Active Mortgage · Planning tools
What will it cost to buy your home?
Set the price, province and an example rate, then compare two down payments side by side. You'll see default insurance, transfer tax, legal costs, cash needed at closing and the monthly payment with property tax.
Your purchase
The legal, appraisal and title range is a placeholder — replace it with quotes from your lawyer and lender.
Option A: 5% down (insured)
- Purchase price
- $500,000
- Down payment
- $25,000
- Mortgage before insurance
- $475,000
- Default insurance (4.00%)
- $19,000
- Total mortgage
- $494,000
- Monthly mortgage payment
- $2,731
- Property tax (monthly)
- $417
Option B: 20% down (conventional)
- Purchase price
- $500,000
- Down payment
- $100,000
- Mortgage before insurance
- $400,000
- Default insurance (0.00%)
- $0
- Total mortgage
- $400,000
- Monthly mortgage payment
- $2,212
- Property tax (monthly)
- $417
Cash needed at closing
| A: 5% down (insured) | B: 20% down (conventional) | |
|---|---|---|
| Down payment | $25,000 | $100,000 |
Transfer tax — NS municipal deed transfer tax 1.50% 1.5% rate · buyers who aren't Nova Scotia residents may owe an additional provincial tax | $7,500 | $7,500 |
| Legal, appraisal and title | $1,500 – $2,500 | $1,500 – $2,500 |
| Estimated cash to close | $34,000 – $35,000 | $109,000 – $110,000 |
Estimates only. Tax rules and rates change — confirm exact amounts with your lawyer before closing.
In short
With 5% down, the monthly total is $3,148. With 20% down it's $2,628 — a difference of $520 a month. That option needs about $75,000 more up front, and the insurance premium difference is $19,000.
Option A (5% down) at another frequency
Option B (20% down) at another frequency
Team Active Mortgage
Home buying cost — Canada
October 26, 2026
Your inputs
- Province: NS
- Purchase price: $500,000
- Rate: 4.49%
- Amortization: 25 years
- Scenario A (5% down): Payment $2,731/mo
- Scenario B (20% down): Payment $2,212/mo
- First-time buyer: No
Understanding the line items
Default insurance. With less than 20% down, the mortgage needs default insurance. The premium is usually added to the loan, so you pay interest on it over time — part of why a larger down payment lowers the monthly total.
Transfer tax. Most provinces charge a one-time tax or registration fee when a home changes hands, and the buyer generally pays it on closing. The method varies widely: some use tiered rates, some a flat percentage, and some only registration fees. In Nova Scotia the rate is set by the municipality.
Property tax. Your municipality sets it. Many lenders collect it with your mortgage payment, which is why it's included in the monthly total here.
Choosing between two down payments
A smaller down payment keeps more cash in your pocket today but means a larger mortgage, an insurance premium and a higher payment. A larger one does the reverse. The right balance depends on your savings, your emergency fund and other goals. Our brokers can help you weigh it against real lender options.
After closing, map out the ongoing budget with our cost of owning a home calculator, compare payments in the mortgage payment calculator, or check a possible penalty with the IRD calculator. Ready to talk? Book a call or start a pre-application.
Questions to consider
What goes into cash to close?
In this tool: your down payment, the land or deed transfer tax (less any first-time buyer rebate entered) and a range for legal, appraisal and title costs. Your lawyer will give you the final figure, which can include adjustments such as prepaid property tax.
Who pays land or deed transfer tax?
The buyer usually pays it on closing, and the lawyer handles the payment. How it's calculated depends on the province and, in some places, the municipality. Check the current rate with your lawyer.
Can closing costs be added to the mortgage?
Generally, closing costs need to be paid in cash. Savings programs, cash-back mortgage options or negotiating with the seller may help. Our brokers can walk you through the options for your situation.
How is the default insurance premium estimated here?
The tool applies a percentage based on your down payment — 4.00% under 10%, 3.10% from 10%, 2.80% from 15%, and none at 20% or more — to the amount borrowed, then adds it to the mortgage. Ask your broker to confirm the current premium for your file.
What's the difference between insured and conventional?
With less than 20% down, the mortgage needs default insurance and is called insured. With 20% or more down, it's conventional and no premium applies. Rates and lender options can differ between the two.
Is property tax paid monthly?
It depends on the lender and your down payment. Some lenders collect property tax with each mortgage payment; others let you pay the municipality directly. This tool shows it as a monthly amount either way.
Talk through your next step with our brokers
Your lender’s terms, household budget and goals matter alongside the numbers. Our team can help you review your mortgage options.