Minimum down payment
In Canada, the minimum down payment is 5% for homes under $500,000.
20% threshold
A 20% down payment eliminates CMHC insurance costs, saving you thousands.
First-time buyers
Consider government programs like the Home Buyer's Plan for RRSP withdrawals.
$100k - $2.5M
5% - 100%
Down payment | Scenario 1 | Scenario 2 | Scenario 3 | Scenario 4 |
|---|---|---|---|---|
Down payment | ||||
CMHC | $22,800 | $16,740 | $14,280 | $0 |
| Total mortgage | $592,800 | $556,740 | $524,280 | $480,000 |
Amortization | ||||
Mortgage rate | 5-yr/fix | 5-yr/fix | 5-yr/fix | 5-yr/fix |
| Payment frequency | ||||
| Mortgage payment | $3,061 | $2,875 | $2,707 | $2,531 |