Alberta Mortgage Calculator
Content last updated: March 11, 2020
Our mortgage calculator contains Alberta current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes. Advertising Disclosure
Alberta mortgage calculator
Ratehub.ca’s Alberta mortgage calculator takes all of your taxes, regulations, and fees into account when calculating your monthly payments and mortgage amounts. Some of these taxes and rules are federally regulated and are therefore consistent across Canada, but many are specific to different provinces and territories.
Canada-wide regulations, taxes, and fees
Most mortgage regulations in Canada are set by the federal government and are the same in all provinces and territories. These regulations control the minimum down payment, the maximum amortization period, and mortgage default insurance (CMHC) rules. The Alberta mortgage calculator takes the following federal regulations into account:
- Minimum down payments of 5% for homes under $1,000,000 or 20% for homes of greater value.
- Maximum amortization periods of 25 years for down payments under 20% or 35 years for greater down payments.
- Purchase of mortgage default insurance, also called CMHC insurance, for down payments from 5 to 20 percent See Ratehub.ca’s CMHC insurance page for more information.
Regulations, taxes, and fees specific to Alberta
In addition to Canada-wide regulations, many provinces have their own mortgage rules and fees, as well as specific mortgage rates. Unlike many other provinces, Alberta charges a land title transfer fee instead of a land transfer tax on your purchase.
Mortgage rates in Alberta
Banks and mortgage brokers often charge different mortgage interest rates in different provinces. The Alberta payment calculator shows the best mortgage rates in Alberta, taken from Ratehub.ca’s conclusive database of rates across the country.
Fees and taxes in Alberta
Alberta charges a land title transfer fee which is significantly smaller than land transfer taxes charged by most other provinces. This fee is made up of two parts, one charged on the property value and the other charged on the mortgage amount. For more information on the cost of the land title transfer fee and other details, see Ratehub.ca’s Alberta land title transfer fee page.