Vancouver Mortgage Calculator
Calculate your monthly mortgage payment for any Vancouver property. Free, instant results.
Quick Estimate: For a typical Vancouver home at $1,000,000 with 20% down ($200,000), a 25-year amortization at 5% interest, your monthly payment would be approximately $4,660. Total interest paid over the mortgage term: approximately $598,000.
Enter Your Details
$800,000
Down payment: $160,000
Your Estimated Costs
Monthly Payment
$3,557.33
This calculator provides estimates only. Actual mortgage payments may vary based on your specific situation, lender requirements, and additional costs such as property taxes and insurance.
Understanding Mortgages in Vancouver
Vancouver has one of Canada's most expensive housing markets. Understanding how mortgages work is essential for making informed buying decisions.
Canadian Down Payment Requirements
- • Under $500,000: Minimum 5% down payment
- • $500,000 - $1,499,999: 5% on first $500K + 10% on remainder
- • $1,500,000+: Minimum 20% down payment
CMHC Mortgage Insurance
If your down payment is less than 20%, you'll need CMHC mortgage insurance. The premium ranges from 2.8% to 4% of the mortgage amount, depending on your down payment size. This cost is typically added to your mortgage principal.
Vancouver Market Context
Typical Vancouver Property Prices (2026):
- Condo: $700,000 - $1,200,000
- Townhouse: $1,000,000 - $1,800,000
- Detached House: $1,500,000 - $3,500,000+
Fixed vs. Variable Rates
Fixed Rate
Rate stays the same for the entire term (typically 5 years). Provides payment predictability but may be higher than variable rates.
Variable Rate
Rate fluctuates with the Bank of Canada's policy rate. Often starts lower than fixed but carries risk if rates increase.
Additional Costs to Budget
- • Property Transfer Tax: 1% on first $200K, 2% on $200K-$2M, 3% above $2M
- • Legal fees: $1,500 - $2,500
- • Home inspection: $500 - $800
- • Property insurance: Required by lenders
Frequently Asked Questions
How do I calculate my monthly mortgage payment in Vancouver?
To calculate your monthly mortgage payment, you need four inputs: the home price, down payment percentage, mortgage term (typically 25 years in Canada), and interest rate. The formula uses amortization to determine equal monthly payments that cover both principal and interest over the loan term. Our free calculator does this math instantly for Vancouver home prices.
What is the minimum down payment for a house in Vancouver?
In Canada, the minimum down payment depends on the purchase price: 5% for homes up to $500,000, 10% for the portion between $500,000 and $1,499,999, and 20% for homes $1.5 million or more. For most Vancouver homes, expect to need at least 10-20% down payment due to higher property values.
What is a good mortgage rate in Vancouver in 2026?
Mortgage rates fluctuate based on the Bank of Canada's policy rate and market conditions. As of 2026, competitive 5-year fixed rates typically range from 4-6%. Variable rates may be lower but carry more risk. Always compare rates from multiple lenders and consider both fixed and variable options.
How much income do I need to buy a house in Vancouver?
Lenders typically use a Gross Debt Service (GDS) ratio of 32% and Total Debt Service (TDS) ratio of 40%. For a $1 million Vancouver home with 20% down and a 5% rate, you'd need approximately $150,000-180,000 household income. Use our mortgage calculator to estimate payments based on your target price.
What is mortgage amortization in Canada?
Amortization is the total period over which you'll pay off your mortgage. In Canada, the maximum amortization for insured mortgages (less than 20% down) is 25 years. With 20%+ down payment, you can choose up to 30 years. Shorter amortization means higher payments but less total interest paid.
Ready to Find Your Vancouver Home?
Our team helps buyers navigate Vancouver's competitive market. Get expert guidance on neighbourhoods, property values, and negotiation strategies.