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The cost of the home you can afford to purchase is a direct reflection of the amount of money you have available on a monthly basis with which to run your home plus the amount of your downpayment.

Amount of money available monthly, $T
This figure includes the money available to pay for the mortgage plus property taxes, heat, hydro, water and sewage, insurance and maintenance (TMI)

:____________
 

TMI, see Cost of Home Ownership

:____________  
 

Amount available for mortgage payment,
$M: $M = $T - TMI

:____________  
 

$M @ ____% interest amortized over ____years services a debt of, P

:____________  
 

Downpayment, D

:____________  
 

Maximum purchase price = D + P

:____________  


Note: Most purchasers find that the amount of money they can qualify to borrow combined with the TMI of a property, in fact, exceeds the amount of money they can afford or want to spend on a monthly basis in order to own a home. Click here to go to CMHC Mortgage Calculator.

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Need more information?
Call the direct line 416-410-CHAD (2423), or 416-966-0300
Or email me at info@roncesvallesvillage.com

sutton group - associates realty inc. brokerage
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2017 Chander M. Chaddah. All rights reserved.