How much down payment do you need in Canada?

In Canada, the minimum down payment is 5% on the first $500,000 of the purchase price, 10% on the portion from $500,000 up to under $1.5 million, and 20% for homes at $1.5 million or more.

What happens if your down payment is under 20%?

If your down payment is under 20%, your mortgage usually needs default insurance. The premium is added to the mortgage amount and depends on your loan-to-value ratio. Smaller down payments mean higher premiums.

Does this mortgage calculator show what happens at renewal?

Yes. The calculator estimates the balance left at the end of your initial term and projects a new payment using the renewal rate you enter, so you can see how the payment changes after the first term.

Where do the current mortgage rate presets come from?

The preset rates are public snapshots sourced from Canadian mortgage rate trackers and lender rate pages. They are useful planning inputs, but you should confirm the exact live quote with your lender or broker before making a decision.

Tools

Mortgage Calculator Canada

Model a real Canadian mortgage — fixed or variable rate, current market presets, renewal payment after the first term, minimum down payment rules, default insurance, transfer taxes, first-time buyer rebates, and your all-in monthly housing cost.

Current rate presets

Pick a current Canadian rate snapshot to prefill the calculator, or leave it on manual and type any quote you want.

Rate preset

Manual mode

Enter any rate and term manually. This is useful if your broker quoted something more specific than the public market snapshots.

Enter your mortgage details

Home price, rate, and down payment

Home price

Province

Interest type

Rate (%)

Renewal (%)

Term

Amortization

Frequency

Down payment as

Down payment (%)

Property costs and closing costs

Property tax

Condo / month

Heating / month

Closing costs

Income and debt

Income

Debt / month

Buyer and property options

First-time buyerApply supported rebate or exemption estimates.Newly built homeUsed for provinces with new-build transfer-tax relief.Property is in TorontoAdds the municipal land transfer tax estimate.

Monthly payment

$3,418

Initial rate: 4.79%

Total mortgage

$600,000

Includes insurance if required

Cash to close

$163,275

Down payment + transfer tax + extras

Stress-test payment

$4,125

Monthly at 6.79%

Mortgage breakdown

What you are financing, what you are paying, and what disappears in the first term.

Home price

$750,000

Down payment

$150,000 (20.0%)

Minimum down payment

$50,000 (6.7%)

Base mortgage

$600,000

Insurance premium

None

Monthly housing cost

$3,968

Principal paid in term

$70,724

Interest paid in term

$134,371

Balance after term

$529,276

Interest over full amortization

$425,475

Closing costs and rebates

Province-specific transfer tax estimate plus the first-time buyer relief this scenario qualifies for.

Transfer tax / registration before rebates$11,475

First-time buyer rebate / exemption-$0

Net transfer tax / registration$11,475

Other closing costs$1,800

Estimated cash to close$163,275

After the initial term

This projects what the payment could look like if you renew the remaining balance right away at the rate you entered above.

Projected renewal payment

$3,223

At 4.09%

Remaining amortization

20.0 years

240 months left

Payment change

−$195

Monthly-equivalent difference vs. today

Balance to renew

$529,276

Estimated remaining principal after 5 years

Debt ratios

Quick affordability context using your payment, taxes, heating, condo fees, and optional debt payments.

GDS ratio

26.46%

Housing costs ÷ gross income

TDS ratio

26.46%

Housing costs + other debt ÷ gross income

Many lenders look for GDS around 39% or lower and TDS around 44% or lower, though real underwriting depends on the lender, insured vs. uninsured status, credit, and the property.

Mortgage balance over time

The steep part of the curve is when accelerated payments and bigger down payments do the most damage.

How to use the current rates

These presets are meant to save you time, not pretend the whole mortgage market fits on one screen.

Market-low presets come from WOWA snapshots dated 2026-04-28.

Open mortgage examples come from Desjardins posted rates dated 2026-04-28 because aggregator pages focus much more on closed and insured deals.

Renewal math is intentionally editable. If you expect rates to be higher or lower when your term ends, replace the default renewal rate and the projection updates instantly.

Canadian mortgage notes

Minimum down payment on $750,000 is $50,000 (6.7%).

The post-term view assumes you renew the remaining balance immediately at the projected renewal rate you entered, with the same payment frequency.

What this calculator covers

Real Canadian down payment math

It handles the 5% / 10% / 20% Canadian down payment structure, plus default insurance when you put less than 20% down.

Current rates plus your own quote

You can use public market snapshots for fixed, variable, and open examples, or overwrite everything manually with the exact lender quote you were given.

Renewal and affordability context

It estimates the post-term balance, projects a renewal payment, and layers in taxes, heating, condo fees, stress-test payments, and simple GDS/TDS ratios.

Good to know

Current rate presets. These are public, dated rate snapshots meant to save time while you compare scenarios. They are not a live API feed or a guaranteed quote.

Fixed vs. variable. This tool uses a Canadian-style fixed-rate conversion based on semi-annual compounding, and a variable-rate approximation based on monthly compounding. Real lender products may differ slightly.

Default insurance. If your down payment is under 20%, the insurance premium is usually added to the mortgage balance rather than paid upfront.

Renewal projection. The after-term payment assumes you renew immediately at the rate you enter and keep the same payment frequency. It is a planning view, not a lender commitment.