Down Payment

In Canada, minimum down payment requirements are based on the purchase price of the home:

• 5% on the first $500,000 of the purchase price
• 10% on the portion between $500,000 and $1,499,999
• 20% minimum for homes priced at $1,500,000 or more

If your down payment is less than 20%, mortgage default insurance (often referred to as CMHC insurance) is required and is typically added to your mortgage balance. A larger down payment reduces your mortgage amount, lowers your monthly payment, and can reduce interest costs over time. However, a higher down payment is not always the right choice for every buyer, depending on cash flow, savings, and long-term plans.

Loan Term

Your loan term affects both your interest rate and monthly payment. In Canada, common terms include 1-year, 3-year, and 5-year terms, with the mortgage usually amortized over 25 or 30 years. Shorter terms often come with lower interest rates but introduce more renewal risk, while longer terms provide greater payment stability. The calculator allows you to compare different term and amortization options.

Loan Type

The two most common mortgage types in Canada are fixed-rate and variable-rate mortgages.Fixed-rate mortgages maintain the same interest rate for the entire term, resulting in predictable payments.  Variable-rate mortgages move with the lender’s prime rate. Depending on the product, payments or amortization may change over time, and variable rates often start lower than fixed rates.

Interest Rate

The interest rate shown is an estimate based on current Canadian market averages. Your actual rate will depend on your credit profile, down payment, loan type, term length, and lender. This calculator is intended for planning purposes only and does not replace a personalized mortgage quote.

Property Tax Rate

Property tax estimates are based on typical Saskatchewan municipal rates and the home’s assessed value. Actual property taxes vary by municipality and property type. You can adjust this figure in the advanced options to reflect a specific property more accurately.

Home Insurance

Home insurance is required by Canadian lenders and protects both the homeowner and the lender. Insurance costs vary based on coverage, property type, and location. This estimate can be adjusted in the calculator’s advanced options.