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.

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

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 .