![]() Quickly find the maximum home price within your price range. Let ratehub.ca help you compare the best Canadian lenders. Market holidays and trading hours provided by Copp Clark Limited. The home affordability calculator from helps you estimate how much house you can afford. Compare todays lowest mortgage rates Saving on your home purchase starts with the lowest rates. What can you afford Enter a state to use the affordability calculator for your area. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Home > Tenant Resources > Affordability Calculator. Use our calculator to estimate your monthly mortgage payment amount based on a home’s sale price, mortgage term, down payment and the interest rate info you enter. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Well ask for your annual gross income and monthly debts. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account This calculator can give you a general idea of what size mortgage you can afford. Another general rule of thumb: All your monthly home payments should not exceed 36% of your gross monthly income. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower. ![]() One rule of thumb is to aim for a home that costs about two-and-a-half times your gross annual salary. One way to start is to get pre-approved by a lender, who will look at factors such as your income, debt and credit, as well as how much you have saved for a down payment, to come up with loan amount you can afford. Tell us a little about your finances and the type of property you’re looking to buy to get a sense of what you can afford.īefore you start shopping for a new home, you need to determine how much house you can afford. Buying a home is a major commitment and many factors determine what a mortgage lender is willing to offer you.
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