{"id":122,"date":"2006-04-04T13:37:49","date_gmt":"2006-04-04T19:37:49","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/?p=122"},"modified":"2019-03-12T02:29:47","modified_gmt":"2019-03-12T02:29:47","slug":"how-much-can-you-afford-when-you-buy-a-home","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/","title":{"rendered":"How much can you afford when you buy a home?"},"content":{"rendered":"

A pre-approved mortgage lets you know the maximum amount you can borrow to buy a home before you even begin looking for one. You can then make an offer on a property with peace of mind. <\/p>\n

To figure out how to do it, most mortgage lenders use this formula:
\n(Note: We are using $60,000 gross income in our example.)<\/div>\n

-Take your Gross Income and multiply it by .35 ($60,000 x .35 = $21,000)
\n-Minus the taxes and heating ($21,000 – $3000 – $1200) = Maximum annual payments ($16,800)
\n-Divide by 12 months ($16,800\/12) = Maximum monthly payment ($1400)<\/p>\n

With this knowledge, ask your real estate agent what price market you should be looking in for a home.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A pre-approved mortgage lets you know the maximum amount you can borrow to buy a home before you even begin looking for one. 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You can then make an offer on a property with peace of mind.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/\" \/>\n<meta property=\"og:site_name\" content=\"Montreal Real Estate\" \/>\n<meta property=\"article:published_time\" content=\"2006-04-04T19:37:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-12T02:29:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2006\/04\/living-room-2037945_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jennifer Lynn Walker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jennifer Lynn Walker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/\",\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/\",\"name\":\"How much can you afford when you buy a home? - Montreal Real Estate\",\"isPartOf\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#website\"},\"datePublished\":\"2006-04-04T19:37:49+00:00\",\"dateModified\":\"2019-03-12T02:29:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.montreal-realestate.ca\/english\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How much can you afford when you buy a home?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#website\",\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/\",\"name\":\"Montreal Real Estate\",\"description\":\"Great advice from an experienced broker\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.montreal-realestate.ca\/english\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/38280264b1c3c37ddc5057d0457569d5\",\"name\":\"Jennifer Lynn Walker\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.montreal-realestate.ca\/english\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4ba5ca067e223c96da90cce21cc1f0e101054986e0463f44435b3eafd1c512b0?s=96&d=mm&r=g\",\"caption\":\"Jennifer Lynn Walker\"},\"url\":\"https:\/\/www.montreal-realestate.ca\/english\/author\/jwalker\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How much can you afford when you buy a home? - Montreal Real Estate","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.montreal-realestate.ca\/english\/how-much-can-you-afford-when-you-buy-a-home\/","og_locale":"en_US","og_type":"article","og_title":"How much can you afford when you buy a home? - Montreal Real Estate","og_description":"A pre-approved mortgage lets you know the maximum amount you can borrow to buy a home before you even begin looking for one. 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