Kootenay Homes Mortgage Calculator
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Mortgage Qualification

As a guideline, the required monthly salary should meet the following two conditions:

  1. The monthly salary should be greater than 28 percent of the sum of the monthly mortgage and monthly tax payments.
  2. The monthly salary should be greater than 38 percent of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

Example
Mortgage Number of
Years		 Interest
Rate (%)		 Property Taxes Other Debt

100000

30

8.5

4000

5000
Please Calculate
Desired
Mortgage		 Number of
Years		 Current
Interest Rate		 Property
Taxes		 Other Debt

Summary

Monthly
Mortgage (only)
Payments

Monthly
Total
Payments

Required
Yearly
Salary

DISCLAIMER
Calculations by this tool are believed to be accurate but are not guaranteed by Kootenay Homes.

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