- Home
- Mortgage calculator
BC mortgage & closing cost calculator
Monthly payment, minimum down payment, CMHC insurance and BC Property Transfer Tax in one place.
*Down payment plus Property Transfer Tax. Excludes legal fees, inspection, GST on new homes and adjustments. Payments use Canadian semi-annual compounding. First-time buyer and newly built home exemptions may reduce or remove Property Transfer Tax. Estimates only, not a mortgage approval.
Talk to Harpal about your budgetHow the numbers work
The calculator follows Canadian and BC rules. Your lender and lawyer will confirm the exact figures.
How much do I need for a down payment?
In Canada, it's 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. Homes at $1.5 million or more need 20% down. Under 20% down, mortgage default insurance (CMHC or similar) is required. The mortgage calculator on this site does the math for you.
What is BC Property Transfer Tax?
A provincial tax paid by the buyer when the title transfers: 1% on the first $200,000, 2% up to $2 million, 3% from $2 million to $3 million, and 5% above $3 million for residential property. First-time buyers and buyers of newly built homes may qualify for full or partial exemptions; check the current thresholds with the BC government.
What is CMHC mortgage insurance?
If you put less than 20% down, your lender requires mortgage default insurance. The premium is a percentage of the mortgage (4.00% with 5–9.99% down, 3.10% with 10–14.99% down, 2.80% with 15–19.99% down) and is usually added to the mortgage rather than paid upfront.
How is the monthly payment calculated?
Canadian fixed-rate mortgages compound interest semi-annually, not monthly. The calculator converts your rate accordingly and spreads the insured mortgage over your chosen amortization.
Ready when you are.
Call, message on WhatsApp, or send a note. Harpal answers personally, in English, Punjabi or Hindi.