Canadian home purchase calculator
Down payment and mortgage insurance
Check the estimated minimum down payment, mortgage-default-insurance premium, Ontario premium tax and resulting mortgage payment.
01
Purchase and down payment
Enter the property price and cash you plan to put down.
02
Payment illustration
See the resulting payment after an estimated default-insurance premium.
Estimated minimum down payment
$65,000
11.1% entered down payment
Base mortgage$800,000
Estimated insurance premium$24,800
Ontario tax on premium (cash)$1,984
Mortgage after premium$824,800
Estimated monthly payment$4,606/mo
Loan-to-value88.9%
The premium is an estimate for a standard owner-occupied insured mortgage. Insurer and lender eligibility, premium surcharges, amortization and down-payment-source rules can change the result.
Read the result carefully
Minimum cash and mortgage eligibility are different tests.
- Homes at or above the current insured-mortgage price limit generally require at least 20% down.
- Default-insurance premiums are usually added to the mortgage, while Ontario tax on the premium is normally paid in cash.
- Property use, down-payment source, credit and insurer rules can change eligibility.