Monthly Cost Breakdown for a $400,000, $600,000, and $800,000 Home

If you're planning to buy a home, it helps to know what the real monthly costs will look like. Here’s a breakdown based on different price points, showing the difference between minimum down payment and 20% down payment options.

These numbers are based on owner-occupied homes, a 25-year amortization, and today’s rates.

We’ll also factor in property taxes and give you a better idea of the full monthly cost.

Cost Breakdown: $400,000 Home

5% Down Payment (Mortgage insured at 4.14%)

Purchase price: $400,000
Down payment: $20,000
Mortgage before insurance: $380,000
CMHC insurance premium (4%): $15,200
Total mortgage amount: $395,200
Monthly mortgage payment: $2,108.93
Estimated property taxes (1% annually): $333/month

Total estimated monthly cost: $2,441.93

20% Down Payment (insurable at 4.39%)

Purchase price: $400,000
Down payment: $80,000
Mortgage amount: $320,000
Monthly mortgage payment: $1,751.60
Estimated property taxes: $333/month

Total estimated monthly cost: $2,084.60

Cost Breakdown: $600,000 Home

Minimum Down Payment (Mortgage insured at 4.14%)

Purchase price: $600,000
Down payment: $35,000
Mortgage before insurance: $565,000
CMHC insurance premium (4%): $22,600
Total mortgage amount: $587,600
Monthly mortgage payment: $3,135.65
Estimated property taxes: $500/month

Total estimated monthly cost: $3,635.65

20% Down Payment

Purchase price: $600,000
Down payment: $120,000
Mortgage amount: $480,000
Monthly mortgage payment: $2,627.40
Estimated property taxes: $500/month

Total estimated monthly cost: $3,127.40

Cost Breakdown: $800,000 Home

Minimum Down Payment ($55,000 minimum, Mortgage insured at 4.14%)

Purchase price: $800,000
Down payment: $55,000
Mortgage before insurance: $745,000
CMHC insurance premium (4%): $29,800
Total mortgage amount: $774,800
Monthly mortgage payment: $4,134.62
Estimated property taxes: $667/month

Total estimated monthly cost: $4,801.62

20% Down Payment

Purchase price: $800,000
Down payment: $160,000
Mortgage amount: $640,000
Monthly mortgage payment: $3,503.20
Estimated property taxes: $667/month

Total estimated monthly cost: $4,170.20

What Else Should You Budget For?

Besides your mortgage and property taxes, it’s a good idea to plan for:

Home insurance (typically around $75–$125/month)
Utilities (electricity, water, heating costs depending on the home)
Condo fees (if you are buying a condo)
Maintenance and repairs

Keeping a little extra room in your budget helps make homeownership more manageable long term.

If you’re buying with less than 20% down, your mortgage will be insured through a provider like CMHC or Sagen, and the insurance premium is added directly to your mortgage.

Final Thoughts

Knowing the full monthly cost upfront helps you plan realistically for your purchase and stay within budget.

Everyone’s situation is unique, and rates, terms, and down payment amounts may vary. [Click here to get pre-approved and run your numbers.]

Frequently Asked Questions (FAQ)

Do I have to pay the mortgage insurance premium upfront?
No. It’s typically added to your mortgage balance and paid over the life of the loan.

Are property taxes included in my mortgage payment?
Not always. Some lenders let you choose if you want them to collect taxes with your mortgage payments, some don't.

Is it better to put 20% down?
It depends on your situation. A larger down payment means a smaller mortgage and no insurance premium, but it is not always necessary if you want to keep more cash available.