Clay Jarvis
Mary FloryNerdy Tip: Use the “Compare” function on our Saskatchewan mortgage calculator to get a fuller sense of what your potential mortgage costs might be. You can get a side-by-side view of the mortgage payments that result from applying different interest rates, down payment amounts and amortization lengths.
Mortgage Details
Location Details
Location Details
Mortgage Summary
Estimated Payment
The following items show your expected payment schedule over the full amortization period.
$2,763
Monthly Payment
Mortgage details
Amortization Schedule
Balance remaining in undefined
Payments Breakdown
Year | Total Paid | Principal Paid | Interest Paid | Balance | |
|---|---|---|---|---|---|
| 2024 | $33,151.48 | $9,866.97 | $23,284.52 | $465,133.03 | |
| 2025 | $33,151.48 | $10,366.48 | $22,785.00 | $454,766.55 | |
| 2026 | $33,151.48 | $10,891.29 | $22,260.20 | $443,875.26 | |
| 2027 | $33,151.48 | $11,442.66 | $21,708.83 | $432,432.60 | |
| 2028 | $33,151.48 | $12,021.94 | $21,129.54 | $420,410.66 | |
Term Total | $165,757.42 | $54,589.34 | $111,168.08 | $420,410.66 | |
The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period, which may not be possible. | |||||
| 2029 | $33,151.48 | $12,630.55 | $20,520.93 | $407,780.11 | |
| 2030 | $33,151.48 | $13,269.98 | $19,881.51 | $394,510.13 | |
| 2031 | $33,151.48 | $13,941.77 | $19,209.72 | $380,568.36 | |
| 2032 | $33,151.48 | $14,647.57 | $18,503.91 | $365,920.79 | |
| 2033 | $33,151.48 | $15,389.10 | $17,762.38 | $350,531.69 | |
| 2034 | $33,151.48 | $16,168.18 | $16,983.31 | $334,363.51 | |
| 2035 | $33,151.48 | $16,986.69 | $16,164.79 | $317,376.82 | |
| 2036 | $33,151.48 | $17,846.64 | $15,304.84 | $299,530.18 | |
| 2037 | $33,151.48 | $18,750.13 | $14,401.36 | $280,780.05 | |
| 2038 | $33,151.48 | $19,699.35 | $13,452.13 | $261,080.70 | |
| 2039 | $33,151.48 | $20,696.63 | $12,454.85 | $240,384.06 | |
| 2040 | $33,151.48 | $21,744.40 | $11,407.08 | $218,639.66 | |
| 2041 | $33,151.48 | $22,845.21 | $10,306.27 | $195,794.45 | |
| 2042 | $33,151.48 | $24,001.75 | $9,149.73 | $171,792.70 | |
| 2043 | $33,151.48 | $25,216.84 | $7,934.65 | $146,575.86 | |
| 2044 | $33,151.48 | $26,493.44 | $6,658.04 | $120,082.42 | |
| 2045 | $33,151.48 | $27,834.67 | $5,316.81 | $92,247.75 | |
| 2046 | $33,151.48 | $29,243.80 | $3,907.68 | $63,003.95 | |
| 2047 | $33,151.48 | $30,724.27 | $2,427.22 | $32,279.68 | |
| 2048 | $33,151.48 | $32,279.68 | $871.80 | $0.00 | |
Balance remaining in undefined
Payments Breakdown
Year | Total Paid | Principal Paid | Interest Paid | Balance | |
|---|---|---|---|---|---|
| 2024 | $33,151.48 | $9,866.97 | $23,284.52 | $465,133.03 | |
| 2025 | $33,151.48 | $10,366.48 | $22,785.00 | $454,766.55 | |
| 2026 | $33,151.48 | $10,891.29 | $22,260.20 | $443,875.26 | |
| 2027 | $33,151.48 | $11,442.66 | $21,708.83 | $432,432.60 | |
| 2028 | $33,151.48 | $12,021.94 | $21,129.54 | $420,410.66 | |
Term Total | $165,757.42 | $54,589.34 | $111,168.08 | $420,410.66 | |
The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period, which may not be possible. | |||||
| 2029 | $33,151.48 | $12,630.55 | $20,520.93 | $407,780.11 | |
| 2030 | $33,151.48 | $13,269.98 | $19,881.51 | $394,510.13 | |
| 2031 | $33,151.48 | $13,941.77 | $19,209.72 | $380,568.36 | |
| 2032 | $33,151.48 | $14,647.57 | $18,503.91 | $365,920.79 | |
| 2033 | $33,151.48 | $15,389.10 | $17,762.38 | $350,531.69 | |
| 2034 | $33,151.48 | $16,168.18 | $16,983.31 | $334,363.51 | |
