Step 2: Are you financially ready to own a home? Complete the calculations on the following pages to see if you can afford a mortgage. 1. Household budget First, record your net and gross monthly income in the Monthly income section.
Next, record your current monthly expenses and income in the “Present” column of the Monthly expenses section.
2. How much can you afford?
Complete the “Monthly maximum” column of the Affordability rules section.
3. Purchase price and upfront costs Complete the Upfront purchase costs worksheet to see if you have saved enough to buy a home.
4. Your future budget Revisit the Household budget worksheet and complete the “Future” column to calculate your expenses as a homeowner. Finally, complete the “Future” column of the Affordability rules section to see if you you’ll be able to afford your mortgage with your other expenses.
Canada Mortgage and Housing Corporation
Page 4 of 17
25/04/2017
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