Ontario Mortgage Calculator

Content last updated: March 11, 2020

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

Purchase

Renewal or Refinance

Asking Price

Asking Price

Go  STEP 1 Enter the price of the home you're interested in and press GO. Enter the amount of the mortgage you wish to renew or refinance 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.		Down payment 1 (%)	Down payment 2 (%)	Down payment 3 (%)	Down payment 4 (%)
		minus	Down payment 1 ($)	Down payment 2 ($)	Down payment 3 ($)	Down payment 4 ($)
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. Amortization period 1 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 2 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 3 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 4 Select 5 years 10 years 15 years 20 years 25 years 30 years Other
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. Select rate	Select rate	Select rate	Select rate
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			$- Get rate	$- Get rate	$- Get rate	$- Get rate
Frequency Monthly Bi-weekly Accelerated Bi-weekly	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 Location: I am a first-time home buyer I am buying a newly built home
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
Land Transfer Tax $-
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
*You will be required to pay a title transfer fee.
STEP 4 If necessary, update your profile to calculate land transfer tax. Profile
Location
I am a first-time home buyer
I am buying a newly built home

 

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.

Type of home: House Condominium

Required Cash Expenditures

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• 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

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• 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

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• 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?

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

Year	Total Paid	Principal Paid	Interest Paid	Balance

Select rate

Type: Fixed Rates Variable Rates

Term: 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years

Location:

Provider	Rate	Select
Loading...
Custom rate		Select

Ontario mortgage calculator

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.

Regulations, taxes and fees consistent across Canada

Canada-wide mortgage regulations are set by the Ministry of Finance to help protect home buyers and lenders. These regulations include guidelines on minimum down payment, maximum amortization period, and CMHC insurance or mortgage default insurance. These are included in the Toronto mortgage calculator and their details are listed below as follows:

• The minimum down payment in Canada is 5% for homes under $1,000,000 or 20% for homes of greater value.
• The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
• Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. Visit Ratehub.ca’s CMHC insurance page for more details.

Regulations, taxes and fees specific to Ontario

Most taxes and fees are set at the provincial or even the municipal level. In Ontario, purchasers are responsible for obtaining Ontario mortgage rates, paying the PST on CMHC insurance, and covering Ontario land transfer taxes. For those purchasing in Toronto, additional municipal land transfer taxes will apply.

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 , which can also be searched using the Ontario payment calculator above.

PST on mortgage default insurance or CMHC insurance applicable in Ontario

While CMHC insurance is added to your mortgage balance and paid off over the amortization of your mortgage, PST on CMHC insurance must be paid out in cash at the time your purchase closes. Ratehub.ca’s Toronto mortgage calculator automatically calculates this provincial tax and displays it in the drop down menu “Cash needed: How much extra cash will I need when my house closes”.

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 per cent of a home’s value depending on its purchase price. For detailed information on rates and calculations see Ratehub.ca’s Ontario land transfer tax page .

Land transfer tax rebate in Ontario

The Ontario government gives a maximum $2,000 rebate to first-time house buyers to offset the unwelcome cost of the LTT. Based on Ontario land transfer tax rates, this rebate refunds the full value of Ontario’s land transfer tax for homes up to $227,500 in value.

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

Ontario home inspectors

Home inspection fees are another Ontario closing cost to consider when purchasing a home. It’s wise to use an Ontario home inspector before purchasing a home so that you can make sure that the home you are about to buy is in good condition.

Ontario real estate lawyers

First-time home buyers in Ontario may be eligible for a tax rebate up to $2,000, which will cover the full LTT for homes $227,500 or less in value.

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