Down Payment Calculator for Canadian Homes
By Hami Tahm · Last reviewed April 2026
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Enter your home's purchase price to see the minimum down payment required in Canada, estimated CMHC mortgage insurance premium, resulting mortgage amount, and monthly payment. The calculator follows current CMHC rules and OSFI B-20 guidelines for Canadian homebuyers.
What is the minimum down payment in Canada?
The minimum down payment in Canada is 5% on the first $500,000, plus 10% on the amount over $500,000 for homes priced under $1,500,000. For a $600,000 home, that is $35,000: $25,000 on the first $500,000 and $10,000 on the remaining $100,000. At $1,500,000 or above, you need 20% and CMHC insurance is not available (CMHC, Dec 2024 rules).
Calculate Your Down Payment
Down Payment Inputs
Total Mortgage Required
$603,135
$65,000 down · 10.0% · CMHC: $18,135
CMHC Premium
$18,135
Total Cost of Home
$668,135
Est. Monthly Payment
$3,215/mo
Amortization
30 yrs
30-yr eligible ✓
Key Takeaways
- The minimum down payment in Canada is 5% on homes priced up to $500,000.
- For a $600,000 home, your minimum down payment is $35,000 under Dec 2024 CMHC rules.
- Homes priced at $1.5M or above require 20% down; CMHC insurance applies only below $1.5M.
- First-time buyers can withdraw up to $35,000 from their RRSP through the Home Buyers' Plan.
- Adding 20% down eliminates the CMHC insurance premium, which can add thousands to the mortgage.
How the Down Payment Calculator Works
The down payment calculator estimates your minimum required amount using the Dec 2024 CMHC bracket rules: 5% on the first $500,000, 10% on the amount over $500,000 when the price is under $1,500,000, and 20% at $1,500,000 or above. Enter your home price to get the tiered breakdown, your CMHC insurance premium, and your total upfront cost including closing costs.
The minimum down payment in Canada on a $600,000 home is $35,000 — 5% on the first $500,000 ($25,000) and 10% on the remaining $100,000 ($10,000) — under CMHC rules effective December 15, 2024 (CMHC, Dec 2024).
How to use this calculator
Enter any home price and the calculator applies the Dec 2024 CMHC bracket rules automatically. For prices under $500,000, you see one number. For prices from $500,000 up to below $1,500,000, you see the blended two-tier breakdown. For prices at $1,500,000 or above, the calculator shows the 20% conventional requirement. First-time buyers: select your buyer type to see RRSP Home Buyers' Plan and FHSA details alongside your minimum down payment.
How to Use This Calculator: Step by Step
- Enter your target home price. Type the purchase price of the home you are considering — or an estimated amount if you are still browsing. The calculator immediately applies the correct CMHC bracket: 5% on the first $500,000, 10% on the amount over $500,000 when the price is under $1,500,000, and 20% when the price is $1,500,000 or more. These are the Dec 2024 CMHC rules, updated from the previous $1,000,000 insurable cap (Government of Canada, Sep 2024).
- Select your buyer type. Choose whether you are a first-time buyer or a repeat buyer. First-time buyers in Canada may be eligible for the RRSP Home Buyers' Plan (up to $35,000 per person tax-free) and the First Home Savings Account (up to $40,000 lifetime, $8,000 annually, contributions tax-deductible). Selecting first-time buyer unlocks those program details alongside your minimum down payment result. (CRA, Home Buyers' Plan)
- Review the tiered down payment breakdown. The calculator shows your minimum down payment split by tier — the exact dollar amount for the 5% portion and the 10% portion separately, so you can see precisely how the blended calculation works. For a $650,000 home, the breakdown is $25,000 (5% of $500,000) plus $15,000 (10% of $150,000), totalling $40,000.