| 2035 | $33,151.48 | $16,986.69 | $16,164.79 | $317,376.82 | |
| 2036 | $33,151.48 | $17,846.64 | $15,304.84 | $299,530.18 | |
| 2037 | $33,151.48 | $18,750.13 | $14,401.36 | $280,780.05 | |
| 2038 | $33,151.48 | $19,699.35 | $13,452.13 | $261,080.70 | |
| 2039 | $33,151.48 | $20,696.63 | $12,454.85 | $240,384.06 | |
| 2040 | $33,151.48 | $21,744.40 | $11,407.08 | $218,639.66 | |
| 2041 | $33,151.48 | $22,845.21 | $10,306.27 | $195,794.45 | |
| 2042 | $33,151.48 | $24,001.75 | $9,149.73 | $171,792.70 | |
| 2043 | $33,151.48 | $25,216.84 | $7,934.65 | $146,575.86 | |
| 2044 | $33,151.48 | $26,493.44 | $6,658.04 | $120,082.42 | |
| 2045 | $33,151.48 | $27,834.67 | $5,316.81 | $92,247.75 | |
| 2046 | $33,151.48 | $29,243.80 | $3,907.68 | $63,003.95 | |
| 2047 | $33,151.48 | $30,724.27 | $2,427.22 | $32,279.68 | |
| 2048 | $33,151.48 | $32,279.68 | $871.80 | $0.00 | |
Even if you’re not ready to purchase a home in Saskatchewan immediately, a mortgage payment calculator is a powerful learning tool that can help you:
- Compare how different interest rates affect mortgage costs.
- Understand the positive impact of saving a larger down payment.
- Choose an amortization period and payment frequency that best aligns with your budget and home ownership goals.
- Decide which mortgage term you’d be most comfortable with.
- Get a sense of how much house you can afford before viewing properties or applying for a mortgage.
How much is the average mortgage payment in Saskatchewan?
In the second quarter of 2023, the average monthly mortgage payment in Saskatchewan was $1,452, according to the Canada Mortgage and Housing Corporation. The average payment amounts for the previous eight quarters were:
- Q1 2023: $1,516.
- Q4 2022: $1,476.
- Q3 2022: $1,463.
- Q2 2022: $1,284.
- Q1 2022: $1,272.
- Q4 2021: $1,246.
- Q3 2021: $1,264.
- Q2 2021: $1,235.
Saskatchewan housing market snapshot: January 2024
Saskatchewan’s housing market had another busy month in December 2023, with sales coming in 19% higher than in December 2022, according to the Saskatchewan Realtors Association. December marked six straight months of year-over-year sales increases.
Despite the rising demand and decreasing inventory, prices in Saskatchewan remain affordable. The benchmark price in the province was $319,300 in November. The minimum down payment required for a home at that price is $15,965.
The average sale price in some of Saskatchewan’s biggest markets in November included:
- Saskatoon: $373,422.
- Regina: $285,314.
- Yorkton: $220,700.
- Prince Albert: $224,452.
- Estevan: $184,707.
Mortgage payment terminology you’ll need to know
The amortization period is the projected time you’ll need to pay off your mortgage. Borrowers with down payments of less than 20% can’t choose amortization periods longer than 25 years under Canada’s current lending guidelines.
Your mortgage term is how long the contract with your current mortgage lender lasts. Five-year terms are the most common, but terms between one and 10 years are also frequently available. You’ll have to renew your mortgage once your term expires, possibly at a different interest rate or with a different lender.
A down payment is the amount of cash you pay upfront for the house (your mortgage covers the difference). For example, if you buy a house for $400,000, you might choose to make a down payment of 20%, or $80,000. You’d need to take out a mortgage for the remaining amount — $320,000.
