Saskatchewan is one of Canada’s most affordable provinces for homebuyers. The average home price in Regina is approximately $320,000 and in Saskatoon around $390,000, both well below the national average. Use the mortgage payment calculator below to estimate your monthly payments on a Saskatchewan home purchase.
How to use the Saskatchewan mortgage calculator
Enter your home price, down payment amount, mortgage rate, and amortization period to calculate your monthly mortgage payment and see a full payment schedule. The calculator shows how much of each payment goes toward principal vs. interest over the life of the mortgage.
Sample monthly payments for Saskatchewan home prices
Here are estimated monthly payments at various purchase prices, assuming a 4.5% interest rate, 25-year amortization, and minimum down payment:
| Home Price | Down Payment | Mortgage Amount | Monthly Payment |
|---|---|---|---|
| $250,000 | $12,500 (5%) | $237,500 | ~$1,316 |
| $300,000 | $15,000 (5%) | $285,000 | ~$1,580 |
| $350,000 | $17,500 (5%) | $332,500 | ~$1,843 |
| $400,000 | $20,000 (5%) | $380,000 | ~$2,106 |
| $500,000 | $25,000 (5%) | $475,000 | ~$2,633 |
These amounts do not include mortgage insurance premiums, which are required when the down payment is less than 20%. Insurance adds approximately 2.8% to 4.0% to the mortgage balance.
Mortgage rates in Saskatchewan
Saskatchewan mortgage rates vary by lender and term length. Rates have come down from their 2023 highs as the Bank of Canada reduced the overnight rate from 5.00% to 2.75% through a series of cuts in 2024-2025.
Check the latest Saskatchewan mortgage rates to find the best rate for your situation. Even a small rate difference has a significant impact on monthly payments and total interest paid.
| Rate | Monthly Payment ($350K) | Total Interest (25 years) |
|---|---|---|
| 4.0% | ~$1,840 | ~$202,000 |
| 4.5% | ~$1,940 | ~$232,000 |
| 5.0% | ~$2,040 | ~$262,000 |
| 5.5% | ~$2,150 | ~$295,000 |
No land transfer tax in Saskatchewan
One of the biggest financial advantages of buying in Saskatchewan is the absence of a land transfer tax. Most other Canadian provinces charge a land transfer tax that can add thousands to your closing costs:
| Province | LTT on $400,000 Home |
|---|---|
| Saskatchewan | $0 |
| Manitoba | ~$5,350 |
| Ontario | ~$4,475 |
| British Columbia | ~$6,000 |
This saves Saskatchewan buyers a significant amount at closing compared to purchasing the same home in another province.
Mortgage affordability in Saskatchewan
With Saskatchewan’s affordable home prices, homeownership is accessible at lower income levels than in most of Canada. Use the Saskatchewan mortgage affordability calculator to see how much home you can afford based on your income and debts.
As a general guideline, a household earning $70,000 could afford approximately $340,000 at current rates, which covers the average home price in Regina.
Amortization period options
- 25-year amortization — the standard maximum for insured mortgages (down payment less than 20%)
- 30-year amortization — available for first-time buyers and new build purchases with less than 20% down, or for any buyer with 20% or more down
- Shorter amortizations (15 or 20 years) — higher monthly payments but significantly less total interest paid
Choosing a 25-year vs. 30-year amortization on a $350,000 mortgage at 4.5% would mean paying approximately $1,940/month vs. $1,770/month, but the 25-year option saves roughly $45,000 in total interest.
Additional costs when buying in Saskatchewan
Beyond mortgage payments, budget for:
- Property taxes — vary by municipality; Regina and Saskatoon have moderate rates
- Home insurance — required by your lender; typically $1,000 to $2,000 per year
- Closing costs — legal fees, title insurance, home inspection; typically 1.5% to 4% of the purchase price
- PST on mortgage insurance — Saskatchewan charges 6% PST on CMHC insurance premiums
- Utilities — Saskatchewan winters mean higher heating costs from November through March
Frequently asked questions
What is the monthly payment on a $350,000 mortgage in Saskatchewan?
At a 4.5% interest rate with a 25-year amortization, the monthly payment would be approximately $1,940. Use the calculator above for exact figures at your rate and amortization.
Does Saskatchewan have a land transfer tax?
No. Saskatchewan does not charge a land transfer tax, saving buyers thousands compared to provinces like Ontario and BC.
What mortgage rates are available in Saskatchewan?
Rates vary by lender and term. Check the latest Saskatchewan mortgage rates for current offers. Fixed 5-year rates have been trending downward as the Bank of Canada cut rates through 2024-2025.
Related guides
- Saskatchewan mortgage rates
- Saskatchewan mortgage affordability calculator
- Saskatchewan mortgage insurance calculator
- Saskatchewan sales tax calculator
- Down payment calculator
- Mortgage payment calculator
