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Down Payments
The minimum amount needed to purchase property.
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Mortgages
Close Mortgages
Open Mortgages
Home Buyers
First-Time Buyers, Buying your next Home, or Investment Property.
Homeowners
Mortgage Renewals, Refinancing and Reverse Mortgages.
Mortgage Rates
Latest mortgage rates from top lenders.
Resources
Close Resources
Open Resources
Broker Advantages
Everything a Mortgage Professional has to offer.
Mortgage Calculators
Calculate mortgage payments and housing expenses.
Lenders
Canada's top banks, mortgage lenders and credit unions.
Mortgage Rates
Latest mortgage rates from top lenders.
Mortgage FAQs
Commonly asked questions and mortgage faqs.
Mortgage Glossary
Mortgage definitions and terminology.
Credit 101
The role credit plays in your mortgage journey.
Search
Search the mfactory.ca database.
Down Payments
The minimum amount needed to purchase property.
About
Close About
Open About
Our Story
Providing the best mortgage services for home buyers and owners.
News
Latest mortgage headlines, policy and market trends.
Careers
Join our mission to educate clients on all their mortgage options.
Contact
Contact one of our agents today.
GET STARTED
Purchase Calculator
Calculate Down Payments, Payment Schedules and more!
ADMIN (HIDDEN)
INPUTS (ADMIN)
FTHB/New Build
fieldname1280
Location
fieldname1245
Payment Frequency
fieldname1303
Home Expenses & Rent
Property Tax
(Year)
fieldname1841
Home Insurance
(Year)
fieldname1842
Condo Fees
(Month)
fieldname1844
Heating
(Month)
fieldname1845
Other Expenses
(Month)
fieldname1846
Rent
(Month)
fieldname1874
Annual Home Expenses
fieldname1847
Annual Rental Income
fieldname1881
Monthly
Semi-Monthly
Bi-Weekly
Weekly
Acc. Bi-Weekly
Acc. Weekly
fieldname1852
fieldname1853
fieldname1854
fieldname1855
fieldname1856
fieldname1857
fieldname1886
fieldname1887
fieldname1888
fieldname1889
fieldname1890
fieldname1891
Purchase Price
fieldname883
Min. Down %
fieldname1271
Min. Down $
fieldname1272
Down Payment %
fieldname1187
Down Payment $
fieldname1188
Borrowed?
fieldname1275
Required Loan
fieldname1215
LTV
fieldname1220
MI Required?
fieldname1309
MI Calculation
Employed or Self-Employed Rate
fieldname1225
Flex Down Premium
fieldname1237
>25 Yr AM Premium
fieldname1244
MI Total Premium Rate
fieldname1250
MI Premium Amount
fieldname1230
Total Mortgage Amount
fieldname527
Max AM/Periods (Years)
fieldname138
AM/Periods (Years)
fieldname141
Rate Type
fieldname865
Compounding
fieldname528
Interest Rate
fieldname529
Term (Years)
fieldname759
PMT Frequency
Monthly
Semi-Monthly
Bi-Weekly
Weekly
Acc. Bi-Weekly
Acc. Weekly
PMTs Per Period
/year
fieldname574
fieldname575
fieldname576
fieldname577
fieldname578
fieldname579
Rate (R1)
Nominal
fieldname772
fieldname773
fieldname774
fieldname776
fieldname775
fieldname777
Rate (R2)
Per PMT
fieldname531
fieldname588
fieldname589
fieldname590
fieldname591
fieldname592
Total No. of Periods (A1)
fieldname596
fieldname597
fieldname598
fieldname599
fieldname600
fieldname601
Total No. of Periods (A2)
Effective
fieldname617
fieldname618
fieldname619
fieldname620
fieldname621
fieldname622
Total No. of Periods (T1)
Term
fieldname764
fieldname765
fieldname766
fieldname768
fieldname767
fieldname769
METHODS (ADMIN)
(R1+A1)
Calculation (R1+A1)
This method is used by the Financial Consumer Agency of Canada for non-accelerated payments.
PMT Frequency
Monthly
Semi-Monthly
Bi-Weekly
Weekly
Acc. Bi-Weekly
Acc. Weekly
P&I PMT
(R1+A1)
fieldname977
fieldname978
fieldname979
fieldname980
Term (R1+A1)
Total Paid
(Term) (R1+A1)
fieldname1134
fieldname1135
fieldname1136
fieldname1137
Principal Paid
(Term) (R1+A1)
fieldname1126
fieldname1127
fieldname1128
fieldname1129
Interest Paid
(Term) (R1+A1)
fieldname1118
fieldname1119
fieldname1120
fieldname1121
Interest Savings (vs Monthly Freq.)