The size of your down payment can vary, but it must meet minimums based on the price of your home.
| Purchase price | Minimum down payment required |
|---|---|
| Less than $500,000 | 5% of the purchase price |
| $500,000 to $999,999 | 5% of the purchase price for the first $500,000; 10% for the portion above $500,000 |
| $1 million or more | 20% of the purchase price |
Variable mortgage rates vs. fixed mortgage rates
With a variable-rate mortgage, your interest rate rises and falls with your lender’s prime rate. If you choose a variable-rate mortgage with fixed payments, the monthly payment stays the same even if interest rates increase or decrease, but the amount going toward the principal adjusts. If rates rise, for example, more of the payment will go toward covering interest, and you’ll pay down the principal more slowly.
With a fixed-rate mortgage, the principal and interest portion of your monthly payments will remain the same for the duration of your mortgage term, regardless of what happens with your lender’s prime rate.
Payment frequency
The more frequently you make your mortgage payments, the faster you’ll pay off your mortgage. Mortgage payment frequencies typically include:
- Monthly (12 payments per year).
- Semi-monthly (two payments per month; 24 payments per year).
- Bi-weekly (one payment every 14 days; 26 payments per year).
- Weekly (one payment every 7 days; 52 payments per year).
5 ways to reduce your monthly Saskatchewan mortgage payment
1. Look for a lower interest rate
When exploring your mortgage options, you should always try to negotiate a lower mortgage interest rate. Any reduction can help.
A mortgage with a 4.5% interest rate might not appear much better than a 4.65% rate, for example, but shaving off even a few percentage points would save you thousands of dollars over the course of your mortgage.
2. Make a bigger down payment
Increasing your down payment decreases the size of your mortgage, which should result in smaller monthly payments and paying less in interest overall.
When determining how large a down payment you can make, remember that you’ll also need to set money aside to cover closing costs. Putting all your savings toward your down payment sounds like a solid plan, but you might need to come up with several thousands of dollars to pay for these one-time fees.
3. Choose a longer amortization period
Spreading your mortgage out over a longer amortization period results in smaller monthly payments, though the total amount you’ll pay in interest will be higher.
4. Pay down your debts
When lenders determine how much mortgage you can afford, they look at your finances for signs of risk. The higher the risk, the higher your rate is likely to be.
One sign of risk is high debt service ratios, which indicate how much of your income is already being put toward paying off debt.
The two debt service ratios lenders will look at are your:
- Gross debt service (GDS) ratio, the percentage of your pre-tax household income that goes toward housing costs. These costs include mortgage payments, utilities and property taxes. Your GDS ratio should not exceed 39% of your pre-tax household income.
- Total debt service (TDS) ratio, your GDS plus any other debts. Your TDS ratio should not be more than 44% of your pre-tax household income.
If you can pay down your debts and decrease your debt service ratios, you might be offered a lower mortgage rate.
5. Refinance
Refinancing your home loan can reduce your monthly payment if current mortgage rates are lower than the one you originally agreed to.
If you’ve owned your home for a while, have stayed on top of your mortgage payments and have good credit overall, you’ll put yourself in a position to score a lower rate.
When you refinance, you essentially begin a new mortgage. That gives you an opportunity to negotiate a lower interest rate and a new payment schedule, both of which can help lower your monthly obligations.
There can be costs to refinancing before your current mortgage is up, however. Review your current agreement to see what limitations you might face — those costs can sometimes outweigh any savings a lower rate would bring.
Frequently asked questions about Saskatchewan mortgage payments
Without knowing your down payment, credit score, mortgage rate or amortization period, it’s impossible to provide an accurate estimation of how much your monthly payment for a home of any price will be. A mortgage calculator can help give you an idea, though.
Using Saskatchewan’s August 2023 average sale price of $304,689, a 5% down payment would be $15,234. A 10% down payment on the same property would be $30,469. A 20% down payment would be $60,938.
About the Author
DIVE EVEN DEEPER
The Best Mortgage Rates in Saskatchewan
Compare mortgage rates in Saskatchewan to find the best mortgage for your home buying needs.
The Best Mortgage Rates in Alberta
Compare Alberta mortgage rates from Canada’s top lenders and brokers in minutes. Easily find the best mortgage rate for your needs.
Kurt Woock
Mortgage Affordability Calculator: How Much Mortgage Can I Afford?
How much mortgage can you afford? Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.
Understanding B Lender Mortgages
If the chartered banks, or A lenders, turn you down for a mortgage, there’s an entire industry of alternative, or B, lenders you can turn to for your financing needs.