Calgary Down Payment Calculator
Quick Answer
In Canada, the minimum down payment is 5% on the first $500,000 and 10% on the portion between $500,000 and $999,999. Homes $1 million+ require 20% minimum. CMHC insurance (2.80%–4.00%) is required below 20% down.
Calculator
Minimum Required Down Payment: $25,000 (5.0%)
| Down Payment | Amount | CMHC Rate | CMHC Premium | Monthly Payment | Total Interest |
|---|---|---|---|---|---|
| 5% | $25,000 | 4.00% | $19,000 | $2,870.32 | $367,095 |
| 10% | $50,000 | 3.10% | $13,950 | $2,695.72 | $344,765 |
| 15% | $75,000 | 2.80% | $11,900 | $2,538.55 | $324,664 |
| 20% | $100,000 | — | — | $2,324.14 | $297,243 |
| 25% | $125,000 | — | — | $2,178.88 | $278,665 |
💡 What This Means for You
On a $500,000 home, putting 20% down ($100,000) eliminates $19,000 in CMHC insurance and saves you $69,852 in interest over 25 years. But the extra $75,000 tied up in your home has opportunity cost too.
How It Works
Canada has a tiered down payment system. For homes under $500,000: 5% minimum. For homes $500,000–$999,999: 5% on the first $500K + 10% on the rest. For $1M+: 20% minimum (no CMHC insurance available).
CMHC premiums are: 4.00% (5–9.99% down), 3.10% (10–14.99%), 2.80% (15–19.99%), 0% (20%+). The premium is added to your mortgage principal.
Real Calgary Scenarios
Condo — $350K
$17,500
minimum required
Townhouse — $500K
$25,000
minimum required
Detached — $750K
$50,000
minimum required
Frequently Asked Questions
What is the minimum down payment in Calgary?
The rules are federal, not city-specific: 5% on the first $500K, 10% on the portion from $500K to $999,999, and 20% on homes $1M+. For example, a $600K home requires $35,000 minimum (5% of $500K + 10% of $100K).
Is it better to put 5% or 20% down?
20% eliminates CMHC insurance and reduces monthly payments. But tying up extra cash has opportunity cost. If you invest the difference at a higher return than your mortgage rate, 5% down could be financially smarter — though you'll pay CMHC premiums.
Can I use my RRSP for a down payment?
Yes, the Home Buyers' Plan (HBP) lets first-time buyers withdraw up to $60,000 from their RRSP tax-free for a down payment. You must repay it within 15 years.
Does the First Home Savings Account work in Calgary?
Yes, the FHSA is available to all Canadian first-time buyers. You can contribute $8,000/year (up to $40,000 lifetime) and withdrawals for a home purchase are tax-free — combining RRSP deductions with TFSA-style withdrawals.
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