(Term) (R1+A1)
fieldname1142
fieldname1143
fieldname1143
fieldname1145
End of Term Mortgage Balance
(Term) (R1+A1)
fieldname1150
fieldname1151
fieldname1152
fieldname1153
End of Term Amortization Remaining
(R1+A1)
Years
Months
fieldname1159
fieldname1160
fieldname1162
fieldname1163
fieldname1165
fieldname1166
fieldname1168
fieldname1169
Amortization (R1+A1)
Total Paid
(Amortized) (R1+A1)
fieldname1001
fieldname1002
fieldname1003
fieldname1004
Principal Paid
(Amortization) (R1+A1)
fieldname993
fieldname994
fieldname995
fieldname996
Interest Paid
(Amortization) (R1+A1)
fieldname985
fieldname986
fieldname987
fieldname988
Total Interest Savings (vs Monthly Freq.)
(R1+A1)
fieldname1009
fieldname1010
fieldname1011
fieldname1012
Effective Amortization
(R1+A1)
Years
Months
fieldname1026
fieldname1027
fieldname1029
fieldname1030
fieldname1032
fieldname1033
fieldname1035
fieldname1036
(R2+A1)
Calculation (R2+A1)
This method is used by the majority of lenders for non-accelerated payments. (CMHC, CIBC, Scotia)
PMT Frequency
Monthly
Semi-Monthly
Bi-Weekly
Weekly
Acc. Bi-Weekly
Acc. Weekly
P&I PMT
(R2+A1)
fieldname967
fieldname968
fieldname969
fieldname970
Term (R2+A1)
Total Paid
(Term) (R2+A1)
fieldname1064
fieldname1065
fieldname1066
fieldname1067
Principal Paid
(Term) (R2+A1)
fieldname1054
fieldname1055
fieldname1056
fieldname1057
Interest Paid
(Term) (R2+A1)
fieldname1044
fieldname1045
fieldname1046
fieldname1047
Interest Savings (vs Monthly Freq.)
(Term) (R2+A1)
fieldname1074
fieldname1075
fieldname1076
fieldname1077
End of Term Mortgage Balance
(Term) (R2+A1)
fieldname1084
fieldname1085
fieldname1086
fieldname1087
End of Term Amortization Remaining
(R2+A1)
Years
Months
fieldname1095
fieldname1096
fieldname1098
fieldname1099
fieldname1101
fieldname1102
fieldname1104
fieldname1105
Amortization (R2+A1)
Total Paid
(Amortization) (R2+A1)
fieldname921
fieldname922
fieldname923
fieldname924
Principal Paid
(Amortization) (R2+A1)
fieldname911
fieldname912
fieldname913
fieldname914
Interest Paid
(Amortization) (R2+A1)
fieldname901
fieldname902
fieldname903
fieldname904
Total Interest Savings (vs. Monthy Freq.)
(Amortization) (R2+A1)
fieldname931
fieldname932
fieldname933
fieldname934
Effective Amortization
(R2+A1)
Years
Months
fieldname952
fieldname953
fieldname955
fieldname956
fieldname958
fieldname959
fieldname961
fieldname962
(R2+A2)
Calculation (R2+A2)
This method will provide the effective amortization for all payment frequencies and is the method used to calculate Accelerated Payments.
PMT Frequency
Monthly
Semi-Monthly
Bi-Weekly
Weekly
Acc. Bi-Weekly
Acc. Weekly
P&I PMT
(R2+A2)
fieldname544
fieldname545
fieldname546
fieldname548
fieldname547
fieldname549
Term (R2+A2)
Total Paid
(Term) (R2+A2)
fieldname709
fieldname710
fieldname711
fieldname713
fieldname712
fieldname714
Principal Paid
(Term) (R2+A2)
fieldname693
fieldname694
fieldname695
fieldname697
fieldname696
fieldname698
Interest Paid
(Term) (R2+A2)
fieldname701
fieldname702
fieldname703
fieldname705
fieldname704
fieldname706
Interest Savings vs. Monthly Freq.
