MONEY GLOBE XMortgage calculator for Canada and the USA
Enter the price and down payment to see the mortgage insurance, the total mortgage, the monthly payment and the cash you need at closing.
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Questions
How much do I need to put down in Canada?
At least 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. From $1.5 million, at least 20%.
When is mortgage insurance needed?
In Canada, when you put down less than 20%. The premium (0.60% to 4.00% of the loan) is added to your mortgage; Ontario, Quebec and Saskatchewan charge sales tax on it, paid in cash. In the US, lenders usually charge private mortgage insurance (PMI) below 20% down.
How much income do I need?
Lenders look at your gross income. In Canada they qualify you at a 'stress test' rate (your rate + 2%, at least 5.25%): housing costs must stay under 39% of gross income and all debts under 44%. In the US a common guideline is 28% and 36%. The calculator shows the income those limits imply.
Why is the Canadian payment a little lower?
Canadian fixed-rate mortgages compound interest twice a year, not monthly, so the same rate gives a slightly lower payment.
Is this a mortgage offer?
No - it is an estimate for education. A lender or a licensed mortgage broker confirms the real rate, fees and payment.
Free to use, nothing is stored. Educational information only - not financial or tax advice.