Minimum down payment calculator
Enter a purchase price to see the minimum down payment, or enter your savings to see the highest price they can buy.
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Working with a different rate? Edit the rates this calculator uses
These are the figures we verified on 2026-10-23. Change them to work with a historic period, or with a new rate that has been announced but which we have not published yet.
Official pages disagree on the insured cap: $1.5 million per Finance Canada, $1 million on one line of the FCAC page.
How much down payment do I need in Canada?
5% of the first $500,000 of the price plus 10% of the portion between $500,000 and $1.5 million, and 20% of the whole price at $1.5 million or more. On a $800,000 home that is $55,000. A down payment under 20% typically needs mortgage loan insurance.
Why we built this calculator
"Five per cent down" is only true for the first $500,000 of the price. Above that, the extra is 10%, and at $1.5 million the whole price needs 20%. People pricing a home near those thresholds routinely get the arithmetic wrong, and the answer changes by tens of thousands of dollars.
This calculator applies the tiers exactly, works in reverse to find the highest price a given down payment can buy, and tells you when insurance is typically needed. For what happens after that, try the mortgage payment calculator.
It runs in your browser. Nothing you enter is sent anywhere, and there is no sign-up.
When to use it
- Setting a savings target before you start looking
- Checking whether a price just above $500,000 or $1.5 million changes your cash needs
- Finding the most expensive home your savings can buy
- Working out the loan-to-value ratio before you apply
Mistakes it helps you avoid
- Applying 5% to the whole price. Only the first $500,000 is at 5%.
- Forgetting that $1.5 million and above needs 20% of the full price.
- Treating the down payment as your whole cash need. Closing costs come on top.
- Assuming no insurance is needed. Under 20% down, it typically is.
The tiers
The minimum depends on which price band the home falls into.
price up to $500,000 minimum = 5% × price$500,000 to $1.5 million minimum = 5% × $500,000 + 10% × (price − $500,000)$1.5 million or more minimum = 20% × priceloan-to-value = (price − down payment) ÷ priceinsurance typically needed when the down payment is under 20%highest price for a down payment D:D below $25,000 price = D ÷ 5%D from $25,000 to $125,000 price = $500,000 + (D − $25,000) ÷ 10%D from $125,000 to $300,000 price just under $1.5 million (the cap)D of $300,000 or more price = D ÷ 20%
The first tier needs up to $25,000 (5% of $500,000), and the second tier reaches $125,000 for a price just under $1.5 million. At $1.5 million the rule switches to 20% of the whole price, which is $300,000. So a down payment between $125,000 and $300,000 buys a home up to just under $1.5 million but not one at $1.5 million or more. The calculator shows that gap rather than hiding it.
Worked example: a $800,000 home
You are buying an $800,000 home and have saved $60,000.
- 5% of the first $500,000$25,000
- 10% of the remaining $300,000$30,000
- Minimum down payment$55,000
- As a share of the price6.875%
- With $60,000 down, loan-to-value92.5%
The minimum is $55,000. With $60,000 down you borrow $740,000, which is 92.5% of the price, so mortgage loan insurance would typically apply.
To avoid insurance on this home you would need 20%, which is $160,000.
Where official pages disagree
The Department of Finance raised the insured price cap to $1.5 million from December 15, 2024, and the Financial Consumer Agency's minimum down payment table agrees, setting 20% from $1.5 million. A line elsewhere on the same Financial Consumer Agency page still says insurance is unavailable at $1 million or more. CMHC's quick reference lists a $1.5 million limit where the down payment is under 20%. The calculator follows the $1.5 million figure and you can edit it in the rate panel.
What else you need in cash
The down payment is not the only cash you need on closing day. Land transfer tax, legal fees and adjustments come on top. See the Ontario land transfer tax calculator and the land transfer tax calculator for other provinces.
Terms on this page
- Loan-to-value (LTV)
- The mortgage as a share of the home's price. A 10% down payment gives a 90% LTV.
- Mortgage loan insurance
- Insurance the borrower pays for that protects the lender, typically needed when the down payment is under 20%.
What has changed, and when
Rates on this page have not always been what they are today. If you are working on an earlier period, use the figure that applied at the time rather than the current one.
- From December 15, 2024 The insured mortgage price cap rose from $1 million to $1.5 million, and 30-year amortizations opened to first-time buyers and buyers of new builds, per the Department of Finance.
Common questions
What is the minimum down payment in Canada?
5% of the first $500,000 of the price, plus 10% of the portion from $500,000 up to $1.5 million. At $1.5 million or more, the minimum is 20% of the price.
Do I need mortgage insurance if I put down less than 20%?
Typically yes. The Financial Consumer Agency of Canada says that if your down payment is less than 20% of the price, you will typically need to buy mortgage loan insurance.
How much house can I afford with a $50,000 down payment?
Under the tiers, a $50,000 down payment supports a price up to $750,000. The first $25,000 covers the 5% tier up to $500,000, and the next $25,000 covers 10% of the next $250,000.
What is the insured mortgage price limit?
The Department of Finance raised the cap from $1 million to $1.5 million effective December 15, 2024. One line on the Financial Consumer Agency's page still says $1 million, so confirm with your lender.
Does the down payment include closing costs?
No. The down payment is the part of the price you pay yourself. Closing costs such as land transfer tax and legal fees are additional.
What to work out next
- FHSA roomBuilding the down payment in a tax-sheltered account? See your FHSA room.
- Home Buyers' PlanBorrowing from your RRSP for it? See the repayment schedule.
- Mortgage stress testSee whether you would qualify for the mortgage that goes with it.
- Mortgage paymentWork out the monthly payment on what is left to borrow.
- Ontario land transfer taxBuying in Ontario? Add land transfer tax to your cash needs.
Where these numbers come from
- Financial Consumer Agency of Canada — Down payment The 5%, 10% and 20% minimum down payment structure by purchase price.
- Department of Finance Canada — The boldest mortgage reforms in decades The $1.5 million insured price cap and 30-year amortizations for first-time buyers and new builds, from December 15, 2024.
- CMHC — Mortgage Loan Insurance Quick Reference Minimum equity of 5% of the first $500,000 and 10% of the remainder, and the purchase price limits.
Last verified 2026-10-23 Rates on this page are checked against the sources above at least once a year, and whenever the governing authority announces a change. Spotted something out of date? Tell us and we will fix it.
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