Mortgage calculator
See what a home could cost you each month, with the down payment rules and mortgage insurance Canadian lenders use.
20% down. The minimum on this price is $40,000.
Your monthly payment
$2,878
- Mortgage amount
- $520,000
- Interest over the amortization
- $343,418
An estimate at a fixed rate compounded twice a year. Insurance applies under 20% down. Your lender sets the real numbers, and the team can introduce you to a mortgage professional.
How it works
How much do I need for a down payment?
In Canada the minimum is 5% of the first $500,000 of the price and 10% of the portion above it, up to $1.5 million. From $1.5 million, the minimum is 20% of the whole price. The calculator flags a down payment below the minimum.
What is mortgage default insurance?
With less than 20% down, the lender requires insurance on the mortgage. The premium is a percentage of the loan, from 2.80% to 4.00% depending on your down payment, and it is usually added to the mortgage rather than paid up front.
Why do accelerated payments save interest?
Accelerated biweekly payments are half your monthly payment every two weeks. That adds up to one extra monthly payment a year, which goes straight to the principal and shortens the amortization.
Is this what my bank will offer?
It is an estimate. Your lender sets the rate, the stress test and the final numbers. If you want an introduction to a mortgage professional, send us a message.
Numbers are the start. We do the rest.
Talk to the team about what you can afford, what homes are going for and how to put together a strong offer.
Call the team519-755-1180