Canadian Down Payment Calculator
Calculate the minimum down payment using Canada's tiered rules. Includes CMHC insurance premium, first-time buyer programs (FHSA, HBP, HBTC), and a savings timeline. All figures in CAD.
Canada uses a tiered minimum down payment system unique among G7 countries. The tier changes at $500K, $1M, and $1.5M.
| Home Price | Min Down | Down % | CMHC Premium | Insurance |
|---|---|---|---|---|
| CA$400,000 | CA$20,000 | 5.0% | CA$15,200 | CMHC required |
| CA$600,000 | CA$35,000 | 5.8% | CA$22,600 | CMHC required |
| CA$800,000 | CA$55,000 | 6.9% | CA$29,800 | CMHC required |
| CA$1,000,000 | CA$75,000 | 7.5% | CA$37,000 | CMHC required |
| CA$1,200,000 | CA$95,000 | 7.9% | CA$44,200 | CMHC required |
| CA$1,500,000 | CA$125,000 | 8.3% | CA$55,000 | CMHC required |
| CA$2,000,000 | CA$400,000 | 20.0% | None | Not required |
- Under $500K: 5% minimum on entire purchase price
- $500K–$999,999: 5% on first $500K ($25,000) + 10% on the portion above $500K
- $1M–$1.5M: Same as above — 5% on first $500K + 10% on remainder (10% on $500K-$1M portion + 10% on $1M-$1.5M portion)
- $1.5M+: 20% on the full purchase price — CMHC insurance not available
Comparing total cost over the amortization period at each down payment level for a CA$700,000 home at 5.1%.
Total interest: CA$525,766
Amortization: 25 years
Total interest: CA$493,784
Amortization: 25 years
Total interest: CA$464,994
Amortization: 25 years
Total interest: CA$526,777
Amortization: 30 years
How to Use This Canadian Down Payment Calculator
Enter the purchase price of the home you want to buy. The calculator automatically applies Canada's tiered minimum down payment rules and shows the required CMHC insurance premium if your down payment is under 20%. You can also enter your available savings to see how close you are and how long it will take to reach your goal.
Canada's Tiered Down Payment Rules
- Homes up to $500,000: minimum 5% of the full purchase price
- Homes $500,000 to $1,499,999: 5% on the first $500,000, then 10% on the remainder
- Homes $1,500,000 and over: 20% minimum on the full price — CMHC insurance not available
These rules apply to purchases from federally regulated lenders. The First Home Savings Account (FHSA) and RRSP Home Buyers Plan (HBP) can both be used to fund any portion of the down payment.
The Formula
Minimum Down = Purchase Price × 5%
For homes $500,000 to $1,499,999:
Minimum Down = $25,000 + (Purchase Price − $500,000) × 10%
CMHC Premium Rates:
5.00–9.99% down → 4.00% of loan
10.00–14.99% down → 3.10% of loan
15.00–19.99% down → 2.80% of loan
20.00%+ down → No CMHC premium
The CMHC premium is added to your mortgage balance, not paid upfront. It is also subject to provincial sales tax in Ontario (8% PST), Quebec (9% QST), and Saskatchewan (6% PST) — payable at closing, not added to the mortgage.
Example
Priya Buying Her First Home in Ottawa
Priya is buying a $750,000 home in Ottawa. She has $60,000 in her FHSA and $25,000 in her RRSP (eligible for HBP), giving her $85,000 available for the down payment.
| Purchase Price | $750,000 |
| 5% on first $500,000 | $25,000 |
| 10% on remaining $250,000 | $25,000 |
| Minimum Down Payment | $50,000 (6.67%) |
| Priya's Down Payment | $85,000 (11.33%) |
| Mortgage Amount | $665,000 |
| CMHC Premium (3.10%) | $20,615 |
| Total Mortgage with CMHC | $685,615 |
| PST on CMHC (Ontario exempt) | $0 |