Mortgage and Closing Cost Calculator

How It's Calculated

Minimum down payment: 5% of the first $500,000, and 10% of the portion from $500,000 to $1,500,000. Homes priced at $1.5 million or more need at least 20% down.

CMHC insurance: required when you put down less than 20%. Premiums are 2.80% (80.01% to 85% loan-to-value), 3.10% (up to 90%) and 4.00% (up to 95%), added to your mortgage. Lenders may charge an extra premium for a 30-year amortization, which is not included here.

30-year amortization with less than 20% down: available to first-time buyers and buyers of newly built homes.

BC property transfer tax: 1% on the first $200,000, 2% up to $2,000,000, 3% above $2,000,000, plus a further 2% on residential property over $3,000,000.

First-time home buyers' exemption: no tax on the first $500,000 for homes worth $835,000 or less (up to $8,000 saved). Partial exemption between $835,000 and $860,000. You must meet the eligibility rules, such as being a Canadian citizen or permanent resident, never having owned a principal residence, and living in the home.

Newly built home exemption: full exemption for homes worth $1,100,000 or less, with a partial exemption up to $1,150,000. Eligibility rules apply.

This is an estimate only, not financial or legal advice. It doesn't include legal fees, adjustments, inspection or moving costs. Your lawyer or notary confirms the final property transfer tax. Sources: Province of BC, CMHC.