Mortgage Qualification Chart – Learn How Much You Can Borrow

By: Thomas Cook

Mortgage Qualification Chart – Learn How Much You Can Borrow

Pick your gross annual income on the left column and choose the correct current interest rate from the top row. The amount where the two intersect is the size of mortgage that you will generally qualify for (subject to extraordinary debts!). This chart is based on a 25-year amortization.

 
Annual Income 3.00% 3.50% 4.00% 4.50% BoC 4.99%
$40,000 $154,000 $149,000 $145,000 $143,000 $136,000
$50,000 $214,000 $206,000 $198,000 $192,000 $182,000
$60,000 $277,000 $264,000 $251,000 $240,000 $227,000
$70,000 $332,000 $316,000 $301,000 $288,000 $273,000
$80,000 $391,000 $372,000 $353,000 $336,000 $320,000
$90,000 $444,000 $422,000 $400,000 $380,000 $362,000
$100,000 $495,000 $470,000 $446,000 $423,000 $403,000
$110,000 $553,000 $525,000 $497,000 $471,000 $448,000
$120,000 $613,000 $581,000 $549,000 $519,000 $494,000
$130,000 $671,000 $636,000 $600,000 $567,000 $540,000
$140,000 $730,000 $691,000 $652,000 $615,000 $586,000
$150,000 $782,000 $742,000 $701,000 $647,000 $625,000
$160,000 $836,000 $792,000 $748,000 $687,000 $661,000
$170,000 $899,000 $850,000 $800,000 $723,000 $702,000
$180,000 $950,000 $897,000 $844,000 $763,000 $739,000
$190,000 $1,003,000 $946,000 $889,000 $803,000 $770,000
$200,000 $1,065,000 $1,004,000 $942,000 $856,000 $807,000
$225,000 $1,240,000 $1,175,0000 $1,119,000 $1,063,000 $1,011,000
$250,000 $1,388,000 $1,315,000 $1,248,000 $1,185,000 $1,127,000
$275,000 $1,530,000 $1,451,000 $1,377,000 $1,308,000 $1,244,000
$300,000 $1,654,000 $1,567,000 $1,487,000 $1,413,000 $1,344,000
$400,000 $2,239,000 $2,121,000 $2,013,000 $1,912,000 $1,819,000
$500,000 $2,750,000 $2,606,000 $2,417,000 $2,349,000 $2,234,000

Pick your gross annual income on the left column and choose the correct current interest rate from the top row. The amount where the two intersect is the size of mortgage that you will generally qualify for (subject to extraordinary debts!). This chart is based on a 25-year amortization.

The BOC rate above = 4.99%.  These numbers are a ROUGH guide – please confirm all calculations with your mortgage professional.

Almost everyone, regardless of their down payment, must now qualify at the Bank of Canada rate (BoC), even if they’re getting a 3% or other rate.

Add on your down payment to get your buying $$ range.  

Connect with us to find out what you can buy in your favourite TO neighbourhoods.
MarketExperienceTour.com OR DailyTorontoHomeTour.com

 

Keep Up To Date With Toronto's Real Estate Market
 
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
 
Subscribe to our free monthly FYI Newsletter HERE.