Are mortgage affordability calculators any good?
https://www.bmo.com/main/personal/mortg ... rdability/
Annual household income: $100,000
Property tax: $4,000
Monthly living cost: $500
Monthly loan: $0
Other monthly: $300
Down payment $600,000
Only around 900k? So essentially only a 300k loan for a household with 100k income? I thought it was 5x annual salaries?
If I use CIBC, then it became 450k loan..... https://www.cibc.com/ca/mortgages/calcu ... ility.html
Annual household income: $100,000
Property tax: $4,000
Monthly living cost: $500
Monthly loan: $0
Other monthly: $300
Down payment $600,000
Only around 900k? So essentially only a 300k loan for a household with 100k income? I thought it was 5x annual salaries?
If I use CIBC, then it became 450k loan..... https://www.cibc.com/ca/mortgages/calcu ... ility.html