How Much Income Do I Need? Mortgage Qualifying Calculator
Information is provided for sample purposes only. The Mortgage Centre does not guarantee its accuracy. Information should be verified and should not be relied upon as legal, financial, or other advice.
How Much Mortgage Can I Afford to Borrow for a Mortgage?
When planning to purchase your first home or even move into a larger home, you should ask yourself the following:
- How much mortgage will a lender qualify me for?
- How much home can I qualify for?
- How much can I afford to spend on a home?
These may seem like the same questions, but they are very different. How much you can afford for a mortgage is simply the amount a lender or bank will allow you to borrow to put towards the purchase of a home. How much home you qualify for will depend on how much of a downpayment you have saved and are willing to put towards the purchase. Finally, how much you can afford to spend on a home will differ from family to family. How much you like to go out to eat, vacation, and spend money on day-to-day life will dictate what you and your family can afford.
Reverse Maximum Mortgage Calculator
Like the Maximum Mortgage Calculator, this calculator shows you how much mortgage you can afford. But this time, you can put in the house price you have in mind, along with your expenses, and the calculator will show you how much income you’ll need to qualify. Be sure to enter the required information as accurately as possible, as this will ensure that the results are accurate to your situation.
Again, feel free to talk to Home Mortgage Ontario if you’d like a thorough analysis of your specific situation.
Complete our online application today and in most cases, you will have a preapproval letter by tomorrow!