Mortgage Size
Default insured mortgage cap is $1.5M. First-time buyers & new builds can have up to 30-year amortizations (from Dec 15, 2024).
Down Payment & Property Type
Payment Frequency
Interest Rate
Amortization
Home Expenses
Rental Income
Check if you rent out part of your home.
Accelerated Payments & Pre-payments
Make a lump sum on your mortgage right away.
Extra principal applied once per year.
Advanced Settings
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Monthly Mortgage$0.00
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Home Expenses$0.00
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Other Expenses$0.00
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Rental Income$0.00
Mortgage Size: $0
Down Payment: $0
Mortgage Insurance: $0.00
Details
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Comparison: Your Scenario vs. Minimum 5% Down
Your Scenario (Below 5% Down)
Payment ignoring insurance: $0.00
Minimum 5% Down Scenario
Payment with insurance (5% down): $0.00
Compare Two Scenarios
Quickly see how different down payments or rates affect your monthly payment.
Scenario B Result
Monthly Payment: $0.00
Interest Paid Over Term: $0.00
Mortgage Insurance: $0.00
🚀 Why Use This Mortgage Down Payment Calculator?
- 100% Free & Accurate – Instantly estimate your down payment & mortgage costs.
- Tailored for Canada – Uses Canadian mortgage rules for minimum down payment requirements.
- Compare Scenarios – See how a higher down payment reduces loan amounts & mortgage insurance.
- Plan with Confidence – Know how much you need before house hunting.
📖 How to Use the Mortgage Down Payment Calculator
1️⃣ Enter your home price to see required minimum down payment.
2️⃣ Adjust your down payment amount to compare different scenarios.
3️⃣ Select your mortgage term & interest rate to estimate loan payments.
4️⃣ Choose payment frequency (monthly, biweekly, or weekly).
5️⃣ Click “Calculate” to see your required down payment & monthly payments.
🔵 Compare Mortgage Rates
💡 FAQ: Mortgage Down Payment Calculator Canada
What is the minimum down payment required in Canada?
The minimum down payment depends on the home price:
- 5% for the first $500,000
- 10% for the portion between $500,000 – $1.5M
- 20% required for homes above $1.5M (CMHC insurance not available for homes over $1.5M)
How does my down payment affect my mortgage?
A higher down payment means:
- Lower monthly mortgage payments
- Less interest paid over time
- Avoiding CMHC mortgage insurance if down payment is 20% or more
Do I need mortgage insurance if my home price is over $1M?
New CMHC Rules (2024 Update):
- If your home price is between $1M and $1.5M, CMHC mortgage insurance applies if your down payment is less than 20%.
- If your home price is over $1.5M, you must put down at least 20% (CMHC insurance is not available).
Can I use gifted money for a down payment?
Yes, you can use gifted funds from an immediate family member to contribute towards your down payment, but your lender may require a gift letter confirming it’s not a loan.
How does CMHC mortgage insurance affect my mortgage payment?
If your down payment is less than 20%, CMHC insurance is added to your mortgage and increases your total monthly payment. The premium depends on your loan-to-value ratio (LTV).
Can I use this calculator for rental or investment properties?
Yes! For investment properties, lenders typically require at least a 20% down payment, and CMHC insurance does not apply. Adjust your inputs accordingly.
📞 Speak to a Mortgage Expert
🚀 Get personalized advice from a licensed mortgage broker. Whether you’re buying a home, refinancing, or renewing your mortgage, we can help.
📌 Book a FREE consultation today!
