Mortgage Calculator

Home Price

$500,000

$100K$1M$2M

Edmonton median home price: ~$400,000

Down Payment

20% = $100,000

5%20%50%

5% minimum on first $500K

10% on portion from $500K-$999K

20% required for homes $1M+

Interest Rate

1%5%10%

Amortization Period

25 years is the most common choice in Canada

Payment Frequency

Bi-weekly payments can shave years off your mortgage

Your Monthly Payment

$2,315

Principal + Interest only

Mortgage Amount $400,000

CMHC Insurance Premium $0

Total Mortgage $400,000

Est. Property Tax / mo $333

True Monthly Cost $2,648

Total Interest Paid

$189,234

Total Amount Paid

$589,234

Payment Breakdown

If Rates Change...

Rate +1% +$120/mo

Rate -1% -$115/mo

Year	Payment	Principal	Interest	Balance

Want to get pre-approved?

I can connect you with trusted mortgage brokers who know the Edmonton market inside and out.

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780-245-2966

Disclaimer: This calculator provides estimates for informational purposes only. Actual mortgage terms, rates, and payments will vary based on lender criteria and market conditions. CMHC insurance premiums are based on current rates and may change. Consult a mortgage professional for accurate quotes.

First-Time Buyer Guide

Everything you need to know about buying your first home in Alberta -- organized so you can learn at your own pace.

Down Payment Requirements in Alberta

5% / 10% / 20% tiers explained

Homes under $500,000

Minimum 5% down payment required.

Example: $400K home = $20,000 minimum down

Homes $500,000 to $999,999

5% on the first $500K + 10% on the portion above $500K.

Example: $700K home = $25,000 + $20,000 = $45,000 minimum

Homes $1,000,000+

Minimum 20% down payment. CMHC insurance is not available.

Example: $1.2M home = $240,000 minimum down

CMHC Insurance Rates

Premium rates by loan-to-value ratio

CMHC (Canada Mortgage and Housing Corporation) insurance protects your lender if you default. It is required when your down payment is less than 20%.

Down Payment	LTV Ratio	Premium Rate
5% - 9.99%	90.01% - 95%	4.00%
10% - 14.99%	85.01% - 90%	3.10%
15% - 19.99%	80.01% - 85%	2.80%
20%+	80% or less	None

The premium is added to your mortgage balance and paid over the life of the loan -- not upfront.

First-Time Home Buyer Incentive (FTHBI)

Government shared equity program

The FTHBI is a shared equity mortgage with the Government of Canada. The government offers:

5% for a resale home

5% or 10% for a new build

This reduces your monthly mortgage payment without increasing your down payment. You repay the incentive when you sell the home or after 25 years, based on the fair market value at that time.

Eligibility: household income under $120,000, purchase price less than 4x your income (+ incentive amount).

RRSP Home Buyers' Plan

Withdraw up to $35K tax-free

The Home Buyers' Plan (HBP) allows you to withdraw up to $35,000 from your RRSP tax-free to buy or build a qualifying home.

If buying with a partner who is also a first-time buyer, you can each withdraw $35,000, for a combined $70,000.

Repayment rules:

You must repay the full amount to your RRSP within 15 years, starting the second year after withdrawal. Minimum annual repayment = 1/15th of the total.

Funds must be in your RRSP for at least 90 days before withdrawal.

Alberta Property Transfer Tax

Alberta has NO land transfer tax

Big Alberta Advantage

Unlike Ontario and British Columbia, Alberta does not charge a provincial land transfer tax. This can save you thousands of dollars on your home purchase.

For comparison:

In Ontario, a $500K home would cost ~$6,475 in land transfer tax (plus Toronto's additional tax if applicable).

In BC, a $500K home would cost ~$8,000 in property transfer tax.

In Alberta: $0.

Note: Alberta does charge a nominal land title registration fee (~$50 + $2 per $5,000 of property value), which is much less than a land transfer tax.

Closing Costs to Budget For

Lawyer fees, inspection, and more

Budget approximately 1.5% to 4% of the purchase price for closing costs. For a $500K home, that is $7,500 to $20,000.

Legal / Notary Fees $1,000 - $2,000

Home Inspection $400 - $600

Title Insurance ~$300

Land Title Transfer Fee ~$250

Property Tax Adjustment Varies

Moving Costs $500 - $2,000

Utility Hookups / Deposits $200 - $500

Steps to Buying Your First Home

Your roadmap from start to keys

Check Your Credit

Aim for a score of 680+ for the best rates. Pull your free credit report from Equifax or TransUnion.

Get Pre-Approved

A mortgage pre-approval locks in your rate for 90-120 days and shows sellers you are a serious buyer.

Find a REALTOR

A buyer's agent (like Mac Randhawa) represents your interests and costs you nothing -- the seller pays the commission.

Start House Hunting

View properties, attend open houses, and narrow down your must-haves vs. nice-to-haves.

Make an Offer

Your REALTOR will guide you through the offer process, including conditions for financing and inspection.

Home Inspection

Hire a certified inspector to check the property. This protects you from hidden problems.

Finalize Your Mortgage

Once conditions are met, your lender finalizes the mortgage and arranges funding.

Closing Day

Your lawyer handles the legal transfer. You sign the paperwork, get the keys, and move in.

Ready to buy your first home?

Book a free, no-pressure consultation with Mac Randhawa. I will answer all your questions and help you plan your next steps.

Book a Free Consultation

780-245-2966 | mehakdeepsingh007@gmail.com