- Check your CMHC insurance premium. The calculator shows the CMHC mortgage insurance premium that applies to your down payment. The premium rate is 4.00% for down payments under 10%, 3.10% for 10%–14.99%, and 2.80% for 15%–19.99%. This premium is added to your mortgage balance, not paid upfront. On a $600,000 home with the $35,000 minimum down, the CMHC premium adds approximately $22,600 to the loan. (CMHC, cmhc-schl.gc.ca)
- Add closing costs to get your total upfront amount. Your minimum down payment is not your full upfront cost. Add estimated closing costs: land transfer tax (Ontario buyers pay a provincial tax; Toronto buyers pay a second municipal layer on top), legal fees (~$1,500–$2,500), and home inspection (~$500). On a $600,000 Ontario home, total closing costs add $9,000–$24,000 to your down payment. Use the closing cost calculator for a precise province-specific figure.
What Money Down Actually Covers
Your down payment covers your initial equity stake in the property — the portion of the home price you own outright on closing day. It is separate from the CMHC insurance premium, land transfer tax, legal fees, and home inspection costs. The down payment reduces the mortgage balance the lender must finance; the larger the down payment, the smaller the loan and the lower your monthly carrying cost.
How the Calculator Estimates Your Amount
The calculator applies the CMHC tiered bracket algorithm to your entered home price: 5% on the first $500,000, 10% on the amount over $500,000 when the price is under $1,500,000, and 20% flat when the price is $1,500,000 or more. It also computes the applicable CMHC insurance premium and adds an estimated closing cost range so you see the full upfront cash requirement in one step.
2026 CMHC Down Payment Rules in Canada
The December 2024 CMHC rule changes materially shifted the minimum down payment calculus for buyers in the $1M–under-$1.5M range — and many competing calculators still quote the pre-2024 threshold.
CMHC rules changed on December 15, 2024
CMHC mortgage loan insurance expanded to homes priced under $1,500,000 (up from the prior limit), and 30-year amortization became available on insured mortgages for first-time buyers and new builds. If you previously calculated a down payment using the old $1,000,000 cap, recalculate — you may qualify for an insured mortgage with a lower down payment than you thought.
The Three Price Brackets Explained
Canada's minimum down payment rules operate in three tiers. For homes up to $500,000, the minimum is 5% of the full price. For homes priced from $500,001 up to below $1,500,000, the minimum is blended: 5% on the first $500,000 and 10% on the remainder. On December 15, 2024, CMHC expanded mortgage loan insurance to purchases priced under $1,500,000 (up from the prior limit), allowing Canadian buyers in higher-price markets to qualify for insured mortgages with as little as about $125,000 down at the top of that insured range (e.g. $1,499,000) (Government of Canada, Sep 2024). Homes priced at $1,500,000 or higher in Canada require a minimum 20% down payment and are not eligible for CMHC mortgage insurance — on a $2,000,000 home, that is $400,000 minimum down (CMHC, Dec 2024 rules).
CMHC Insurance Premiums by Down Payment Size
When your down payment is below 20%, CMHC mortgage insurance is required. The premium rate depends on your loan-to-value ratio and is added to your mortgage balance — it is not paid upfront. CMHC mortgage insurance adds 4.00% to the insured mortgage for down payments under 10%, 3.10% for 10%–14.99%, and 2.80% for 15%–19.99% — on a $600,000 home with the $35,000 minimum down, the premium adds approximately $22,600 to the mortgage balance (CMHC).
| Home price | 5% tier | 10% tier | Min. down payment | CMHC insured? |
|---|---|---|---|---|
| $400,000 | $20,000 | — | $20,000 | Yes |
| $500,000 | $25,000 | — | $25,000 | Yes |
| $600,000 | $25,000 | $10,000 | $35,000 | Yes |
| $650,000 | $25,000 | $15,000 | $40,000 | Yes |
| $700,000 | $25,000 | $20,000 | $45,000 | Yes |
| $800,000 | $25,000 | $30,000 | $55,000 | Yes |
| $1,000,000 | $25,000 | $50,000 | $75,000 | Yes |
| $1,499,000 | $25,000 | $99,900 | $124,900 | Yes — insured (< $1.5M) |
| $2,000,000 | — | — | $400,000 (20% flat) | No — conventional only |
Source: CMHC (cmhc-schl.gc.ca, accessed April 2026)
| Down payment % | Loan-to-value | CMHC premium rate | Example: $600K home |
|---|---|---|---|
| 5.83% (minimum on $600K) | 94.2% | 4.00% | ~$22,600 (4.00% × $565,000) |
| 10% ($60,000) | 90.0% | 3.10% | ~$16,740 (3.10% × $540,000) |
| 15% ($90,000) | 85.0% | 2.80% | ~$14,280 (2.80% × $510,000) |
| 20% ($120,000) | 80.0% | None | $0 — conventional mortgage |
Source: CMHC (cmhc-schl.gc.ca, accessed April 2026)
For a complete guide to the Dec 2024 rule changes and how they affect your purchase, see down payment guide for Canadian buyers.
