Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. The applicability and accuracy of the calculations are not guaranteed. These calculators are for illustration purposes only and any examples are hypothetical. To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation by completing “enter your own rate” using 5.25%. As of June 1, 2021, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher. You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. The monthly expenses you enter above should accurately reflect your monthly household expenses. Affordable mortgage amount may decrease to finance insurance premium.
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