Quick numbers on a $500,000 home purchase in Canada — monthly payment by rate and amortization, income needed to qualify, and down payment options. Updated for 2026 rates.
$2,397
Income needed to qualify: $84,523 gross annual household income.
| Down % | Down $ | Mortgage | CMHC required? |
|---|---|---|---|
| 5% | $25,000 | $475,000 | Yes (4.0% premium) |
| 10% | $50,000 | $450,000 | Yes (3.1% premium) |
| 20% | $100,000 | $400,000 | No |
| Rate | 25-yr | 30-yr |
|---|---|---|
| 4.00% | $2,111 | $1,910 |
| 4.50% | $2,223 | $2,027 |
| 5.00% | $2,338 | $2,147 |
| 5.50% | $2,456 | $2,271 |
| 6.00% | $2,577 | $2,398 |
Run your exact numbers: Mortgage Calculator (pre-filled with $500K)
Reverse it: How much house can I afford?
Income-anchored: House on $100K salary · House on $150K
Other reference points: Salary needed for a $1M house
Method: standard PMT formula, 25-yr amortization, $200/mo property tax assumption, $150/mo heat. Income needed uses CMHC GDS 39% and OSFI stress test (qualify at max(rate+2%, 5.25%)).