Alberta Mortgage Calculator
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
Content last updated: May 13, 2020
Our 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 Alberta.
Here's a little more details on the main costs associated with mortgages in Alberta. All of these are automatically applied in the calculator above, so you can be confident in the numbers is gives you.
Canada-wide regulations, taxes, and fees
Most mortgage regulations in Canada are set by the federal government, so are the same in Alberta as other provinces and territories. These regulations control the rules around minimum down payments, maximum amortization periods, as well as mortgage default insurance (also called CMHC insurance). The Alberta mortgage calculator takes the following federal regulations into account:
- Minimum down payments: Canada's minimum down payment is 5% for the home's value under $500,000, then 10% of the part of the price between $500,000 and $1 million. For homes over $1 million, the minimum down payment is 20% of the total purchase price.
- Maximum amortization periods: 25 years for mortgages with down payments under 20%, or 35 years for mortgages with larger down payments.
- Purchase of mortgage default insurance: Also called CMHC insurance, this must be purchased on all mortgages with down payments off less than 20%. See Ratehub.ca’s CMHC insurance page for more information.
Alberta mortgage regulations
In addition to Canada-wide regulations, Alberta has its own mortgage rules and fees, as well as specific mortgage rates. Unlike many other provinces, Alberta does not charge a land transfer tax on property purchases. Instead, you'll be charged a land title transfer fee. This is generally a much lower amount, making Alberta a relatively affordable place to buy property.
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.