Annual Household Income
Monthly Expenses
Heating costs
Property taxes
Condo fees
Debt payments
Mortgage Details
Interest rate
Amortization (years)
Down payment percent
You qualify for a home with a maximum purchase price of
|
Maximum purchase price
|
A
|
|
Down payment (5.00%)
|
B
|
|
Principal mortgage amount
|
C (A-B)
|
|
Mortgage default insurance
|
D
|
|
Total mortgage amount
|
E (C+D)
|
|
Monthly mortgage payment
|
|
|
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Gross Debt-Service Ratio (GDSR)
This ratio compares your gross monthly income to your total monthly home ownership costs – mortgage payment, property taxes, heat and
50% of condo fees. The total of these cost is divided by your gross monthly income to arrive at the GDSR. Lenders generally do not want
the GDSR to be more than 32%.
Total Debt-Service Ratio (TDSR)
This ratio compares your gross monthly income to your total monthly home ownership costs (mortgage payment, property taxes, heat and 50%
of condo fees) plus the total monthly payments on all of your credit cards and loans. The total of these costs is divided by your gross
monthly income to arrive at the TDSR. Lenders generally do not want the TDSR to be more than 40%.
Assumptions
Results are based on the lower of the gross debt service ratio (GDSR) and the total debt service ratio (TDSR). The minimum down payment
for homes with a purchase price of $0 to $500,000 is 5%. For amounts over $500,000 an additional 10% down payment is required for each
dollar over $500,000. For amounts over $1,000,000 a 20% down payment is required. Mortgage default insurance is required for down
payments between 5% and 19.99% and the maximum amortization for insured mortgages is 25 years. The calculator assumes that the mortgage
interest rate will never vary over the amortization. The actual rate will likely vary over the course of the amortization period and
such fluctuations will affect the overall affordability calculation.
Disclaimer
See how much you can borrow to buy a home based on your income, debt, and living expenses.
|
Income
|
|
Monthly Payments
|
|
Annual household income
|
|
Mortgage payment
|
|
Monthly household income
|
|
Property taxes
|
|
Mortgage Details
|
Heating
|
|
Interest rate
|
|
Condo fees
|
|
Amortization (years)
|
|
Debt payments
|
|
Down payment (5.00%)
|
|
Total monthly payment
|
|
You qualify for a home with a maximum purchase price of
|
Maximum purchase price
|
A
|
|
Down payment (5.00%)
|
B
|
|
Principal mortgage amount
|
C (A-B)
|
|
Mortgage default insurance
|
D
|
|
Total mortgage amount
|
E (C+D)
|
|
Monthly mortgage payment
|
|
|
Gross Debt-Service Ratio (GDSR)
This ratio compares your gross monthly income to your total monthly home ownership costs - mortgage payment, property taxes, heat and
50% of condo fees. The total of these cost is divided by your gross monthly income to arrive at the GDSR. Lenders generally do not want
the GDSR to be more than 32%.
Total Debt-Service Ratio (TDSR)
This ratio compares your gross monthly income to your total monthly home ownership costs (mortgage payment, property taxes, heat and 50%
of condo fees) plus the total monthly payments on all of your credit cards and loans. The total of these costs is divided by your gross
monthly income to arrive at the TDSR. Lenders generally do not want the TDSR to be more than 40%.
Assumptions
Results are based on the lower of the gross debt service ratio (GDSR) and the total debt service ratio (TDSR). The minimum down payment
for homes with a purchase price of $0 to $500,000 is 5%. For amounts over $500,000 an additional 10% down payment is required for each
dollar over $500,000. For amounts over $1,000,000 a 20% down payment is required. Mortgage default insurance is required for down
payments between 5% and 19.99% and the maximum amortization for insured mortgages is 25 years. The calculator assumes that the mortgage
interest rate will never vary over the amortization. The actual rate will likely vary over the course of the amortization period and
such fluctuations will affect the overall affordability calculation.
Disclaimer