Saskatchewan Mortgage Calculator
Our mortgage calculator contains Saskatchewan 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.
Saskatchewan mortgage calculator
There are many different taxes and regulations to take into account when determining your mortgage payment and size. While many of these variables are constant Canada-wide, some are specific to certain provinces and territories.
Canadian regulations, taxes, and fees
The federal government sets certain guidelines for mortgage lending in Canada. These guidelines include minimum down payments, maximum amortization periods, and rules regarding mortgage default insurance or CMHC insurance. The major regulations are:
- The minimum down payment in Canada is 5% for homes under $1,000,000 or 20% for homes of greater value.
- The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
- Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. Visit Ratehub.ca’s CMHC insurance page for more details.
Saskatchewan’s regulations, taxes, and fees
Although many mortgage regulations in Canada are the same across the country, each province has their own mortgage rates, taxes and fees. Unlike most provinces, Saskatchewan, there is no land transfer tax like in many other provinces. There is however a small land title fee to be paid with your closing costs
Mortgage rates in Saskatchewan
Lenders and brokers often charge different mortgage rates in different provinces and territories. Ratehub.ca has compiled a database of the best mortgage rates in Saskatchewan . The rates in our database can also be accessed in the Saskatchewan mortgage calculator above.
Fees and taxes in Saskatchewan
Saskatchewan doesn’t charge a costly land transfer tax like many other provinces and territories. However, it does charge a small title transfer fee of 0.30% of the property value, which is often paid by your lawyer when the mortgage is closed. See our Saskatchewan land title transfer fees page for more information.