Minimum Down Payment by Home Price
| $300,000 Home | Minimum down payment of $15,000 (5%). |
| $375,000 Home | Minimum down payment of $18,750 (5%). |
| $500,000 Home | Minimum down payment of $25,000 (5%). |
| $600,000 Home | Minimum down payment of $35,000 (5% of the first $500,000 plus 10% of the remaining $100,000). |
| $800,000 Home | Minimum down payment of $55,000 (5% of the first $500,000 plus 10% of the remaining $300,000). |
| 20% Down | Putting 20% or more down means you do not need mortgage default insurance, which lowers your total borrowing cost. |
In Canada, the minimum down payment is 5% of the first $500,000 of the purchase price plus 10% of any portion above $500,000, for homes under $1.5 million. Homes priced at $1.5 million or more require at least 20% down.
How to Use This Mortgage Calculator
Enter the home price you are considering, your down payment, an interest rate and your amortization (the total number of years to pay off the mortgage). Try a few different scenarios to see how each change affects your payment.
Not sure what rate to use? Ask Sarah at Mint Mortgage for a current rate quote, since rates change often and depend on your term, lender and situation.
Mortgage Default Insurance & PST in Saskatchewan
With less than 20% down, your mortgage must be insured through CMHC or a private insurer. The premium is a percentage of your mortgage and is usually added to your mortgage balance:
- 5% to 9.99% down: 4.00%
- 10% to 14.99% down: 3.10%
- 15% to 19.99% down: 2.80%
Saskatchewan also charges 6% PST on the premium, and that PST is paid in cash at closing. Example: a $375,000 home with 5% down has a $356,250 mortgage, a $14,250 premium and about $855 in PST.
Mortgage Qualifying Rate Explained
Lenders check that you can still afford your payments if rates rise. You qualify at the higher of 5.25% or your contract rate plus 2%, even though your actual payment is based on your contract rate.
Lenders also look at how much of your income goes to housing costs and other debts. A mortgage broker can show you exactly how much you qualify for before you start viewing homes.
Payment Frequency & Amortization
The standard amortization is 25 years. First-time buyers and buyers of newly built homes can choose a 30-year amortization on an insured mortgage, which lowers the payment but adds a small premium surcharge and more interest over time.
Choosing accelerated bi-weekly or weekly payments works out to roughly one extra monthly payment per year, which can take years off your mortgage and save you interest.
Don't Forget Closing Costs
Your mortgage covers the purchase price, but you will also need cash for closing costs such as legal fees, Land Titles fees, the PST on mortgage insurance, adjustments and moving. A good rule of thumb is to set aside about 1.5% to 2% of the purchase price. Saskatchewan has no land transfer tax, which saves buyers thousands.
See the full breakdown in our Saskatoon Home Buyer's Guide.
Get Pre-Approved with a Trusted Mortgage Professional
A pre-approval confirms your budget, holds a rate for a period of time and makes your offer stronger. These are the people we trust to help our buyers. You are under no obligation to use them, and we are happy to suggest other options.
Sarah Sloane, Mint Mortgage
Mortgage broker
Pre-approvals and purchase financing for Saskatoon and area buyers.
306-612-4498
[email protected]
Clayton McNally & Jessica Hamel
REALTORS®, Trusted Realty, Powered by RE/MAX Saskatoon
Home search, offers, negotiation and support all the way to possession day.
Jessica: 306-241-6029
Clayton: 306-341-4401
Explore More Buyer Resources
Keep planning your purchase:
Home Buyer's Guide Search All MLS® Listings Saskatoon Homes Warman Homes Martensville Homes Income Properties Neighbourhood Match Quiz Real Estate FAQ
Work With Clayton & Jessica
Have your numbers? Let's find the home that fits them. Call Jessica at 306-241-6029 or Clayton at 306-341-4401, or send us a message below.
Mortgage Calculator FAQ
Is the calculator result my actual mortgage payment?
It is an estimate based on the numbers you enter. Your actual payment depends on your approved rate, lender, term and any mortgage insurance premium. Property taxes, home insurance, utilities and condo fees are separate costs to budget for.
How much do I need for a down payment in Saskatoon?
At least 5% of the first $500,000 of the purchase price and 10% of the portion above that, for homes under $1.5 million. On a $375,000 home, that is $18,750. Putting 20% or more down avoids mortgage default insurance.
What is the mortgage stress test?
It is the rate lenders use to confirm you can afford your mortgage if rates rise. You qualify at the higher of 5.25% or your contract rate plus 2%. Your actual payments are still based on your contract rate.
Can first-time buyers get a 30-year amortization?
Yes. First-time buyers and buyers of newly built homes can choose a 30-year amortization on an insured mortgage, which lowers the monthly payment. A mortgage broker can help you decide whether it makes sense for you.
How do I get pre-approved for a mortgage?
Contact Sarah Sloane at Mint Mortgage at 306-612-4498 or [email protected]. She will review your income, debts, credit and down payment and let you know how much you qualify for.
Rules, rates and premiums change, so always confirm the details with your mortgage broker. Have more questions about buying? See our full Saskatoon real estate FAQ.
