Down Payment Calculator

Q: What is the general minimum down payment in Canada?

For an owner-occupied home, the general federal minimum is 5% on the first $500,000, plus 10% on the portion from $500,000 to below $1.5 million. At $1.5 million or more, a 20% minimum applies. Lenders can require more.

Q: Why compare a 20% down payment?

At 20% down, a standard purchase generally does not require high-ratio mortgage default insurance. A lender can still have its own underwriting or insurance requirements.

Q: Is mortgage default insurance always required below 20% down?

When mortgage default insurance applies, the premium is commonly added to the mortgage principal. In Ontario, provincial sales tax on the premium is paid in cash rather than added to the mortgage.

Q: Does the lowest monthly payment automatically mean the best plan?

Not necessarily. A larger down payment reduces borrowing, but using too much cash can weaken the reserve available for closing costs, repairs and emergencies.

Q: Can an insured mortgage use a 30-year amortization?

CMHC permits insured amortizations up to 30 years for eligible first-time home buyers and buyers of new builds. Eligibility and lender requirements still need to be confirmed.

Q: Are legal fees and land transfer tax part of my down payment?

No. The down payment is separate from land transfer tax, legal fees, title insurance, adjustments, inspections and other cash needed around closing.

Purchase price

Cash available for purchase

Cash reserve to keep

Cash you do not want the down payment to consume.

Mortgage rate

Rate Board: RBC 4.89% · Sep 14, 2026. Editable. Amortization Your custom down payment

Updated automatically. Change any amount to compare another down-payment scenario.

Down payment questions

What is the general minimum down payment in Canada?

For an owner-occupied home, the general minimum is 5% on the first $500,000, plus 10% on the portion from $500,000 to below $1.5 million. At $1.5 million or more, the general minimum is 20%. A lender can require more.

Government of Canada down-payment guidance →

Why compare a 20% down payment?

At 20% down, a standard purchase generally moves out of high-ratio mortgage insurance. That can reduce the financed insurance premium, but it also uses more cash up front.

CMHC mortgage insurance costs →

Why keep a cash reserve after the down payment?

The down payment is not the only cash needed. Closing costs, repairs, moving and an emergency reserve can matter immediately after possession.

Estimate cash to close →

Does the lowest monthly payment automatically mean the best plan?

No. A larger down payment can lower the mortgage payment, but draining available cash can make the closing and the first months of ownership less resilient.

Maximum down payment while preserving reserve—Cash available less the reserve you selected.

Monthly mortgage payment comparison

General minimum

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Your custom amount

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20% down

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Principal + interest estimate. Insured scenarios include the modeled financed insurance premium.

General minimum down payment—

20% down payment—

Your custom down payment—

Custom down payment percentage—

Custom mortgage after financed insurance—

Estimated insurance premium on custom scenario—

Monthly payment with custom down payment—

Monthly payment with 20% down—

Cash left after custom down payment—

Compare down payment choices before you commit the cash

A down payment changes both the mortgage amount and the cash left for closing, repairs and emergencies. This calculator compares a custom amount with the general minimum and a 20% scenario so the trade-off is visible before you move money.

Next planning step

After choosing the down payment, calculate the full cash needed to close.

Land transfer tax, mortgage-insurance sales tax, legal costs, adjustments and moving expenses can materially change the amount you need before possession.

Cash to Close →Review My Scenario

Common down payment questions

Quick answers before you send your scenario.

Is mortgage default insurance always required below 20% down?

It is generally required for a high-ratio purchase that qualifies for insured financing, but borrower, property, lender and insurer rules still apply.

CMHC insurance information →

Can the mortgage insurance premium be added to the mortgage?

CMHC states that the premium can generally be paid as a lump sum or added to the mortgage. Ontario sales tax on the premium is separate cash and cannot be added to the mortgage.

Federal consumer guidance →

Can an insured mortgage use a 30-year amortization?

CMHC currently allows insured amortizations up to 30 years for eligible first-time home buyers and buyers of new builds. Confirm program and lender eligibility before relying on a 30-year high-ratio estimate.

CMHC premium calculator →

Are legal fees and land transfer tax part of my down payment?

No. They are separate closing cash. The amount can vary by property, municipality and transaction.

Model closing cash →

How much should I keep after the down payment?

There is no universal reserve amount. Keep enough liquidity for the closing costs you expect, immediate repairs or furnishing, and the emergency buffer appropriate for your household.

Should I use every dollar available for the down payment?

Not automatically. Compare the payment reduction with the value of preserving liquidity. The right choice depends on your financing, closing costs, property condition and household risk tolerance.

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