insurance premium
With the minimum down payment, the premium on the most expensive home this income supports is about $11,248, added to the mortgage. Putting 20% down removes it and raises the price to $347,000.