Young Couple - How much should we borrow
Assuming based on the standard mortgage terms (5 year fixed, 25 year amortization term), it seems like we need around 75% of the maximum mortgage amount to get into the lower end of the market.
Monthly Net Income (before bonuses): $7200
Estimated Mortgage Payment: $2300
I won't have any savings left right now but still got about another $150k in (RRSPs, company stock options and TFSAs) plus a pension.
In this situation, is 75% of the max amount ok, or should I lower the amount and try living elsewhere?