This page shows what an $80,000 income buys, and why the stress test caps it below what the real payment would allow.
Most you can spend on a home
Down payment
CMHC insurance premium
Mortgage (with premium)
Qualifying (stress test) rate
Actual monthly payment
What an $80,000 income buys
| Down payment | Most you can spend | Down payment needed | Actual monthly payment |
|---|---|---|---|
| Minimum | $342,000 | $17,100 | $1,779 |
| 10% | $361,000 | $36,100 | $1,764 |
| 20% | $400,000 | $80,000 | $1,745 |
The assumptions and rules behind these figures are on the affordability calculator page.
Why the stress test sets the limit
Buying at the top minimum-down price, your real mortgage payment would be about $1,779 a month. Lenders size the loan on $2,164, the payment at the higher qualifying rate, so that figure has to fit your budget ratios instead.