In Canada the minimum is 5% on the first $500,000 of the price plus 10% on the portion above that, up to $1.5M. At $1.5M or more you need at least 20% down and CMHC insurance isn't available. On a $900,000 home, for example, the minimum is $65,000 (5% of $500K + 10% of $400K).

If your down payment is under 20%, mortgage default insurance is mandatory. The premium — 4.00%, 3.10% or 2.80% of the loan depending on how much you put down — is added to your mortgage balance, so you pay interest on it over time. In Ontario there's also 8% PST on that premium, payable in cash at closing.

An accelerated bi-weekly payment is simply your monthly payment split in half, paid every two weeks. Because there are 26 bi-weekly periods a year, you end up making the equivalent of one extra monthly payment annually — which can shave years off your amortization and save tens of thousands in interest. Try toggling it above to see your own numbers.

Canadian fixed-rate mortgages compound semi-annually, not monthly, by law. This calculator uses that proper conversion, so the payment is accurate rather than slightly overstated. Small differences from your lender usually come from rounding, your exact rate, or insurance specifics.