This field automatically calculates the minimum down payment required for the purchase price input above. You can input a higher value, but not lower.

• For properties up to $500,000: the minimum downpayment is 5% of the purchase price.
• For properties between $500,000 and $1,500,000: the minimum downpayment is 5% for the first $500K and 10% for the remaining portion.
• For properties above $1,500,000: the minimum downpayment is 20% of the purchase price and could be higher depending on the circumstances.

The CMHC insurance fee is based on your downpayment amount:

• For a down payment of 5-9.99%, the fee is 4% of the mortgage amount
• For a down payment of 10-14.99%, the fee is 3.1% of the mortgage amount
• For a down payment of 15-19.99%, the fee is 2.8% of the mortgage amount
• For a down payment of 20% or higher, there is no fee

• With a minimum down payment value of 20%.
• For first-time homebuyers
• For new construction build purchases (including condos)

Mortgage loan terms are renewed throughout your amortization. The most common is a five-year. However, there are shorter and longer terms available.

You can save interest by increasing your mortgage payment frequency. When you pick an accelerated payment option (available on in bi-weekly and weekly payment options), you end up making approx. one extra full monthly payment per year, which helps save you interest over your mortgage terms and will also shorten your amortization.

What your payment amount would approximately be for the duration of your mortgage term.