Toronto Mortgage Calculator

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

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. Advertising Disclosure

Purchase

Renewal or Refinance

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.
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

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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

Select rate

Provider Rate Select
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Custom rate Select

Why use a Toronto mortgage calculator?

Content last updated: Jan 11, 2021

Mortgages are major financial committments, and yours is likely to be with you for many years or decades. As such, it's a really good idea to know what your mortgage repayments will look like before you sign on the dotted line! A mortgage payment calculator allows you to get a clearer picture of what your amortization schedule and regular payments will look like with different mortgage amounts and rates.

Using a mortgage payment calculator specific to your city is the best way to understand the real cost of a a mortgage where you live. This is especially true in Toronto, as there are several unique regulations and taxes associated with purchasing a home in the Greater Toronto Area. This is of course, in additional to the fees that are consistent across Canada.

To better understand the additional costs that are automatically factored into the above Toronto mortgage calculator, we've included details below.

Canadian mortgage regulations

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 our Toronto mortgage calculator and their details are listed below as follows:

  • The minimum down payment in Canada is 5% of any value under $500,000, plus 10% of the value between $500,000 and $1,000,000. For homes prices above $1,000,000, the minimumm down payment is 20%.
  • 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 Ontario CMHC insurance

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 in cash, upfront. 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

In addition to Ontario’s Land Transfer Tax, 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.

Toronto land transfer tax rebate

A tax rebate of up to $4,475 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 $4,000, which will cover the full LTT for homes $368,333 or less in value.

For more details on eligibility and conditions, visit our Ontario land transfer tax rebate page .