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Canadian fixed-rate mortgages compound semi-annually, not monthly — which is the thing calculators written for the American market get wrong, by about fifteen dollars a month on a $500,000 mortgage. This one gets it right, and shows the down payment rules, CMHC premium, accelerated payments and the stress test alongside.
$3,171.79
Monthly — 12 payments a year
$556,740
Mortgage
$394,798
Total interest
25.0 yr
Paid off in
An estimate on the Canadian fixed-rate convention — semi-annual compounding, not monthly. It doesn’t include property tax, condo fees, insurance or the lawyer.
The stress test
Lenders qualify you at the greater of your rate plus two points and 5.25% — here that is 6.79%, a payment of $3,827.58. You would pay $3,171.79; you have to prove you could pay $3,827.58.
Alberta closing costs
Alberta charges no land transfer tax. What you pay instead is a Land Titles registration levy: $650.00 on the property and $610.00 on the mortgage — about $1,260 altogether. The same purchase in Ontario or British Columbia would cost several thousand in transfer tax alone.
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