Estimated Mortgage Calculator
Estimated Cash Needed to Close

Estimated Mortgage Calculator

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Minimum down payment percent: 
Minimum down payment amount: 
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Estimated Cash Needed to Close

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How much do you need for a down payment?

It depends on the price of the home:

  • $500,000 or less – You’ll need at least 5% of the purchase price.
  • Between $500,000 and $1,499,999 – You’ll need 5% of the first $500,000, plus 10% of anything above that.
  • $1,500,000 or more – You’ll need at least 20% of the purchase price.
What’s mortgage default insurance?

Also known as CMHC insurance, this protects the lender in case the borrower can’t make their payments. It’s required if your down payment is less than 20%, and the cost is a percentage of your total mortgage amount.

What’s amortization?

It’s the length of time it takes to pay off your mortgage in full—usually 25 or 30 years. A longer amortization means lower monthly payments, but more interest over time.

What’s a good mortgage rate?

Mortgage rates change often, and what's "good" depends on your situation.

  • Fixed rates give peace of mind with consistent payments.
  • Variable rates may start lower, but they can fluctuate
What's "cash to close"

Aside from your down payment, you'll need cash for:

  • Legal fees
  • Title insurance
  • Home inspection
  • Appraisal
  • Property transfer tax

Use this to calculate your real budget—not just the home price!