Mortgage Calculator

The minimum is 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million; homes of $1.5 million or more need at least 20% down. With less than 20% down, mortgage default insurance is added to your loan — that's Canada's version of what Americans call PMI, and its premium depends on how much you put down. Twenty percent or more means no insurance and often better flexibility.

The amortization is the total runway to pay the mortgage off — commonly 25 or 30 years. The term is your current contract with the lender, most often 3 to 5 years. When the term ends, you renew — and that's your built-in opportunity to renegotiate the rate or switch lenders. Unlike an American 30-year fixed, a Canadian rate is never locked for the whole amortization.

A fixed rate gives you payment certainty for the whole term — you know your number, full stop. A variable rate moves with your lender's prime rate: it can save you money when rates fall, and cost more when they rise. There's no universally right answer; it comes down to your tolerance for risk, your plans, and where rates sit when you sign. A good broker will price both for you side by side.

To qualify with a federally regulated lender, you have to show you could handle payments at a rate higher than the one you're actually signing — the greater of your contract rate plus two percent or the government's minimum qualifying rate. It shrinks the maximum you can borrow, which is exactly why a proper pre-approval beats any online calculator: it tells you what a lender will really approve.

Pre-qualification is a quick estimate based on what you tell a lender. Pre-approval is the real thing: verified income and documents, a credit check, and a rate hold that typically protects you for 90 to 120 days while you shop. Sellers take pre-approved buyers far more seriously — get it done before you fall in love with a house, not after.

Your credit history, your down payment size, the property itself, your income stability, and the term and type you choose all move the number — and the posted rate is rarely the real rate. This is where a good mortgage broker earns their keep: they shop multiple lenders at once. I work with trusted professionals and I'm happy to connect you.

Month to month: property taxes, home insurance, utilities, and condo fees where they apply. At closing: land transfer tax — usually the biggest one-time cost — plus legal fees, title insurance, and a home inspection. There's a land transfer tax calculator on my buyers page, and before you ever sign an offer I'll walk you through the complete cost picture for your specific purchase.