Mortgage Calculator
Figure Out Your Numbers: Edmonton Mortgage Calculator
This calculator is the perfect first step to understanding your potential home budget. Use it to estimate your monthly mortgage payment and see how different home prices, down payments, and interest rates can impact what you can afford.
Please Note: This tool provides an estimate for planning purposes only. A formal pre-approval from a mortgage professional is the only way to determine your exact budget.
How to Use This Calculator: A Quick Glossary
Complete or change the entry fields in the calculator. It will automatically recalculate as you make changes. Here’s what the key terms mean:
- Purchase Price: The total price of the home you want to buy.
- Down Payment: The amount of money you are paying upfront. This is entered either as a percentage (%) of the purchase price or a specific dollar amount ($).
- Interest Rate: The annual interest rate for the mortgage. You can use the current market rates for an estimate.
- Amortization Period: The total length of time it will take to pay off your entire mortgage (e.g., 25 years is most common).
- Property Taxes: The estimated annual property taxes for the home. A rough estimate for Edmonton is about 1% of the home’s value per year (e.g., $4,000 for a $400,000 home).
Your Next Step: Get Pre-Approved
Now that you have an estimate, the most powerful next step is to get a formal mortgage pre-approval. This will give you a firm budget and the confidence to make a strong offer when you find the right home.
Learn more in our Guide to Mortgage Pre-Approval →
For a complete overview of the buying journey, return to the Ultimate Guide to Buying a Home in Edmonton.
Ready to Start Looking?
Each step in the home-buying journey is an important one. To see how this topic fits into the complete process, review our Ultimate Guide to Buying a Home in Edmonton.
Financial FAQs
Have more financial questions? Contact us for a free consultation.
How much income do I need to afford a home in Edmonton?
As a general guideline, lenders often use a Gross Debt Service (GDS) ratio of 32%. This means your total monthly housing costs (mortgage principal and interest, property taxes, heating) should not exceed 32% of your gross monthly income. For example, to afford a $1,800 monthly housing payment, you’d need a gross monthly income of around $5,625.
How does my credit score affect my mortgage application?
Your credit score is a critical factor. A higher score demonstrates to lenders that you are a reliable borrower, which allows you to qualify for the best interest rates. While it’s possible to get a mortgage with a lower score, a score of 680 or higher is typically required to qualify for the most competitive rates from A-lenders.
How much down payment do I need in Canada?
The minimum down payment depends on the home’s purchase price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it is 5% on the first $500,000 and 10% on the remaining portion. For homes of $1 million or more, the minimum down payment is 20%.
What government programs can help me buy my first home?
First-time homebuyers in Canada can take advantage of several programs. The Home Buyers’ Plan (HBP) allows you to withdraw from your RRSPs tax-free for a down payment. There is also the First-Time Home Buyer Incentive, which is a shared-equity program that can lower your monthly mortgage payments.
Should I use a mortgage broker or go directly to my bank?
While your bank can only offer you their own products, a mortgage broker works with dozens of different lenders. They can shop the market on your behalf to find the best possible interest rate and mortgage terms for your specific situation, often saving you a significant amount of money over the life of your loan.
Continue Exploring Edmonton’s Best Communities
Top Family-Friendly Neighbourhoods
Discover communities with the best schools, parks, and family amenities.
Best Neighbourhoods for Young Professionals
Explore vibrant areas with great nightlife, restaurants, and easy commutes.
Find communities where you can live car-free, with shops and cafes at your doorstep.
Best Neighbourhoods for Dog Owners
Discover top spots with the best off-leash parks and extensive walking trails.
Top Communities for River Valley Access
Find homes just steps away from North America’s largest urban parkland.
A Guide to Edmonton’s Top Luxury Neighbourhoods
Explore the most prestigious and exclusive communities in the city.