(Term) (R2+A2)
fieldname803
fieldname804
fieldname805
fieldname806
fieldname807
fieldname808
End of Term Mortgage Balance
(Term) (R2+A2)
fieldname720
fieldname721
fieldname723
fieldname726
fieldname724
fieldname727
End of Term Amortization Remaining
(R2+A2)
Years
Months
fieldname742
fieldname743
fieldname745
fieldname746
fieldname748
fieldname749
fieldname754
fieldname755
fieldname751
fieldname752
fieldname757
fieldname758
Amortization (R2+A2)
Total Paid
(Amortized) (R2+A2)
fieldname641
fieldname642
fieldname643
fieldname644
fieldname645
fieldname646
Principal Paid
(Amortization) (R2+A2)
fieldname633
fieldname634
fieldname635
fieldname636
fieldname637
fieldname638
Interest Paid
(Amortization) (R2+A2)
fieldname605
fieldname606
fieldname607
fieldname608
fieldname609
fieldname610
Total Interest Savings (vs. Monthly Freq.)
(Amortization) (R2+A2)
fieldname661
fieldname662
fieldname663
fieldname665
fieldname664
fieldname666
Effective Amortization
(R2+A2)
Years
Months
fieldname838
fieldname839
fieldname841
fieldname842
fieldname844
fieldname845
fieldname847
fieldname848
fieldname850
fieldname851
fieldname853
fieldname854
Purchase Calculator
Calculate mortgage payments, estimate mortgage loan insurance costs and explore various payment frequencies.
I am ...
A First-Time Homebuyer
Buying a New Build
Location
AB
BC
MB
NB
NL
NT
NS
NU
ON
PE
QC
SK
YT
Purchase Price
*
Payment Frequency
Monthly
Semi-Monthly
Bi-Weekly
Accelerated Bi-Weekly
Weekly
Accelerated Weekly
Min. Down Payment Required
Purchase Prices ranging from:
$0 - $500,000
requires a minimum down payment of 5.00%.
$500,000 - $1 million
, requires 5.00% on the first $500,000 plus 10.00% on the remaining amount.
$1 million +
requires a 20.00% minimum.
* First-Time Homebuyers or New Construction Purchase:
*
$500,000 - $1.5 million
, requires 5.00% on the first $500,000 plus 10.00% on the remaining amount.
*
$1.5 million +
requires a 20.00% minimum.
Borrow
Min.
10%
15%
20%
Custom:
Amortization
25
Min
Max
25 Years(s)
Rate Type
Fixed
Variable
Rate
*
Term
1 Year
2 Years
3 Years
4 Years
5 Years
6 Years
7 Years
10 Years
Home Expenses
Annually
Estimate property tax and home insurance to help accurately determine the total cost of homeownership.
Property Tax
Home Insurance
Monthly
Estimate anticipated monthly expenses.
Condo Fees
Heat/Utilities
Other
Rental Income
For rented units, enter the total monthly rental income for all units.
Rent
Mortgage Amount
Insurance Premium
Term Summary
Interest Saved
Amortization Summary
Interest Saved
Mortgage Paid Faster
DISCLAIMER
This calculator is for illustrative purposes only. Users should not rely on this calculator to make any financial decisions. Keep in mind that small differences in payment and savings estimates may occur due to variations in calculation methods used by different lenders. While every effort is made to keep this tool up-to-date, M Factory does not guarantee the accuracy, reliability or completeness of any information or calculations provided by this calculator. M Factory is not liable for loss or damage of any kind arising from the use of this tool.
Calculation Method:
1.1
2.1
2.2
Accelerated Calculation Method:
R2+A2
Payment Frequencies
Comparison
Monthly
Semi-Monthly
Bi-Weekly
Acc. Bi-Weekly
Weekly
Acc. Weekly
Frequency
1 time per month
2 times per month
Every 2 weeks
Every 2 weeks
Every week
Every week
Payments per Year
12
24
26
26
52
52
Payment Calculation
Monthly
(Monthly Payment) / 2
(Monthly Payment x 12) / 26
(Monthly Payment x 13) / 26
(Monthly Payment x 13) / 52
(Monthly Payment x 12) / 52
Payment Amount
Payment Difference
Amortization Difference
Total Savings
Mortgage Insurance Premiums
The chart below reflects Standard Premium Rates for mortgages with an amortization period of 25 years or less.
For mortgages with an amortization period greater than 25 years (up to 30 years), an additional premium of 0.20% will apply.
Loan-to-Value (LTV)
Premium Rate
Up to 65%
0.60%
65.01% - 75%
1.70%
75.01% - 80%
2.40%
80.01% - 85%
2.80%
85.01% - 90%
3.10%
90.01% - 95%
4.00%
90.01% - 95%
(Borrowed Down Payment)
4.50%
Payment options
