Calculators
Down payment calculator
Find the minimum down payment for a home price and compare what different down payments mean for insurance and your mortgage.
Minimum down payment
$45,0006.43% of the price
5% of the first $500,000 ($25,000) plus 10% of the remaining $200,000 ($20,000).
With the minimum down
- Default insurance
- $26,200 4.00%
- Sales tax on insurance
- $2,096
- Total mortgage
- $681,200
Down payment options
Default insurance is added to your mortgage. The sales tax on it is paid in cash at closing.
| Down payment | Default insurance | Sales tax at closing | Total mortgage |
|---|---|---|---|
| $45,000 6.43% | $26,200 4.00% | $2,096 | $681,200 |
| $70,000 10.00% | $19,530 3.10% | $1,562 | $649,530 |
| $105,000 15.00% | $16,660 2.80% | $1,333 | $611,660 |
| $140,000 20.00% | None | None | $560,000 |
How this is calculated
- The minimum down payment is 5% of the first $500,000 and 10% of the portion between $500,000 and $1,500,000. Homes at $1,500,000 or more need at least 20% down.
- Default insurance (CMHC or another insurer) is required with less than 20% down and is only available on homes under $1,500,000. Premiums run from 2.80% to 4.00% of the mortgage, plus 0.20% for an amortization over 25 years, and are added to the mortgage.
- In Ontario, 8% provincial sales tax on the insurance premium is paid at closing and can't be added to the mortgage.
- Your down payment can come from savings, investments, an RRSP withdrawal under the Home Buyers' Plan (up to $60,000), an FHSA, or a gift from an immediate family member. Lenders will want to see where it came from.
These figures are estimates for illustration only and aren't a mortgage offer or approval. Your actual rate, payment and insurance premium depend on the lender, the property and your application.