Toronto Mortgage Calculator
Our mortgage calculator contains Toronto 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.
Toronto mortgage calculator
There are several regulations and taxes you need to account for when calculating your mortgage size, payment, and closing costs in Toronto. While some of these varaibles are consistent across Canada, others can vary depending on the province and even the city you are located 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.
Toronto regulations, taxes, and fees
There are specific taxes and fees that you want to be aware of when purchasing in Toronto. these include the municipal and provincial land transfer taxes, PST on CMHC insurance, and Toronto’s mortgage rates. For more details on Ontario’s taxes and regulations, see Ratehub.ca’s Ontario land transfer tax page.
Toronto mortgage rates
Mortgage brokers and certain lenders can charge different mortgage interest rates depending on the province and city. Ratehub.ca has a comprehensive database of the best mortgage rates in Toronto , which can also be searched through the Toronto 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”.
Toronto land transfer tax (LTT)
In addition to Ontario’s LTT, Home buyers in Toronto must pay an additional municipal land transfer tax. This is a marginal tax which costs 0.5% to 2.0% of the home’s value based on its purchasing price. Additional information can be found on Ratehub.ca’s Toronto land transfer tax page. The land transfer tax applies whether you're buying a Toronto townhouse, condo or house.
Toronto land transfer tax rebate
A tax rebate of up to $3,725 is also available to first-time home buyers in Toronto which will cover the full cost of the LTT for homes $400,000 or less in value.
Visit our Toronto land transfer tax rebate page for more information on conditions and home buyer eligibility.
Ontario land transfer tax (LTT)
Home buyers in Toronto must also pay Ontario’s land transfer tax, which is a marginal tax that ranges from 0.5% to 2.0% of the home’s purchasing price. More details can be found on Ratehub.ca’s Ontario land transfer tax page .
Ontario land transfer tax rebate
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.
For more details on eligibility and conditions, visit our Ontario land transfer tax rebate page .