Purchase Plus Improvements Calculator
Compare up to three scenarios side by side| Inputs | Scenario 1 | Scenario 2 | Scenario 3 |
|---|---|---|---|
| Base Price ($) Purchase price of the property before any renovation costs. | |||
| Improvements ($) Estimated renovation budget that will be included in the mortgage. | |||
| Down Payment ($) Cash you will put down from savings, sale of another property, or a gift. | |||
| Interest Rate (%) Enter the mortgage interest rate your lender has quoted. | |||
| Amortization (years) Number of years to repay the mortgage in full. | |||
| Insurance Product Please select the appropriate Canada Guaranty product type. | |||
| Total Project Cost | |||
| Down Payment Percentage | |||
| Loan to Value (LTV) | |||
| Mortgage Principal | |||
| Insurance Premium Rate | |||
| Insurance Premium ($) | |||
| Total Insured Mortgage | |||
| Monthly Payment | |||
How it works: Purchase Plus Improvements lets you roll your renovation costs into a single mortgage at closing. The insurer evaluates the total project cost (purchase price + approved improvements) to determine eligibility and the minimum required down payment.
Minimum down payment rules (effective Dec 15, 2024)
- First $500,000 of total project cost: 5% minimum
- $500,001 to $1,499,999: 5% on first $500K + 10% on the portion above $500,000
- $1,500,000 and above: 20% minimum required — high-ratio insurance not available
- Total project cost = purchase price + approved improvement costs
- Low Doc Advantage: Minimum 10% down payment required (max 90% LTV)
- Rental Advantage: Minimum 20% down payment required (max 80% LTV)
Canada Guaranty product notes
- Down Pmt Advantage (Standard): Owner-occupied properties meeting high-ratio guidelines.
- Low Doc Advantage: Self-employed borrowers when full income documentation is not available. Maximum 90% LTV (minimum 10% down payment).
- Flex 95 Advantage: Borrowed or gifted down payment. Requires LTV above 90%. Max 95% LTV.
- No Insurance: Conventional (uninsured) mortgages with 20% or more down payment.
- Rental Advantage: Maximum 80% LTV. Premium applies only up to this ratio. Not commonly used with PPI.
- 30-year amortization: Maximum 30-year amortization for owner-occupied homes if LTV > 80% and the borrower is either: (i) a first-time homebuyer or (ii) purchasing a newly constructed home. Not available for conventional (uninsured) mortgages.