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  • Housing Affordability Calculator

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    B singh
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    The document compares the costs of purchasing different properties in different locations. It provides details on purchase prices, down payments, mortgage amounts, interest rates, monthly payments, taxes, fees and other costs. It calculates the costs over 25 years as well as gross monthly income requirements for each property based on a 32% gross debt service ratio. The Canada properties have lower purchase prices and costs compared to the Van/TO properties but buyers would pay CMHC insurance since the down payment is less than 20%.

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    HAC

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    The document compares the costs of purchasing different properties in different locations. It provides details on purchase prices, down payments, mortgage amounts, interest rates, monthly payments, taxes, fees and other costs. It calculates the costs over 25 years as well as gross monthly income requirements for each property based on a 32% gross debt service ratio. The Canada properties have lower purchase prices and costs compared to the Van/TO properties but buyers would pay CMHC insurance since the down payment is less than 20%.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    15 views2 pages

    Housing Affordability Calculator

    Uploaded by

    B singh
    The document compares the costs of purchasing different properties in different locations. It provides details on purchase prices, down payments, mortgage amounts, interest rates, monthly payments, taxes, fees and other costs. It calculates the costs over 25 years as well as gross monthly income requirements for each property based on a 32% gross debt service ratio. The Canada properties have lower purchase prices and costs compared to the Van/TO properties but buyers would pay CMHC insurance since the down payment is less than 20%.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    $0.

    00 Van/TO Van/TO Stress Canada Canada Stress


    Price $1,175,000.00 $900,000.00 $350,000.00 $350,000.00
    % Down 20.00% 20.00% 15.00% 15.00%
    Down $235,000.00 $180,000.00 $52,500.00 $52,500.00
    Mortgage $940,000.00 $720,000.00 $297,500.00 $297,500.00
    Amortization Years 25 25 25 25
    Mortgage Rate 3.24% 4.64% 2.50% 4.64%
    Rate Per Payment 0.27% 0.38% 0.21% 0.38%
    Monthly Payment $4,565.07 $4,041.23 $1,332.70 $1,669.82
    Total Paid $1,369,520.58 $1,212,370.20 $399,809.86 $500,944.63
    Interest Paid $429,520.58 $492,370.20 $102,309.86 $203,444.63

    Property Tax (annual) $3,000.00 $2,400.00 $1,200.00 $1,200.00


    Heating Cost (monthly) $150.00 $150.00 $150.00 $150.00
    Condo Fees $0.00 $0.00 $0.00 $0.00
    PITH $4,965.07 $4,391.23 $1,582.70 $1,919.82
    GDS Ratio 32.00% 32.00% 32.00% 32.00%
    Gross Monthly Income $15,515.84 $13,722.61 $4,945.94 $5,999.42
    Gross Annual Income $186,190.07 $164,671.27 $59,351.23 $71,993.08

    CMHC Rate 0.00% 0.00% 2.80% 2.80%


    CMHC Premiums $0.00 $0.00 $8,330.00 $8,330.00
    Plus CMHC Plus CMHC
    $922,000.00 $922,000.00
    15.00% 15.00%
    $138,300.00 $138,300.00
    $783,700.00 $783,700.00
    25 25
    2.50% 4.64%
    0.21% 0.38%
    $3,510.71 $4,398.77
    $1,053,213.40 $1,319,631.28
    $269,513.40 $535,931.28

    $2,400.00 $2,400.00
    $150.00 $150.00
    $0.00 $0.00
    $3,860.71 $4,748.77
    32.00% 32.00%
    $12,064.72 $14,839.91
    $144,776.68 $178,078.91 -$21,518.80

    2.80% 2.80%
    $21,943.60 $21,943.60

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