Free tool
BC mortgage calculator
Estimate your monthly mortgage payments, CMHC insurance costs, and stress test qualification for homes in British Columbia.
Monthly payment
$4,068
Principal and interest only
Mortgage amount
$695,925
CMHC insurance premium
$20,925
Added to mortgage (down payment under 20%)
Total interest over 25 years
$524,567
Stress test payment
$4,919
You must qualify at 7.00% (rate + 2% or 5.25%, whichever is higher)
What you should know
Key mortgage rules for BC buyers
Down payment rules
In BC, you need a minimum 5% down payment for homes under $500,000. For homes between $500,000 and $1 million, you need 5% on the first $500,000 and 10% on the remainder. Properties over $1 million require 20% down.
Mortgage insurance (CMHC)
If your down payment is less than 20%, you'll need mortgage default insurance (often called CMHC insurance). The premium ranges from 2.8% to 4.0% of your mortgage amount and is added to your loan. This applies to homes purchased for under $1.5 million.
The mortgage stress test
All Canadian homebuyers must qualify at either their contract mortgage rate plus 2% or the Bank of Canada's benchmark rate, whichever is higher. This ensures you can still afford payments if rates increase.
Monthly payment breakdown
Your mortgage payment covers principal and interest. On top of that, budget for property taxes (0.5–1.5% of value annually), home insurance ($75–200/month), and strata fees if buying a condo or townhouse.
Amortization period
A longer amortization (30 years) means lower monthly payments but more total interest. A shorter period (15 years) means higher payments but significant interest savings and faster equity building. Standard max is 25 years; first-time buyers may qualify for 30.
First-time buyer programs in BC
The First Time Home Buyers' Program may exempt you from property transfer tax. The First Home Savings Account (FHSA) lets you save tax-free for your down payment. The Home Owner Grant reduces property taxes by up to $770 annually.
This calculator provides estimates for informational purposes only. Contact a mortgage professional for accurate quotes based on your specific situation.
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