If the purchase price is:

• $500,000 or less – Your minimum down payment is 5%

• Between $500,000 and $1,499,999 – Your minimum down payment is 5% of the first $500,000 PLUS 10% of the remaining portion of the home price

• $1,500,000 or more – Your minimum down payment is 20%

Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.

The total length of time it will take a homeowner to pay off their mortgage. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage. If your down payment is under 20%, you can only get a 30-year amortization if you are a first time home buyer or purchasing a new build.

The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider.

The total length of time it will take a homeowner to pay off their mortgage. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage. If your down payment is under 20%, you can only get a 30-year amortization if you are a first time home buyer or purchasing a new build.