Income to Payoff Mortgage

Income Required to Payoff Mortgage

Online calculator to approximately determine how much pre-tax income is required to pay-off the mortgage outstanding on your Principal Home.

Mortgage Details
What is the outstanding mortgage on your Principal Home? *
Monthly Mortgage Payment *
Amortization period left (months) *

Income Details
How much is your annual income (gross or pre-tax)? *
Do you know your Marginal & Average Tax Rate? If not, use this tax calculator to find out.
Your Marginal Tax Rate? *
Ranges from 19% to 54% depending on your province
Your Average Tax Rate? *

Result
Pre-Tax Income required (Marginal)
Pre-Tax Income required (Average)
Number of Years
$ per $
As you know, in Canada the mortgage interests costs on a Principal Home is not tax-deductible. That means, you have to pay down the mortgage using after-tax income.

To pay down the outstanding mortgage of ${number}, depending on how much you end up repaying each year, you will need to earn between:

1. ${pretaxIncome} - at your current Marginal Tax Rate of {number221}% AND

2. ${pretaxIncome232} - at your current Average Tax Rate of {yourAverage}%

That is equivalent to your Gross Income for {typeA228} years and even when the interest rates are historically at their bottom, you will need to earn about ${Per} per $1 of mortgage that you have!

Imagine using that much income just to pay down your mortgage. How and when are you going to save for other needs like Retirement??

And earning a higher income doesn't solve this issue but rather compounds it further.

Would you like to learn a more efficient way to pay down your mortgage (hint: You will have to contribute way less from your pocket!)?
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