Rbc mortgage how much can you afford

This prequalification is for illustrative and general information purposes only and is not intended to provide specific financial or other advice. Prequalification is not the same as a mortgage approval or pre-approval. A professional advisor should be consulted regarding your specific situation.

Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change.

No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates. Skip to main content. Find a Branch. English Contact Us. Find a Branch Call Email. By RBC March 29, Buying a home is a big decision. And often people don't know where to start. Factor in all your expenses Your monthly mortgage payment, while likely to be substantial, will be only one expense among the many associated with owning a home.

In addition, you may want to give some thought to your future income and expenses, asking yourself questions that could include: How long are you planning to live in the house? Can you estimate what your future income pay increases, a new job, any loss of income if you have a child and plan to stay at home and expenses getting a second car or have another child might be 2, 3, even 5 years or more down the road? Will you have child care costs at some point or if you currently have them, how will they increase if you have another child or will they go away as your children grow up?

TDS evaluates the gross annual income needed for all debt payments, which typically include house, credit cards, personal loans and car loan. The combined incomes for you and your spouse are usually considered, when determining this ratio. Related Articles. Buying a home - what can you afford? Default insurance covers the lender in case of a failure to pay off the full mortgage amount. Other monthly expenses you may want to consider include such items as alimony and condo fees if purchasing a condominium.

Condo fees only apply to condominium purchases. The higher your condo fees, the less money may have for mortgage repayment. Some condo fees include payment for heating, therefore the amount shown for heating costs may need to be adjusted.

Mortgage Affordability Calculator Print. Credit Card s total balance Credit Line s total credit limit Other Debt and Condo Fees Attention A minimum of is required for a down payment. Attention Based on the financial information you have provided, we are not able to estimate your maximum house purchase price without further consultation. We will be pleased to assist you. We've completed your calculations based on an amortization of 25 years.