Mortgage Calculator
How muchcan I afford?
Estimate your payment, including property tax, insurance and condo fees, plus Ontario land transfer tax. Built on Canadian mortgage rules.
HomeMortgage Calculator
Mortgage Calculator
Estimate yourpayment.
Enter the home price, your down payment and the mortgage details. Open the extra costs to include property tax, home insurance and condo fees.
Estimated Monthly Cost
$0
Mortgage payment$0
Property tax$0
Home insurance$0
Condo fees$0
Mortgage Amount$0
Default Insurance$0
Total Interest$0
Paid Off In0 years
Payment schedule by year
| Year | Principal | Interest | Balance |
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Estimates only. Uses semi-annual compounding, as most Canadian fixed-rate mortgages do. Down payments under 20% need mortgage default insurance (CMHC or similar); the premium is estimated and added to the mortgage. Your lender will confirm exact figures.
Talk Numbers With UsClosing Costs
Ontario landtransfer tax.
Land transfer tax is paid on closing and is one of the biggest costs to budget for beyond your down payment. Buying in Toronto adds a second, municipal land transfer tax.
First-time buyers may qualify for a refund of some or all of it.
Ontario land transfer tax$0
Ontario first-time buyer refund$0
Toronto municipal land transfer tax$0
Toronto first-time buyer rebate$0
Total Land Transfer Tax$0
Estimate for a single-family home, based on current Ontario and Toronto rates. Your real estate lawyer will confirm the exact amount and your eligibility for rebates.
Mortgage Q&A
Mortgage terms,explained.
A quick guide to the numbers in the calculator. For advice on your own situation, we’re happy to connect you with a trusted mortgage professional.
Talk Numbers With UsThe part of the purchase price you pay up front. In Canada the minimum is 5% of the first $500,000 and 10% of the portion from $500,000 to $1.5 million. Homes $1.5 million and over need at least 20% down. A larger down payment means a smaller mortgage and lower payments.
If your down payment is under 20%, your lender will require mortgage default insurance from CMHC, Sagen or Canada Guaranty. The premium is a percentage of your mortgage (about 2.8% to 4.0%, depending on your down payment) and is usually added to the mortgage rather than paid up front.
Amortization is the total time it takes to pay off your mortgage, often 25 years. The term is how long your current rate and contract last, commonly five years, before you renew. Most people go through several terms over one amortization.
With 20% or more down, 30-year amortizations are widely available. With an insured mortgage (under 20% down), 30 years is currently available to first-time buyers and buyers of newly built homes.
A fixed rate stays the same for your whole term, so your payment is predictable. A variable rate moves with the lender’s prime rate, which can save money when rates fall but adds uncertainty. The right choice depends on your budget and comfort with risk.
Accelerated bi-weekly or weekly payments are based on half (or a quarter) of the monthly payment, paid more often. That adds up to about one extra monthly payment a year, so you pay the mortgage off sooner and save interest.
Property tax is set by your municipality and is either paid directly or collected by your lender with your mortgage payment. Condo fees are paid monthly to the condo corporation and cover shared costs like maintenance, some utilities and the reserve fund.
A tax paid on closing when you buy a property in Ontario. Toronto adds its own municipal land transfer tax. First-time buyers can get a refund of up to $4,000 on the Ontario tax and up to $4,475 on the Toronto tax.
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