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A mortgage calculator gives you a monthly payment estimate, but a few Alberta-specific details decide what you actually qualify for. Amortization is the number of years you take to pay the mortgage off, usually 25 years, though first-time buyers and people re-entering the market after a separation can often stretch to 30 years to lower the monthly payment. The figure shown is based on your contract rate, but lenders also apply the federal stress test, which qualifies you at the higher of your rate plus 2 percent or 5.25 percent. Your real qualifying payment is higher than the headline number, so it is worth running the calculator at a rate a couple of points above today's rate to see a realistic ceiling.
Down payment changes the picture too. In Alberta you need at least 5 percent down on the first $500,000 of the price and 10 percent on any portion above that, and putting down less than 20 percent adds default insurance to the loan. Try the calculator with a few different down payment amounts to see how each one moves your payment and your insurance cost.
Once you have an estimate you are comfortable with, the next step is to confirm your rate and get pre-approved.
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