Markham, Ontario
Markham mortgage payment calculator
Enter a price, your down payment and a rate to estimate the monthly payment, the minimum down payment and the stress test payment your lender will qualify you against.
Minimum down payment in Canada
| Purchase price | Minimum down payment |
|---|---|
| Under $500,000 | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000, plus 10% of the rest |
| $1.5 million or more | 20% of the price |
With less than 20% down you will typically need mortgage loan insurance. Our first time home buyer guide works these rules through at Markham prices.
Payments at common Markham prices
With the minimum down payment and an illustrative 4.00% rate, before mortgage loan insurance. These are examples, not quotes.
| Price | Minimum down | Mortgage | 25 years | 30 years |
|---|---|---|---|---|
| $700,000 | $45,000 | $655,000 | $3,445 | $3,115 |
| $900,000 | $65,000 | $835,000 | $4,392 | $3,971 |
| $1,100,000 | $85,000 | $1,015,000 | $5,339 | $4,827 |
| $1,400,000 | $115,000 | $1,285,000 | $6,759 | $6,110 |
The stress test sets your ceiling
To approve you, a federally regulated lender checks that you could still pay at the higher of 5.25% or your contract rate plus 2%. That qualifying payment, not the one you will actually make, decides how much you can borrow. The mortgage stress test explained walks through the income limits lenders apply.
What else to budget for
The payment is only part of the cost of owning. Add property tax, utilities, insurance and any condo fees, plus land transfer tax and closing costs up front. Try the land transfer tax calculator or ask us to run the full numbers on a home you are considering.