On $75,000 a year, this page compares buying with a small down payment against saving 20% first.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What a $75,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $319,000 | $15,950 | $1,660 |
| 10% | $337,000 | $33,700 | $1,647 |
| 20% | $373,000 | $74,600 | $1,627 |
The assumptions and rules behind these figures are on the affordability calculator page.
What 20% down takes
The largest price this income supports with 20% down is $373,000, which needs $74,600 saved. With the minimum down payment, $15,950 is enough for a $319,000 home.