A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance.

If your down payment amount is less than 20% of the purchase price of your home, you will need to pay for mortgage default insurance. You can learn more about mortgage default insurance by visiting www.cmhc-schl.gc.ca, www.genworth.ca, or www.canadaguaranty.ca. A home purchase price of greater than or equal to $1 million is not eligible for mortgage default insurance and requires a minimum down payment of 20%.

This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, is not intended to provide specific financial or other advice, should not be relied upon in that regard, and does not mean that you have been approved for a mortgage loan. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your overall financial needs and that your personal circumstances have been taken into account.

Actual mortgage payments may differ from the mortgage calculator payment amount displayed and will be determined at the time of signing the Mortgage Loan Agreement. Additional conditions may apply. Calculation assumes constant interest rate throughout amortization period. The interest rate is calculated semi-annually, not in advance.

When you make your credit application, interest rates may have changed or may be different due to information contained in your application. While every effort has been made to ensure the accuracy and completeness of the information provided, Haig Minassian, and Easy Mortgages by Haig, does not make any express or implied warranties or representations with respect to any information or results in connection with the mortgage calculator. Haig Minassian, and Easy Mortgages by Haig, will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.