The most important step in the home buying process happens before you ever step foot inside a house: knowing your numbers. Use the mortgage calculator below to estimate your monthly carrying costs based on current interest rates, your desired down payment, and different amortization periods.
Mortgage Summary
This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.
Understanding Your Down Payment
Understanding your budget is the first and most critical step to a successful home purchase.
In Canada, the minimum down payment required depends on the purchase price of the home. For properties under $500,000, the minimum down payment is 5%. If the home is priced between $500,000 and $999,999, you need 5% for the first $500,000, and 10% for the portion above that amount. Properties priced at $1 million or more require a strict minimum down payment of 20%.
CMHC Insurance Explained
If your down payment is less than 20% of the total purchase price, Canadian law requires you to obtain mortgage default insurance (commonly referred to as CMHC insurance, though other providers like Sagen exist). This insurance protects the lender in case of default. The premium is calculated as a percentage of your total loan and is typically rolled directly into your monthly mortgage payments, meaning you do not have to pay it as a lump sum upfront.
Fixed vs. Variable Rates
When calculating your payments, you'll need to consider what type of rate structure you prefer. A fixed-rate mortgage locks in your interest rate for the duration of your term (typically 5 years), ensuring your payments never change, which provides excellent stability and peace of mind. A variable-rate mortgage fluctuates with the Bank of Canada's prime rate. While variable rates are often initially lower, they carry the risk of your payments (or your amortization schedule) shifting if interest rates rise.
Broker's Market Note
An online calculator is a fantastic starting point for playing with scenarios, but it is not a guarantee of financing. Before you fall in love with a property, you need a hard pre-approval from a licensed mortgage broker or bank. A true pre-approval locks in your interest rate for up to 120 days—protecting you from sudden rate hikes while you shop—and shows sellers that you are a serious, qualified buyer when it comes time to negotiate an offer.
Mortgages in Saskatchewan: FAQs
Both have merits, but working with an independent mortgage broker often provides more flexibility. A bank can only offer you their specific proprietary mortgage products. A mortgage broker acts as a middleman, shopping your application across dozens of different lenders (including major banks, credit unions, and monoline lenders) to secure the best possible rate and terms for your specific financial situation.
Yes. Your down payment is only one part of the cash required to buy a home. You should generally budget an additional 1.5% to 2% of the purchase price to cover closing costs. In Saskatchewan, this includes your legal fees, title transfer fees, property tax adjustments, and the cost of a home inspection.
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