Down Payment by Home Price: Full Breakdown
$400K to $700K — Most Common Canadian Range
For homes under $500,000, the calculation is simple: multiply the home price by 5%. A $400,000 home requires $20,000 minimum; a $500,000 home requires $25,000. Once the price crosses $500,000, the blended rule kicks in. The minimum down payment in Canada on a $600,000 home is $35,000 — 5% on the first $500,000 ($25,000) and 10% on the remaining $100,000 ($10,000) — under CMHC rules effective December 15, 2024 (CMHC, Dec 2024). A $650,000 home requires $40,000; a $700,000 home requires $45,000.
$700K to $1.5M — The 10% Bracket
For an $800,000 home in Canada, the minimum down payment is $55,000: 5% on the first $500,000 ($25,000) plus 10% on the remaining $300,000 ($30,000) under Dec 2024 CMHC rules. A $900,000 home requires $65,000; a $1,000,000 home requires $75,000; and a $1,499,000 home at the top of the insured range requires about $124,900 minimum down (5% + 10% tiers). CMHC insurance is not available at $1,500,000 or above. All examples in this paragraph are priced below $1.5M and qualify for insured mortgages where noted.
At $1.5M or above — Uninsured, 20% Required
At $1,500,000 and above, CMHC insurance is not available. The minimum down payment becomes a flat 20% of the full purchase price: $320,000 on a $1,600,000 home; $400,000 on a $2,000,000 home. These are conventional uninsured mortgages. The OSFI stress test still applies — your lender qualifies you at the higher of your contract rate plus 2 percentage points, or the 5.25% floor (OSFI B-20, 2024). For context on what this means for affordability, see the mortgage affordability calculator.
Common mistake: the CMHC premium is not paid upfront
Many buyers are surprised to learn the CMHC mortgage insurance premium is added to the mortgage balance, not paid as a separate upfront fee. On a $600,000 home with the $35,000 minimum down, the premium of approximately $22,600 is added to the loan — meaning your actual mortgage is $587,600, not $565,000. You pay it down over the life of the mortgage alongside principal and interest.
First-Time Home Buyer Down Payment in Canada
First-time buyers use the same CMHC bracket rules as all buyers. What differs is access to three government programs that help reach the minimum down payment faster.
RRSP Home Buyers' Plan
First-time buyers in Canada can withdraw up to $35,000 from their RRSP for a home purchase under the Home Buyers' Plan, with couples together able to withdraw up to $70,000 combined, repayable over 15 years (CRA). The withdrawal is tax-free at the time of withdrawal, but one-fifteenth of the amount must be repaid to your RRSP each year — if you miss a repayment, that year's amount is added to your taxable income. RRSP funds must have been held for at least 90 days before you withdraw them (CRA, Home Buyers' Plan).
FHSA (First Home Savings Account)
The First Home Savings Account (FHSA) allows Canadian first-time buyers to contribute up to $8,000 per year and $40,000 lifetime, with contributions tax-deductible and withdrawals tax-free when used for a qualifying first home purchase. Unlike the RRSP Home Buyers' Plan, there is no repayment requirement — FHSA withdrawals for a first home are permanently tax-free. Unused contribution room carries forward. The FHSA combines the tax advantages of an RRSP (deductible contributions) with a TFSA (tax-free withdrawals), making it the most tax-efficient savings vehicle available to first-time buyers.
