Alberta Mortgage Payment Calculator
Get a sense for your mortgage payments, the cash you'll need to close and the monthly carrying costs with Ratehub.ca’s mortgage payment calculator. We've refreshed our calculator design, but you can still access the previous version here.
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Jamie David, Sr. Director of Marketing and Mortgages
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.
Alberta mortgage regulations
In addition to Canada-wide regulations, Alberta has its own mortgage rules and fees, as well as specific mortgage rates. Unlike almost all other provinces except Saskatchewan, 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.
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