Minimum down payment
Up to $500,000: 5% of the price. Between $500,000 and $1.5 million: 5% of the first $500,000 and 10% of the rest. From $1.5 million: 20%.
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Free tool · 2026
Mortgage Calculator
See what your mortgage payment would be, how much you need for a down payment and how much interest you can save by paying it off faster.
Your mortgage year by year
Amortization schedule based on your inputs. Hover over the chart to see each year.
| Year | Balance at start of year | Payments this year | Extra payments | Interest | Principal | Balance at end of year |
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Illustrative estimate; not financial advice or an offer of credit. Assumes the same rate for the whole amortization, semi-annual compounding (as for fixed-rate mortgages) and extra payments at the end of each year. Closed mortgages usually limit penalty-free prepayments; check your contract. Your actual payment is set by your lender when you apply.
Official sources: FCAC: down payment · FCAC: paying off your mortgage faster · CMHC: mortgage loan insurance cost · Finance Canada: mortgage reforms · OSFI: minimum qualifying rate · Interest Act
Quick guide
Your mortgage essentials
Buying a home is one of the biggest financial decisions of your life. Here is what you need to know before you sign.
Mortgage loan insurance
If your down payment is under 20%, you need mortgage loan insurance (CMHC or another insurer). The premium ranges from 0.60% to 4.00% of the loan and is added to your mortgage. In Ontario, Quebec and Saskatchewan, you also pay provincial tax on the premium at closing.
Amortization and term
The amortization is the total time to pay off the mortgage: up to 25 years with insurance, or 30 years if you are buying your first home or a new build. The term is how long your contract at that rate lasts, usually 5 years; when it ends, you renew.
Payment frequency
Paying accelerated bi-weekly or accelerated weekly adds up to one extra monthly payment a year. It is one of the simplest ways to save interest and finish years sooner.
Fixed or variable rate
With a fixed rate, your payment does not change during the term. With a variable rate, the rate follows the lender’s prime rate: it can go up or down. In Canada, fixed rates are compounded semi-annually by law.
The stress test
To approve you, the lender checks that you could afford a higher rate: the greater of 5.25% or your rate + 2%. That is why you may be approved for less than you expected.
Help with your down payment
Your FHSA lets you save up to $40,000 with a tax deduction and withdraw it tax-free for your first home. With the RRSP Home Buyers’ Plan, you can withdraw up to $60,000 and repay it over 15 years.
Closing costs
Besides the down payment, set money aside for land transfer tax, the notary or lawyer, the inspection, the appraisal and the move. As a rule of thumb, 1.5% to 4% of the price.
Official sources: FCAC: down payment · FCAC: paying off your mortgage faster · CMHC: mortgage loan insurance cost · Finance Canada: mortgage reforms · OSFI: minimum qualifying rate · Interest Act
Ready to take the step toward your home?
Your down payment, your FHSA, the RRSP Home Buyers’ Plan and a strategy to pay your mortgage off faster are best planned together. Book a free consultation and let’s build your plan.
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