Mortgage Payment Calculator
Canadian method (semi-annual compounding).
FTHB can buy up to 1,499,999 with 5% on first $500k & 10% on the rest.
Investment properties require a minimum 20% down payment.
$0
Mortgage payment (Monthly)
Down payment requirements
Purchase price up to $500,000 – 5%
Amount above $500,000 (to $99,999) – 10%
Purchase of $1,000,000 or more – 20% of the full amount
First-Time Home Buyers (FTHB) – May purchase up to $1,499,999 with 5% on the first $500,000 and 10% on the remaining amount
Examples:
$450,000 purchase
= 5% → $22,500 minimum down payment
$775,000 purchase
5% of first $500,000 → $25,000
+ 10% of remaining $275,000 → $27,500
Total = $52,500
$1,200,000 purchase price
= 20% if not a FTHB → $240,000
= 5% of $500,000 + 10% of $700,000 → $95,000
* FTHB – First time home buyer
* Minimum 20% down if it’s an investment property