What will it really cost?
This BC mortgage calculator shows your payment, CMHC insurance, property transfer tax and every closing cost, using the current rules in British Columbia.
What this BC mortgage calculator tells you.
Most calculators stop at the payment. This one shows everything you will actually pay, so there are no surprises on closing day.
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Your real payment
Monthly, bi-weekly or weekly, with CMHC insurance added in when your down payment is under 20%.
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Cash you need to close
Property transfer tax, legal fees, inspection and the other costs buyers often forget to plan for.
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The stress test
See the rate lenders will qualify you at, so you know if the payment still works if rates go up.
How to use the BC mortgage calculator.
It only takes a couple of minutes. Every result updates while you type.
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Enter the price
Use the price of a home you like, or the top of your budget.
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Add your down payment
Type an amount or a percentage. The calculator shows the minimum you need.
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Set the rate and term
Use a rate you were quoted, then pick your amortization and how often you pay.
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Read the full picture
Check the payment, the closing costs and the amortization schedule below the results.
Where your money goes each month
Your term at a glance
Mortgage balance over time
Principal and interest by year
Cash needed to close
Will you qualify?
First-time buyer programs to look into
Save up to $8,000 a year, $40,000 in total, tax-free for your first home. Contributions are tax-deductible.
Withdraw up to $60,000 per person from your RRSP for a first home and repay it over 15 years.
A federal tax credit of up to $1,500 in the year you buy your first home.
Amortization schedule
Where these numbers come from
Every rule in this calculator is taken from these official pages.
- Mortgage loan insurance costPremium rates by loan-to-value, added to the mortgage.
- Premium information for homeowner loansThe 0.20% premium surcharge for amortizations over 25 years.
- Calculating GDS and TDSDebt service limits of 39% and 44%, what counts as housing costs, half of strata fees, credit cards and lines of credit at 3% of the balance, secured lines of credit over 25 years, and the qualifying rate.
- Minimum qualifying rate for uninsured mortgagesThe stress test: the higher of your rate plus 2% or 5.25%.
- Saving for a down payment (FCAC)Minimum down payment of 5% and 10%, 20% from $1.5 million, and when insurance is required.
- Mortgage reforms (Department of Finance)The $1.5 million insured price cap and 30-year insured amortizations for first-time buyers and new builds.
- First-Time Home Buyers' GST Rebate (Department of Finance)GST relief of up to $50,000 on new homes, full to $1 million and phased out to $1.5 million.
- Property transfer taxTax rates of 1%, 2%, 3% and the extra 2% over $3 million on residential property.
- First-time home buyers' exemptionFull exemption to $835,000, partial to $860,000, on the first $500,000.
- Newly built home exemptionFull exemption to $1.1 million, partial to $1.15 million.
- Additional property transfer taxThe 20% additional tax for foreign buyers.
BC mortgage calculator: questions I hear a lot.
Quick, plain answers on down payments, CMHC insurance, the stress test and property transfer tax in BC.
Still have a question? Book a free call 778 900 1010
How much down payment do I need for a mortgage in BC?
In Canada the minimum is 5% of the first $500,000 of the price and 10% of the part above that, for homes under $1.5 million. Homes at $1.5 million or more need at least 20% down.
What is CMHC insurance and when do I pay it?
If you put down less than 20%, your lender needs mortgage default insurance. The premium is a percentage of your mortgage, from 2.80% to 4.00% depending on your down payment, and it is usually added to the mortgage rather than paid in cash.
What is the mortgage stress test in BC?
Lenders check that you could still afford the payment at a higher rate: your contract rate plus 2%, or 5.25%, whichever is higher.
Do first-time buyers pay property transfer tax?
Eligible first-time buyers in BC pay no property transfer tax on the first $500,000 of a home worth up to $835,000, with a partial exemption up to $860,000. Newly built homes have their own exemption up to $1.1 million.
Should I choose a fixed or variable mortgage rate in BC?
A fixed rate keeps your payment the same for the whole term, which makes budgeting easy. A variable rate moves with the lender’s prime rate, so your payment or the interest portion can change. Variable has often been cheaper over time, but it comes with more uncertainty. It really depends on your budget and how comfortable you are with change.
What closing costs should I budget for in BC?
Plan for property transfer tax (unless you qualify for an exemption), a lawyer or notary, title insurance, a home inspection, sometimes an appraisal, and adjustments for property tax or strata fees the seller already paid. Turn on closing costs in the advanced calculation above to see an estimate for your price.
Can I get a 30-year amortization?
With 20% or more down, many lenders offer up to 30 years. With less than 20% down, first-time buyers and buyers of newly built homes can get a 30-year insured mortgage, with a small extra insurance premium. Everyone else is limited to 25 years on an insured mortgage.
Can I use my RRSP or FHSA for the down payment?
Yes. First-time buyers can take up to $60,000 each from their RRSP through the Home Buyers’ Plan and pay it back over 15 years. A First Home Savings Account lets you save up to $40,000 tax-free, and you do not have to pay it back when you use it for your first home.