30-Year Amortization Eligibility
As of December 2024, 30-year amortization is available on insured mortgages for first-time buyers and new builds. Previously, insured mortgages were capped at 25 years. The extended amortization reduces monthly payments by approximately $200–$300 per month on a $600,000 mortgage versus a 25-year amortization — reducing the monthly cash flow burden of homeownership. The trade-off is more interest paid over the life of the loan. Use the mortgage affordability calculator to compare 25-year and 30-year scenarios side by side.
First-time buyer programs — three tools to reach your down payment
RRSP Home Buyers' Plan: withdraw up to $35,000 per person ($70,000 per couple) tax-free. Repay over 15 years.
First Home Savings Account (FHSA): contribute up to $8,000/year, $40,000 lifetime. Tax-deductible going in, tax-free coming out. No repayment required.
30-year amortization: available on insured mortgages for first-time buyers and new builds (Dec 2024). Reduces monthly payments by approximately $200–$300/month on a $600,000 mortgage vs. 25 years.
Sample Calculation: Estimating a Down Payment on a $650,000 Home
A first-time buyer in Ontario is targeting a $650,000 home. At the minimum down payment (blended 6.15%), they need $40,000 upfront. Choosing to put 10% down ($65,000) reduces the CMHC premium tier and lowers monthly carrying costs — but requires $25,000 more cash upfront. The table below shows both scenarios.
| Item | Minimum down ($40,000) | 10% down ($65,000) |
|---|---|---|
| Home price | $650,000 | $650,000 |
| Down payment | $40,000 (6.15%) | $65,000 (10%) |
| CMHC premium rate | 4.00% | 3.10% |
| CMHC premium amount | $24,400 (4.00% × $610,000) | $18,135 (3.10% × $585,000) |
| Total mortgage | $634,400 | $603,135 |
| Monthly payment (5.09%, 25yr) | ~$3,670/month | ~$3,490/month |
| Monthly savings vs. minimum | — | ~$180/month |
| Extra upfront cost | — | $25,000 more down |
| Break-even on extra down payment | — | ~11.6 years ($25K ÷ $180/month savings) |
Source: CMHC (cmhc-schl.gc.ca); OSFI B-20 (osfi-bsif.gc.ca)
On a $650,000 Ontario home, also budget $9,750–$26,000 for closing costs on top of your down payment. The closing cost calculator provides a province-specific estimate. The largest single closing cost for Ontario buyers is typically land transfer tax — use the Ontario land transfer tax calculator for the exact amount. For monthly payment estimates, see the mortgage payment calculator.
When You Need 20% Down
Three situations require a 20% minimum down payment. First, homes priced at $1,500,000 or higher — CMHC insurance is unavailable and 20% is the mandatory conventional minimum. Second, if you want to eliminate the CMHC insurance premium entirely — on a $600,000 home, 20% down saves approximately $16,000–$22,600 in mortgage insurance over the life of the loan. Third, if you are purchasing a rental or investment property — investment properties require a minimum 20% down payment regardless of price, as CMHC does not insure investor-owned properties.
20% down does not exempt you from the OSFI stress test
Putting 20% or more down eliminates CMHC insurance, but it does not exempt you from the OSFI B-20 mortgage stress test. Your lender will still qualify you at the higher of your contract rate plus 2 percentage points, or the 5.25% floor — whichever is greater (OSFI B-20, 2024). A larger down payment improves your loan-to-value ratio but does not automatically qualify you for a larger loan.
▶ See your full mortgage picture
- Calculate your mortgage paymentYour down payment is the starting point. Use related tools to estimate monthly costs, affordability, and closing costs.
If you are short on savings, review zero down payment mortgage options before deciding whether to borrow your down payment.
Frequently Asked Questions
Sources
- Canada Mortgage and Housing Corporation (CMHC). Mortgage Loan Insurance. cmhc-schl.gc.ca. Accessed April 2026.
- Government of Canada. Canada Releases Details of Enhanced Mortgage Rules. canada.ca. Published September 2024.
- Office of the Superintendent of Financial Institutions (OSFI). Residential Mortgage Underwriting Practices and Procedures (B-20). osfi-bsif.gc.ca. Accessed April 2026.
- Canada Revenue Agency (CRA). What is the Home Buyers' Plan? canada.ca. Accessed April 2026.
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