Tools

Required Income Calculator

Find out the minimum gross annual income needed to qualify for your mortgage, including the federal stress test.

Mortgage Details

Purchase Price$750,000

Down Payment20%

Interest Rate5.50%

Amortization25 years

Other Monthly Debts ($)

Heating Cost ($/mo)

Condo Fees ($/mo)

Minimum Income Required

$136,534

At contract rate (5.50%)

Stress Test Income

$158,902

Qualifying rate: 7.50%

Monthly Payment$3,662

Est. Property Tax (mo)$625

PITH (mo)$4,437

GDS Ratio Limit39%

TDS Ratio Limit44%

Based on CMHC GDS (39%) and TDS (44%) guidelines. Property tax estimated at 1% annually. Results are estimates only.