Down Payment Calculator Canada
Enter the home price and your down payment percentage to see your down payment in Canadian dollars, your mortgage amount, and how the common down payment tiers compare.
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How It Works in Canada
The down payment is simply the home price multiplied by your chosen percentage. In Canada, buyers putting down less than 20% need mortgage loan insurance, which protects the lender and is added to the loan. A 20% down payment avoids that insurance and lowers your monthly payment. The minimum down payment for insured mortgages is 5% on the first $500,000 of the purchase price, rising on the portion above that.
Estimates only — not financial advice. Insurance premiums and closing costs are not included here.
Frequently Asked Questions
What is the minimum down payment in Canada?
For insured mortgages it's 5% on the first $500,000 of the purchase price, with a larger percentage required on the portion above that. Homes at $1 million and up need at least 20% down and can't be insured.
What happens if my down payment is under 20%?
Your mortgage requires mortgage loan insurance, which protects the lender — not you — and its premium is added to your loan balance. It doesn't change your down payment dollars, but it raises your borrowing cost.
Is putting 20% down always the best move?
It avoids mortgage insurance and lowers your payment, but it also ties up more cash. If a larger down payment would drain your emergency fund, a smaller one with insurance can be the saner choice.
Can I use my RRSP for a down payment?
Many first-time buyers withdraw from their RRSP under the federal Home Buyers' Plan, which has specific eligibility rules and a repayment schedule. Check the current terms before counting on it.