What kind of condo can a debt free graduating student afford?

Question

if I graduate University in Toronto Canada with a engineering degree and have about 10000 $ in the bank, no debt, and want to by a condo, what kind of interest rate, and downpayment will I have to pay? What price range of a condo do you think i can afford

Answer 1

It all depends on what the income from the job you are going to get pays you.  Without knowing your income, there is no way to answer your question.  But a BIG congrats for being debt free.  Feels great knowing that you don't owe anybody a penny, doesn't it?  Now, except for a mortgage payment that is no more than 1/4 to 1/3 of your take home pay, stay that way!

Answer 2

Here's a financial calculator to help figure it out: http://www.pffcumortgage.org/calc2.asp.

Don't forget to budget for the monthly condo association fee (if they have those in Canada) and real estate taxes.  The other factor, of course, is your income.