Down Payment Calculator
Estimate how much cash you need for your target down payment, the mortgage left to finance and how long your savings plan could take.
Quick answer
Your down payment equals home price × down-payment percentage. A larger down payment reduces the mortgage you need. In Canada, the legal minimum varies by purchase price, and a down payment below 20% typically requires mortgage loan insurance.
Calculate your home down payment
Choose a home price and down payment percentage, then compare the target with the savings you already have.
Savings timeline
Canada minimum down-payment rules
For eligible owner-occupied purchases, the minimum is 5% on homes up to C$500,000. From C$500,000 to below C$1.5 million, it is 5% of the first C$500,000 plus 10% of the amount above C$500,000. At C$1.5 million or more, the minimum is 20%. These are financing benchmarks, not a guarantee of mortgage approval.
Don’t forget cash beyond the down payment
Your down payment is only part of the cash needed to buy. Budget separately for closing costs and keep an emergency reserve rather than using every available dollar at closing.
Mortgage Affordability Calculator · Closing Cost Calculator · My Plan
Down payment FAQ
How do I calculate a down payment?
Multiply the home purchase price by your target down-payment percentage. A $500,000 home with 20% down, for example, means a $100,000 down payment.
What is the minimum down payment in Canada?
For an eligible owner-occupied home, the federal benchmark is 5% up to $500,000; above $500,000 and below $1.5 million it is 5% of the first $500,000 plus 10% of the remainder; homes at $1.5 million or more require at least 20%.
Do I need 20% down in Canada?
Not always. Eligible buyers can use a smaller down payment, but mortgage loan insurance is typically required when the down payment is below 20%.
Does the calculator include closing costs?
No. This page focuses on the down payment. Use AffordBase’s Closing Cost Calculator to plan legal, tax, title, inspection and other purchase costs separately.
AffordBase provides planning estimates, not lending, legal, tax or financial advice. Confirm eligibility and current rules with your lender and relevant government sources.