Canadian Mortgage Calculators, Renewal & Refinance Guides

The minimum down payment in Canada is 5% for homes priced at $500,000 or less. For homes above $500,000 but below $1.5 million, the minimum is 5% on the first $500,000 and 10% on the portion above $500,000. Homes priced at $1.5 million or more require at least 20% down. A larger down payment can reduce or eliminate mortgage default insurance costs.

For new mortgage applications and many material changes or refinances at federally regulated lenders, qualification generally uses the higher of the contract rate plus 2% or 5.25%. Eligible straight-switch renewals can be exempt under current rules.

Mortgage default insurance from CMHC, Sagen or Canada Guaranty is generally required when your down payment is below 20% and the mortgage meets insurer eligibility rules. The premium depends on the loan-to-value ratio and mortgage product, and it protects the lender rather than the borrower.

Fixed rates stay the same for the agreed term, providing rate certainty. Variable rates move with the lender's prime rate and can rise or fall during the term. The better fit depends on your budget, risk tolerance, mortgage features and the rates available when you choose.

Our calculators provide planning estimates using the values you enter and Canadian mortgage assumptions. Actual rates, qualification rules and approval amounts vary by lender and borrower. Always confirm important figures with a lender or licensed mortgage professional.