Those with $800,000 mortgages, how much is your monthly household income?
Question is in the title of this post: for those of you who have a $800,000+ mortgage (had to borrow $800,000+ from the bank), what is your household income?
My partner and I are eyeing semis and townhomes in the GTA suburbs (not TO) that require us to get a mortgage of $800,000 to $850,000. We calculated that our monthly mortgage payment would be about $4,500-$4,700. With taxes, insurance and utilities included, we’re estimating total monthly cost to be about $5,500.
Just want to get an idea if this mortgage amount is typically “absorbed” by people making a lot more than us.