Mortgage calculator

For an owner-occupied home, the minimum down payment is 5% up to $500,000, then 10% on the portion of the price between $500,000 and $1,500,000. From $1,500,000, at least 20% is required because mortgage insurance is not available (the cap was raised from $1M to $1.5M on December 15, 2024). For an owner-occupied triplex or fourplex, the insured minimum is 10%, and for a property bought only to rent out, lenders generally require 20%.

It is mandatory when the down payment is under 20% and protects the lender, not the buyer; it is offered by CMHC, Sagen and Canada Guaranty. The premium is a percentage of the loan: 2.80% for a loan-to-value ratio of 80.01% to 85%, 3.10% from 85.01% to 90%, and 4.00% from 90.01% to 95% (CMHC schedule), and it is usually added to the mortgage. In Québec, a provincial tax applies to the premium (9% in 2026, 9.975% for premiums paid after December 31, 2026); it cannot be added to the loan and is paid in cash at closing.

For an insured mortgage (down payment under 20%), the maximum amortization is 25 years, except for first-time buyers and buyers of a new build, who have been eligible for 30 years since December 15, 2024; the insurance premium then increases by 0.20%. A first-time buyer is someone who has never bought a home, has not lived in a home owned by them or their current spouse in the last four years, or has recently gone through a relationship breakdown. For an uninsured mortgage, the maximum is set by the lender; a longer amortization lowers the payment but increases the total interest paid.

To get a mortgage, you must qualify at a rate higher than your contract rate: the greater of the contract rate plus 2 percentage points or 5.25%. This rule applies to insured mortgages and, under OSFI Guideline B-20, to uninsured mortgages from federally regulated financial institutions. When switching to another federally regulated lender at renewal, without increasing the amount or the amortization, the test does not have to be redone.

Buying a home comes with closing costs: welcome tax, notary, inspection, tax adjustments and the tax on the mortgage insurance premium, among others. The Financial Consumer Agency of Canada estimates these costs at 1.5% to 4% of the purchase price. That is why lenders generally ask for proof of funds equal to at least 1.5% of the price in addition to the down payment; the calculator shows the higher of this minimum and the estimated total cash needed (down payment and costs).

They are the average rates on new fixed-rate mortgages with a term of 5 years and over granted by chartered banks, published monthly by the Bank of Canada, separately for insured and uninsured mortgages. They are volume-weighted averages that include renewals and refinancing, and they are published with a lag of a few months. They are not an offer: the rate you get depends on your file, the lender, the term chosen and the date.

No. It is an estimate for information purposes only, based on general rules and on the data you enter. Only a lender can confirm financing, after checking your income, your credit history and the property; a mortgage professional can guide you.