Required Income Calculator

Mike Fox, Mortgage Agent, Level 2 at BRX Mortgage.

Starting figures are examples, marked Example beside each field. Replace them with your own for a result about you.

Mortgage and Income

Mortgage amountExample

Monthly debt payments

Affordability Level

GDS limit

TDS limit

Home Expenses

Carrying costs counted in the ratios. Property tax is yearly, the rest monthly.

Property tax (yearly)Example

$833.33 a month

Condo fees (monthly)

Heat (monthly)Example

Rate Settings

Interest rateExample

Term (years)

Rate type

Loan type

CompoundingAssumed

Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.

Amort. years

Amort. months

Stress Test and Rental

Stress test rules

Condo fee inclusion rate

Add rental income

Required Income

$148,996

GDS is the binding constraint.

Stress Test Rate8.29%

GDS limit

39.00%

TDS limit

44.00%

Where the income goes

Monthly Mortgage$3,285.72

Debt Payments$0.00

Home Expenses$933.33

Cash Left (Gross)$8,197.21

Disclaimer: This calculator is for illustrative purposes only and should not be relied upon for financial planning. Lender rules, the qualifying rate, and ratio limits change. Confirm your approval with your lender before you make an offer.