For home buyers

    Down Payment Calculator

    Find the minimum down payment for any Canadian home price under the current tiered rules, and see whether CMHC mortgage default insurance applies and what it would add to your mortgage.

    $
    %

    Enter a home price to see the minimum down payment.

    Estimate only. Canadian rules (effective December 15, 2024): 5% on the first $500,000, 10% on the portion up to $1,500,000, and 20% at or above $1,500,000, where default insurance is not available. Premiums in Ontario, Quebec, and Saskatchewan also carry provincial sales tax, which is paid up front and not shown here. Confirm with your lender.

    How the minimum down payment works

    Canada uses a tiered minimum. The first $500,000 of the price needs 5%, the portion from $500,000 to $1,500,000 needs 10%, and homes priced $1,500,000 or more need a flat 20%. The December 2024 changes raised the insurable ceiling from $1 million to $1.5 million, so more buyers can now get an insured mortgage with less than 20% down.

    When mortgage default insurance applies

    Any down payment under 20% on a home below $1,500,000 requires default insurance from CMHC, Sagen, or Canada Guaranty. The premium runs from 2.8% at 15% down to 4.0% at 5% down, and it is added to your mortgage principal. Cross 20% and the mortgage becomes conventional with no premium at all.

    Budget for more than the down payment

    Closing costs — land transfer tax, legal fees, title insurance — typically run 1.5% to 4% of the price on top of the down payment. Keeping a record of your home from day one, including what you paid and what you own, is the cheapest insurance a homeowner has. That is what Habyn property records are built to keep, free for homeowners on the Home plan.

    Frequently asked questions

    What is the minimum down payment in Canada?

    As of December 15, 2024: 5% on the first $500,000 of the price, 10% on the portion between $500,000 and $1,500,000, and 20% on homes priced $1,500,000 or more. For example, a $700,000 home needs $45,000 (5% of $500,000 plus 10% of $200,000).

    When do I have to pay CMHC mortgage insurance?

    Whenever your down payment is under 20% on a home priced below $1,500,000. The premium ranges from 2.8% to 4.0% of the mortgage depending on your loan-to-value, and it is added to your principal rather than paid up front.

    Can I avoid mortgage default insurance?

    Yes, by putting down 20% or more, which makes the mortgage conventional. On homes priced $1,500,000 and over, 20% down is mandatory because default insurance is not available at that price.

    Does a bigger down payment save money?

    It lowers your mortgage, your interest over time, and — once you cross 20% — removes the insurance premium entirely. But keep an emergency fund: closing costs, moving, and early repairs all need cash too.

    See all free Habyn tools.