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Down Payment Calculator

Minimum down payment for any Canadian home price, the CMHC premium at your tier, total mortgage, monthly payment, and real cash-to-close including costs.

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The honest read

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Quick Answer

On a $600,000 home, the minimum down payment is $35,000 (5% of the first $500k plus 10% of the rest). That insured mortgage carries a ~$22,600 CMHC premium rolled into the loan, making the real mortgage ~$587,600 and the payment about $3,333/month at 4.75%. With ~$11,000 of closing costs on top, minimum-entry buyers need roughly $46,000 in cash — and 20% down ($120,000) eliminates the premium entirely.

The tiered minimum, exactly

5% of the first $500,000, 10% of the slice from $500,000 to $1.5M, 20% flat above $1.5M (uninsurable territory). The full rulebook — including who counts as a first-time buyer and where the money can come from — is in our down payment rules guide.

CMHC insurance: the cost of a small down payment

Under 20% down, default insurance is mandatory: 4.0% of the mortgage at 5–9.99% down, 3.1% at 10–14.99%, 2.8% at 15–19.99%. It's added to the mortgage — so you pay interest on the premium for 25 years. The full tier table and avoidance strategies: CMHC insurance explained.

Don't empty the accounts to hit 20%

20% down kills the premium but can leave you with zero liquidity on day one of homeownership — exactly when the furnace dies. Keep a real emergency fund and closing buffer; the premium is expensive, but a line of credit at 8% for furnace money is worse. Compare both scenarios above before deciding.

Closing costs are not the down payment

Land transfer tax, legal fees, title insurance, inspection — roughly 1.5–2.5% of the price, due in cash at closing. Toronto buyers pay double land transfer tax; first-time buyers get rebates and credits worth up to ~$13,000 depending on province.

Frequently Asked Questions

What is the minimum down payment in Canada?
5% on the first $500,000, 10% on the portion from $500,000 to $1.5 million, and 20% for homes over $1.5 million. On a $600,000 home that's $35,000 (5.8%); on a $1,600,000 home the full 20% rule kicks in — $320,000. Homes over $1.5M can't be insured, so 20% is a hard floor.

How much is CMHC insurance on my down payment?
Under 20% down, the premium is a percentage of the mortgage: 4.0% at 5–9.99% down, 3.1% at 10–14.99%, and 2.8% at 15–19.99%. On a $565,000 mortgage with minimum down on a $600,000 home, that's ~$22,600 — added to your mortgage and paid off with interest over the amortization.

Is it better to put 20% down or keep the cash?
20% down eliminates the insurance premium (worth $15,000–$25,000 on typical homes) and lowers the payment, but empties your reserves. The hybrid many buyers choose: put down less, keep a 6-month emergency fund and closing buffer intact, and use prepayment privileges to attack the balance later.

What cash do I need beyond the down payment?
Budget roughly 1.5–2.5% of the price for closing costs: land transfer tax (biggest line — use our LTT calculator), legal fees ($1,500–$2,500), title insurance, and inspection. On a $600,000 Ontario home outside Toronto, that's ~$11,000–$14,000 on top of the down payment.

Where can the down payment come from?
Savings, TFSA, FHSA ($8,000/year, tax-deductible), RRSP via the Home Buyers' Plan ($60,000), or a gift from immediate family with a signed gift letter. Borrowed down payments (unsecured loans) disqualify you from most insured mortgages.

Guides that use this calculator

Mortgage & Home Buying

Gifted Down Payments in Canada: The Gift Letter Rules Every Parent and Buyer Must Know

Mortgage & Home Buying

CMHC Insurance Explained: What Mortgage Default Insurance Really Costs You

Mortgage & Home Buying

Deposit vs Down Payment in Canada: What's the Difference and When Each Is Due

Mortgage & Home Buying

Minimum Down Payment Rules in Canada: What You Need at Every Price Point

Mortgage & Home Buying

Home Buyers' Plan Repayment Rules: The $60,000 RRSP Loan You Can't Forget

Official sources

Rules and dollar limits change. Confirm current amounts with the official pages below before you act.

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