Ontario Mortgage Calculator

Location Please ensure your location is correct in order to find the best rates available in your area.

Our mortgage calculator contains Ontario current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes. Advertising Disclosure

Asking Price

Go
 STEP 1
Enter the price of the home you're interested in and press GO.
Down payment Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.
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Mortgage insurance Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount. plus
Total Mortgage Required equals $- $- $- $-
Amortization period Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.  
 
STEP 2
Choose an amortization period.
Mortgage rate Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right.  
 
 STEP 3
Choose a mortgage rate to calculate the corresponding payment.
Mortgage type Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).          

Total Mortgage Payment

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Mortgage payment The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income.  
Land Transfer Tax: $-
 
STEP 4
If necessary, update your profile to calculate land transfer tax.
Profile
Provincial: Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus
 
Municipal: Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus
 
Rebate: Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus
 
Explore the drop-downs to better understand your mortgage choice.

Cash Needed
How much extra cash will I need when my house closes?

When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Our tool will help you calculate these costs, so you know how much you'll need to save.

Required Cash Expenditures

  • Down payment $-
  • PST on mortgage insurance $-
  • Land Transfer Tax $-
  • Lawyer fees $-
  • Title insurance $-
  • Estoppel certificate fee $-
  • Total Cash Required $-

Other Cash Considerations

  • Home inspection fees $300 - $500
  • Appraisal fees $300

Monthly Expenses
Can I afford my monthly expenses & mortgage payments?

Expenses

  • Mortgage payment $-
  • Property Tax
  • Monthly Debt Payments
  • Utilities
  • Condo Fees
  • Property insurance
  • Phone
  • Cable
  • Internet
  • Total $-

Interest Rate Risk
What would my payment be at higher interest rates?

When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.

The calculation below shows how much of your mortgage principal will be left at the end of the term.

Mortgage Amount

  • Mortgage amount today $-
  • Less: Principal paid off over term $-
  • Mortgage remaining at end of term: $-

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Purchase interest rate Payment
Selected Scenario
Selected Rate $-
Average 5-year Fixed Rates (2000 - 2010) 3.89% $-
Average 5-year Fixed Rates (1990 - 2000) 7.23% $-
Average 5-year Fixed Rates (1980 - 1990) 11.92% $-

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.

5-year Fixed Mortgage Rates

Amortization Schedule
What do my payments look like over time?

Year Total Paid Principal Paid Interest Paid Balance

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Provider Rate Select
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Ontario mortgage calculator

Content last updated: November 18, 2020

When it comes to getting a mortgage in Ontario, having a reliable mortgage calculator gives you some certainty ahead of time. Using the calculator on this page you can work out your monthly payments, total interest paid, as well as the impact of taking out a different size mortgage.

When calculating your mortgage amount and monthly payments, you need to take into account various regulations, taxes, and fees. Some of these variables are the same across Canada, while others can vary depending which province you are buying your home in.

Ontario, as Canada’s largest province, tends to be more regulated than other provinces, so you need to be extra diligent. Here’s everything you need to know about getting a mortgage in Ontario.

Canadian mortgage regulations, taxes, and fees

Canada-wide mortgage regulations are set by the Ministry of Finance to help protect home buyers and lenders alike. These regulations include guidelines on minimum down payments, maximum amortization periods, as well as mortgage default (CMHC) insurance.

Here are the key regulations you need to be aware of, and that are included in the Ontario mortgage calculator above:

  • The minimum down payment in Canada is between 5% and 10%, depending on the purchase price of the home.
  • The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
  • Mortgage default insurance - also called CMHC insurance - must be purchased for down payments between 5% and 20%. Visit our CMHC insurance page to learn more.

Ontario mortgage regulations, taxes, and fees

Most taxes and fees are set at the provincial, or even municipal level. In Ontario, purchasers are responsible for obtaining Ontario mortgage rates, paying the provincial sales tax (PST) for CMHC insurance, and covering Ontario land transfer taxes.

For those purchasing in Toronto, a second set of municipal land transfer taxes apply in addition to the state tax, as well as an overseas speculation levy for properties in the Golden Horseshoe.

Mortgage rates in Ontario

Mortgage brokers and certain lenders can charge different mortgage interest rates depending on the province. Ratehub.ca has a comprehensive page of the best mortgage rates in Ontario. The most current Ontario mortgage rates are already included in the calculator above, so you can trust the numbers we provide to be accurate.

Ontario sales tax on CMHC insurance

When applicable, the cost of CMHC insurance is added to your mortgage balance and paid off over the amortization of your mortgage. However, Ontario provincial sales tax (PST) on CMHC insurance must be paid out in cash at the time your purchase closes.

Our tools automatically calculate these taxes - you'll see them under the "Cash Needed" drop down menu.

Land transfer tax (LTT) in Ontario

Ontario’s land transfer tax is calculated as a percentage of the property’s value, using the purchase price as an estimate. The LTT is a marginal tax with rates varying from 0.5% to 2.0% of a home’s value depending on its purchase price. For detailed information on rates and calculations see our Ontario land transfer tax page.

Land transfer tax rebate in Ontario

The Ontario government gives a maximum $4,000 rebate to first-time house buyers to offset the cost of the land transfer tax. Based on Ontario land transfer tax rates, this rebate refunds the full value of Ontario’s land transfer tax for homes up to $368,000 in value.

Visit our Ontario land transfer tax rebate page for more information on conditions and home buyer eligibility.

Other Ontario closing costs

There are a number of other Ontario closing costs to consider when purchasing a home.

Legal fees: There are many legal aspects to consider when purchasing a home. With that in mind, it’s important to hire an experienced real estate lawyer to review all of your paperwork and help you finalize your transaction.

Home Inspections: It’s wise to use an home inspector before purchasing a home, to make sure the home you’re about to buy is in good condition.