MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
In Canada, the minimum down payment is 5% of the first $500,000 of the price and 10% of the portion above $500,000, for homes up to $1.5 million. Homes priced at $1.5 million or more need at least 20% down. The more you put down, the smaller your mortgage and your monthly payment.
Mortgage Default Insurance
If you put down less than 20%, your mortgage must be insured (through CMHC, Sagen or Canada Guaranty). The insurance premium is usually added to your mortgage, so it is not included in this estimate.
Amortization
Amortization is how many years it will take to pay off your mortgage. 25 years is the most common in Canada. First-time buyers and buyers of newly built homes may qualify for 30 years on an insured mortgage. A longer amortization lowers your payment but means more interest over time.
Term and Rate Type
Your term is how long your rate and lender agreement last, most often 5 years, before you renew. You can choose a fixed rate that stays the same for the term, or a variable rate that moves with the market.
Interest Rate
The rate in this calculator is an estimate. Your actual rate depends on your lender, credit, down payment and whether your mortgage is insured. You will also need to qualify at a higher “stress test” rate than the one you are offered.
Property Tax and Strata Fees
Use the Advanced options to add your yearly property tax and, for condos and townhomes, your monthly strata fees, so your estimate reflects your full monthly cost.
Closing Costs
Budget separately for closing costs such as Property Transfer Tax, legal fees and a home inspection. First-time buyers in BC may qualify for a Property Transfer Tax exemption.
This calculator gives estimates only and is not financial advice. For a personal breakdown, call or text Darell at 778-859-8058 and he can connect you with a licensed mortgage professional.