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Today: 17.01.2018 - 21:52:35
   Canada Mortgage Hub Discussion Board -> Mortgage Toronto -> How hard is it to fund a $500,000 mortgage on a graduate student salary?
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rir_sell

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How hard is it to fund a $500,000 mortgage on a graduate student salary?
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pachuco8

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Lol.Not gonna happen. If you want to buy your own house, don't go to grad school.
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oy812

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I think the average graduate student's fellowship is closer to $15/hr than $40. Maybe your school is significantly different than the ones in the US?Assuming you're at $40/hr, 40 hours a week, you're bringing in about $7200 per month before any other debt or taxes, etc. In the US, assuming no debt and a good interest rate of about 3.5%, you could afford a $500,000 house if you were able to put 25% down ($135,597) and withstand a monthly payment around $2,160. With a more traditional interest rate of 6%, the same 25% down would leave you with payments of closer to $2500/month.If you put down less than 20%, your chances of approval for such a large loan aren't good even if you choose an aggressive lender.Most TAs are part-time and I think a much more reasonable base pay assumption is closer to $15. You will definitely not get approved for a loan at that rate of pay. Your dream isn't dead though. You could always work another full-time job while you TA.
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