MORTGAGE CALCULATOR

Down Payment

In Canada, the minimum down payment depends on the purchase price of the home. For homes under $500,000, the minimum is 5%. For portions between $500,000 and $1.5 million, 10% is required on that portion. Homes over $1.5 million require a minimum 20% down payment.

A larger down payment can reduce your monthly payments and may help you avoid mortgage default insurance.
Mortgage Term

Most Canadian buyers choose fixed-rate mortgages with terms ranging from 1 to 5 years, with 5-year fixed being one of the most common options. Your mortgage term affects your interest rate, monthly payment, and renewal options.

Mortgage Type

Fixed-rate mortgages provide stable payments and predictable interest costs, while variable-rate mortgages may offer lower initial rates but can fluctuate with the market. Choosing the right option depends on your goals, risk tolerance, and long-term plans.

CMHC Insurance

If your down payment is less than 20%, mortgage default insurance may be required through providers such as Canada Mortgage and Housing Corporation (CMHC), Sagen, or Canada Guaranty. This protects the lender and allows buyers to purchase with a smaller down payment.

Property Taxes

Property taxes vary by municipality and property type. In Calgary, these costs should be considered when calculating your total monthly housing expenses.

Condo Fees

For condo purchases, monthly condo fees may apply and can include building maintenance, reserve fund contributions, insurance, and amenities. These fees should always be included when evaluating affordability.

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