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

Purchase

Renewal or Refinance

Asking Price

Asking Price

Go  STEP 1 Enter the price of the home you're interested in and press GO. Enter the amount of the mortgage you wish to renew or refinance and press GO.

Down payment	Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.		Down payment 1 (%)	Down payment 2 (%)	Down payment 3 (%)	Down payment 4 (%)
		minus	Down payment 1 ($)	Down payment 2 ($)	Down payment 3 ($)	Down payment 4 ($)
Mortgage insurance	Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.	plus
Total Mortgage Required		equals	$-	$-	$-	$-
Amortization period	Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.		STEP 2 Choose an amortization period. Amortization period 1 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 2 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 3 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 4 Select 5 years 10 years 15 years 20 years 25 years 30 years Other
Mortgage rate	Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right.		STEP 3 Choose a mortgage rate to calculate the corresponding payment. Select rate	Select rate	Select rate	Select rate
Mortgage type	Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).
Total Mortgage Payment			$- Get rate	$- Get rate	$- Get rate	$- Get rate
Frequency Monthly Bi-weekly Accelerated Bi-weekly	Mortgage payment The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income.
Land Transfer Tax: $-				STEP 4 If necessary, update your profile to calculate land transfer tax. Profile Location: I am a first-time home buyer I am buying a newly built home
Provincial:	Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.	plus
Municipal:	Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.	plus
Rebate:	Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.	minus
Land Transfer Tax $-
Provincial:	Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.	plus
Municipal:	Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.	plus
Rebate:	Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.	minus
*You will be required to pay a title transfer fee.
STEP 4 If necessary, update your profile to calculate land transfer tax. Profile
Location
I am a first-time home buyer
I am buying a newly built home

 

Explore the drop-downs to better understand your mortgage choice.

Cash Needed

How much extra cash will I need when my house closes?

When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Our tool will help you calculate these costs, so you know how much you'll need to save.

Type of home: House Condominium

Required Cash Expenditures

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Down payment $-
• PST on mortgage insurance $-
• Land Transfer Tax $-
• Lawyer fees $-
• Title insurance $-
• Estoppel certificate fee $-
• Total Cash Required $-

Other Cash Considerations

• Home inspection fees $300 - $500
• Appraisal fees $300

Monthly Expenses

Can I afford my monthly expenses & mortgage payments?

Expenses

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Mortgage payment $-
• Property Tax
• Monthly Debt Payments
• Utilities
• Condo Fees
• Property insurance
• Phone
• Cable
• Internet
• Total $-

Interest Rate Risk

What would my payment be at higher interest rates?

When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.

The calculation below shows how much of your mortgage principal will be left at the end of the term.

Mortgage Amount

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Mortgage amount today $-
• Less: Principal paid off over term $-
• Mortgage remaining at end of term: $-

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Purchase interest rate		Payment Selected Scenario
Selected Rate		$-
Average 5-year Fixed Rates (2000 - 2010)	3.89%	$-
Average 5-year Fixed Rates (1990 - 2000)	7.23%	$-
Average 5-year Fixed Rates (1980 - 1990)	11.92%	$-

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.

5-year Fixed Mortgage Rates

Amortization Schedule

What do my payments look like over time?

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

Year	Total Paid	Principal Paid	Interest Paid	Balance

Select rate

Type: Fixed Rates Variable Rates

Term: 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years

Location:

Provider	Rate	Select
Loading...
Custom rate		Select

Why use an Alberta mortgage calculator?

Content last updated: Jan 11, 2021

Getting a mortgage is a big decision with big financial implicaitons, so it's good to understand what you're signing yourself up for. A mortgage calculator gives you valuable insight into what your regular payments and amortization sschedule will be in different scenarios (eg different mortgage amounts, different rates, etc). Of course, mortgage regulations changes from province to province, so it's crucial that the mortgage calculator you use is specific to where you live.

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.

Below you'll find more information about the costs associated with mortgages in Alberta. It's good to learn about these yourself, but know that they 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.