Quebec 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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Quebec mortgage guide
Jamie David, Sr. Director of Marketing and Mortgages
Quebec mortgage calculator
There are many different taxes and regulations that can impact your mortgage calculations. While many of these mortgage regulations are consistent in across Canada, there are some taxes and fees that are specific to the province of Quebec.
Here's what you need to know in order to properly calculate your mortgage payments in Quebec. While the below fees and charges have all been included in our Quebec mortgage calculator above, it's good to be familiar with them yourself as well.
Canada-wide mortgage fees and regulations
The Canadian Ministry of Finance has laid out mortgage guidelines to protect homebuyers, lenders and the economy. These guidelines control the minimum down payment, maximum amortization period, and mortgage default insurance (often called CMHC insurance) guidelines. Ratehub.ca’s Quebec mortgage calculator automatically includes the following regulations in its results:
- The minimum down payment in Canada. Canada's minimum down payment is 5% for any value under $500,000, then 10% of any value between $500,000 and $1 million. For homes over $1 million, the minimum down payment is 20%.
- The maximum amortization period is 25 years for down payments under 20% and 35 years for higher down payments.
- Mortgage default insurance, also called CMHC insurance, must be purchased for down payments between 5% and 20%, as well as on some other kinds of mortgages. Visit Ratehub.ca’s CMHC insurance page for more details.
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Quebec’s regulations, taxes, and fees
In addition to the above federal regulations, Quebec also has its own taxes and mortgage rates. Quebec has unique land transfer taxes, fees and mortgage rates compared to other provinces that homebuyers must be aware of. Quebec also charges PST on CMHC insurance that homebuyers must pay along with their closing costs.
Mortgage rates in Quebec
Brokers and lenders often charge different mortgage rates in different parts of the country. At Ratehub.ca, we have a list of the best mortgage rates in Quebec. The Ratehub.ca Quebec Mortgage Calculator also calculates your mortgage payments based on rates specific to Quebec
PST on mortgage default insurance or CMHC insurance in Quebec
Mortgage default insurance is added to the total cost of your mortgage and is paid off along with your monthly payments over the lifetime of the mortgage. However, PST on mortgage default insurance must be paid in full along with your closing costs. The amount you need to pay for PST is automatically considered by Ratehub.ca’s Quebec mortgage calculator and can be found under the “Cash needed: How much extra cash will I need when my house closes” drop-down menu.
Fees and taxes in Quebec
The land transfer tax in Quebec (taxe de bienvenue) is a percentage of the home’s purchase price or the home’s value as evaluated by the municipality. Depending on the home’s value, the percentage ranges from 0.5 to 1.5%, or 0.5 to 2.0% in Montreal. For more information, see Ratehub.ca’s Quebec Land Transfer Tax page.
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