Alberta Mortgage Payment Calculator

Why use an Alberta mortgage calculator?

Getting a mortgage is a big decision with major financial implications, so it's critical to understand what you're signing yourself up for. A mortgage calculator gives you valuable insight into what your regular payments and amortization schedule will be in different scenarios (e.g. 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 to 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 it gives you.

Canada-wide regulations, taxes and fees

Most mortgage regulations in Canada are set by the federal government, so they are the same in Alberta as in 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 of less than 20%. See Ratehub.ca’s CMHC insurance page for more information.