Vancouver mortgage calculator

Estimate mortgage payments for a home in British Columbia: enter the price, down payment, interest rate and amortization to see monthly, bi-weekly and accelerated payments and a full amortization schedule. Results are estimates; confirm figures with your lender.

Mortgage questions

Last updated: 2026-10-15

How are mortgage payments calculated in Canada?

Canadian fixed-rate mortgages compound interest semi-annually, not monthly, so the effective monthly rate is slightly lower than the posted rate divided by 12. The payment depends on the amount borrowed, the interest rate and the amortization (the years to pay the loan off, usually 25). For example, a $640,000 mortgage at 4.5% over 25 years costs about $3,542 a month. Bi-weekly payments of about $1,635 cost the same per year; accelerated bi-weekly payments of about $1,771 (half the monthly payment, 26 times a year) add one extra monthly payment each year and would pay that loan off in about 21.7 years instead of 25. The calculator above uses the same semi-annual formula.

What is the minimum down payment in Canada?

The minimum down payment is 5% of the first $500,000 of the price plus 10% of the portion above $500,000, for homes under $1.5 million. Homes of $1.5 million or more need at least 20% down. For example, the minimum is $25,000 on a $500,000 home, $55,000 on an $800,000 home and $75,000 on a $1,000,000 home. With less than 20% down, the mortgage must have default insurance.

Source: Financial Consumer Agency of Canada — down payment

How much does CMHC mortgage insurance cost?

Mortgage default insurance (from CMHC, Sagen or Canada Guaranty) is required when the down payment is under 20%. The premium is a percentage of the loan: 2.80% with 15% to 19.99% down, 3.10% with 10% to 14.99% down and 4.00% with 5% to 9.99% down, plus 0.20% for a 30-year amortization. It is usually added to the mortgage rather than paid in cash. For example, a $760,000 loan with 5% down has a premium of about $30,400.

Source: CMHC — mortgage loan insurance premiums

What is the mortgage stress test?

Lenders must check that you could still afford your payments at a higher rate. Under the federal stress test, you qualify at the greater of your contract rate plus 2 percentage points or 5.25%. For example, if you are offered 4.5%, the lender checks affordability at 6.5%. The test applies to insured and uninsured mortgages from federally regulated lenders, so the maximum you can borrow is lower than the contract rate alone would suggest.

Source: Financial Consumer Agency of Canada — mortgage stress test

What closing costs should I budget for when buying in BC?

The largest closing cost in BC is the property transfer tax: 1% of the first $200,000, 2% from $200,000 to $2 million, 3% from $2 million to $3 million and 5% above $3 million. That is $14,000 on an $800,000 home and $18,000 on a $1,000,000 home. First-time buyers can be exempt on the first $500,000 (up to $8,000) for homes up to $835,000, phasing out at $860,000, and a newly built home used as a principal residence can be fully exempt up to $1.1 million, phasing out at $1.15 million. Foreign buyers pay an additional 20% in Metro Vancouver. New homes also carry 5% GST, partly or fully rebated for some buyers. Add legal or notary fees (often about $1,500 to $2,500), title insurance, property tax and strata fee adjustments, and a home inspection for resale homes.

Source: Government of British Columbia — property transfer tax