ONTARIO HOME INTEL • CALCULATORS
Ontario Minimum Down Payment Calculator
Estimate the minimum down payment for an eligible Ontario home purchase and see whether mortgage default insurance would generally be required.
Home Purchase
How the Minimum Is Calculated
$500,000 or less:
5% of the purchase price.
More than $500,000 but below $1.5 million:
5% of the first $500,000 plus 10% of the portion above $500,000.
$1.5 million or more:
Standard CMHC homeowner mortgage loan insurance is generally unavailable. Financing requirements are lender-specific.
20% Down Payment Reference
A down payment of at least 20% generally avoids the requirement for mortgage default insurance on a conventional mortgage, although lender underwriting requirements still apply.
Your Down Payment Estimate
Down Payment Progress
Estimated Base Mortgage
Minimum Down Payment in Canada
For an eligible owner-occupied home using insured mortgage financing, the minimum down payment depends on the purchase price.
Purchase Price of $500,000 or Less
The minimum down payment is generally 5% of the purchase price.
More Than $500,000 but Below $1.5 Million
The minimum is generally 5% of the first $500,000 plus 10% of the portion above $500,000.
$1.5 Million or More
Standard CMHC homeowner mortgage loan insurance is generally unavailable once the purchase price or lending value reaches $1.5 million. Down payment and financing requirements at this level depend on the lender, borrower and property.
Down Payment Examples
$400,000 Home
5% × $400,000
Estimated minimum:
$20,000
$750,000 Home
5% of first $500,000 = $25,000
10% of remaining $250,000 = $25,000
Estimated minimum:
$50,000
$1,000,000 Home
5% of first $500,000 = $25,000
10% of remaining $500,000 = $50,000
Estimated minimum:
$75,000
Less Than 20% Down?
When the down payment is less than 20%, mortgage default insurance is generally required for an eligible mortgage. This insurance protects the lender, not the borrower.
The mortgage insurance premium can generally be added to the mortgage principal, meaning the amount actually financed can be higher than simply the purchase price minus the cash down payment.
Minimum Down Payment Is Not the Same as Affordability
Having enough money for the minimum down payment does not necessarily mean you can qualify for the mortgage or comfortably afford the property.
Mortgage qualification can also depend on household income, existing debts, credit history, interest rates, the mortgage stress test, property taxes, heating costs, condominium fees, amortization, lender guidelines and the property itself.
You should also budget separately for closing costs rather than using every available dollar for the down payment.
Down Payment FAQ
What is the minimum down payment on a $500,000 home?
For an otherwise eligible insured mortgage, 5% of $500,000 is $25,000.
What is the minimum down payment on a $750,000 home?
The calculation is 5% of the first $500,000 ($25,000) plus 10% of the remaining $250,000 ($25,000), for an estimated minimum of $50,000.
What is the minimum down payment on a $1 million home?
The calculation is 5% of the first $500,000 ($25,000) plus 10% of the remaining $500,000 ($50,000), for an estimated minimum of $75,000.
Do I need 20% down to buy a home?
Not necessarily. Eligible borrowers purchasing homes below the insured-mortgage price ceiling may be able to obtain financing with less than 20% down. Mortgage default insurance is generally required when the down payment is below 20%.
Does mortgage default insurance protect me?
Mortgage default insurance protects the mortgage lender against borrower default. It does not provide the homeowner with mortgage-payment protection.
Can I buy a $1.5 million home with the insured minimum down payment formula?
Standard CMHC homeowner mortgage loan insurance generally requires the purchase price or lending value to be below $1.5 million. At or above that threshold, financing and down-payment requirements are lender-specific.
Does this calculator include mortgage insurance premiums?
No. This calculator determines the down-payment amount and indicates when mortgage default insurance would generally be required. Any applicable insurance premium is separate and can increase the financed mortgage amount.
Planning an Ontario Home Purchase?
Once you know your available down payment, the next step is understanding what price range may fit your income, debt obligations and overall housing budget.
Calculator Disclaimer: This calculator provides general estimates for educational and planning purposes only. It is not mortgage, lending, financial, legal, tax or real estate advice and does not constitute mortgage approval. The calculator is intended primarily for eligible owner-occupied 1–2 unit residential purchases. Minimum down-payment requirements, mortgage-insurance availability and lender underwriting can vary based on the borrower, property type, occupancy, number of units, lending value, source of funds and other circumstances. Confirm your actual down-payment and financing requirements with your lender or licensed mortgage professional before relying on an estimate.