Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type In Alberta

In Alberta, the two most common mortgage types are fixed-rate and variable-rate mortgages.

A fixed-rate mortgage means your interest rate stays the same for the full term of your mortgage (most commonly 1–5 years in Canada, even though the amortization may be longer). This gives you consistent, predictable payments and makes it easier to plan your finances with confidence. The biggest advantages are stability and protection from rising interest rates.

A variable-rate mortgage has an interest rate that can fluctuate over time based on changes to your lender’s prime rate. Because of this, your payments or the portion going toward interest vs. principal may change during your term. Variable rates often start lower than fixed rates, which can mean savings over time—but they do come with some uncertainty if rates rise.

The right option depends on your comfort with risk, your financial goals, and your overall strategy. My role is to help you understand how each option fits your situation so you can move forward with clarity and confidence.

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

Condominium Fees

A condominium fee (condo fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and condo boards collect these fees to assist with maintaining and improving properties in the condominium corporation.