This mortgage purchase calculator for BC shows your total monthly cost, minimum down payment, CMHC insurance, and full cash to close, including the BC property transfer tax exemptions most calculators miss.
A real Kelowna example, cash to close
$650,000 purchase, minimum down. The down payment is 5% of the first $500,000 plus 10% of the remaining $150,000: $40,000. The 4.00% insurance premium, about $24,400, rolls into the mortgage, not your chequebook. Property transfer tax is $11,000 less the first-time buyer exemption, leaving $3,000. Legal, title insurance, inspection and adjustments add roughly $2,750. Real cash to close: about $45,750, not $40,000. The gap between those two numbers is what surprises people on signing day.
BC specifics this calculator carries
Down payment tiers are federal, 5% then 10% to the $1.5 million insured cap, but the closing bill is provincial: BC’s transfer tax and its first-time buyer exemption below $835,000 drive more of the variance than anything else. On new construction, add 5% GST, less the rebate where it applies, including the new federal first-time buyer rebate on new builds up to $1 million. And presale deposits are staged cash years before closing; the mortgage only shows up at completion.
Frequently asked questions
What is the minimum down payment in BC?
5% of the first $500,000 and 10% of the portion up to $1.5 million. From $1.5 million the minimum is 20%. Under 20% down adds default insurance, which this calculator prices automatically.
What does cash to close include?
Your down payment plus property transfer tax, legal fees, title insurance, appraisal, inspection, and adjustments. First-time buyers are often exempt from PTT up to $835,000, which the calculator applies.
Why can 19.99% down sometimes beat 20%?
Insured files get lower rates because the premium removes the lender’s risk. Sometimes the rate saving outweighs the premium cost. The comparison calculator shows both paths side by side.