# Calculate the Mortgage Payment on an Average Home in Québec

If you’re thinking of purchasing a home, it’s important to educate yourself on both the local real estate market as well as how large of a mortgage you can afford. In this series, we look at the average home price in your city or province and walk you through the mortgage payment calculations with our provincial mortgage calculator. For today’s post, we are going to calculate the mortgage payment on an average home in Québec.

According to the Canadian Real Estate Association (CREA), the average home price in Québec is \$274,078 – a figure that has risen 1.6 percent in the last year. But what does that look like in terms of a monthly mortgage payment? Let’s look at a home in Québec that is priced close to the provincial average home price and run the numbers through our Québec mortgage calculator.

The four-bedroom bungalow seen above is located in La Haute-Saint-Charles, Québec and is priced at \$274,500. Using this home, we will take you through the mortgage payments using both a 5% and 20% down payment. For both calculations, we are using a 5-year fixed mortgage rate of 2.84% and an amortization period of 25 years. If we wanted to focus specifically on what our payments might look like under different amortization period scenarios, we can also use our amortization calculator to generate amortization schedules for us.

With a 5% down payment:

A 5% down payment on a \$274,500 home is \$13,725. Since the down payment is below 20%, you will also be required to pay Québec CMHC insurance (mortgage default insurance). In this example, the Québec CMHC insurance is \$7,171 and is included in the total mortgage of \$267,946. Assuming a 5-year fixed rate of 2.84%, your monthly mortgage payment would be \$1,246 for this home.

With a 20% down payment:

A 20% down payment on a \$274,500 home is \$54,900. And because you made a down payment of 20% or more, you would not need to pay for Québec CMHC insurance. Therefore, your total mortgage would be the purchase price minus your down payment (\$274,500 – \$54,900 = \$219,600). Assuming you took on a 5-year fixed mortgage rate of 2.84%, your monthly mortgage payment would be \$1,021.

Aside from your mortgage, there are a number of other Québec closing costs to consider, such as the Québec land transfer tax (LTT). For this example, your total LTT would be \$2,618 and, unfortunately, there are no land transfer tax rebates for first-time buyers in Québec. Note that LTT is an additional closing cost you would need to save up and pay for on closing day.

Our mortgage calculator tells you what your monthly mortgage payment would be but you can also choose other payment options. Most lenders offer monthly, bi-weekly or accelerated bi-weekly payment options, and others may even let you make weekly payments. You can read more about your mortgage payment options here.