MORTGAGE CALCULATOR

Use our home loan calculator to estimate your total mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan, to calculate your mortgage payment, schedule, and more.
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Your mortgage payments over 25 years will add up to $0.

Mortgage Calculator Guide


Down Payment
In Canada, the minimum down payment depends on the purchase price of the home:

- 5% on the first $500,000
- 10% on the portion between $500,000 and $1,000,000
- 20% required for homes priced $1,000,000 or more
If your down payment is less than 20%, mortgage default insurance (such as CMHC insurance) is required and is usually added to the mortgage.

 
Mortgage Term
In Canada, mortgages typically have a 25-year amortization period, which is the total time it takes to repay the loan.

However, the mortgage term is usually 1–5 years, meaning your interest rate and conditions are locked in for that period before renewing.

 
Mortgage Type
The two most common mortgage types in Canada are:


Fixed-Rate Mortgage
Your interest rate stays the same for the entire term, which means stable and predictable payments.


Variable-Rate Mortgage
Your rate fluctuates with the lender’s prime rate. Payments or interest costs may change if interest rates move.

 
Interest Rate
The interest rate used in this calculator is an estimate based on current market averages.

Your actual rate will depend on factors such as your credit score, down payment, income, debt levels, and lender policies.

 
Property Taxes
Property taxes are set by your local municipality and are based on the assessed value of the home.

In Saskatoon, these taxes help fund services such as schools, infrastructure, and public services. The calculator includes an estimated amount, but the exact amount will vary by property.

 
Home Insurance
Most lenders require home insurance before approving a mortgage.

This protects the property from risks such as fire, water damage, and severe weather. Costs vary depending on the home, coverage level, and insurance provider.

 
Condo Fees
If you are buying a condo or townhouse, monthly condo fees may apply.

These fees help cover shared expenses such as building maintenance, snow removal, landscaping, and reserve fund contributions.