Ontario Mortgage Calculator

?
Enter the amount that you are planning on paying for the property
Property Value
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Option #1
Option #2
Option #3
Option #4
?
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
Down Payment
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
Mortgage Insurance
+
$19,000
$13,950
$11,900
$0.00
?
Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
Mortgage Required
=
$494,000
$463,950
$436,900
$400,000
?
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
Amortization Period
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Select Province
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Mortgage Type
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
Mortgage Term
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Mortgage Rate
Select
Select
Select
Select
STEP 3
Select one of the mortgage
rates currently available
?
Please select how often you would like
to make your mortgage payments.
Payment Frequency
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
Mortgage Payment
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
Cash Needed
Down Payment
$25,000
$50,000
$75,000
$100,000
Mortgage Insurance PST
+
$1,520
$1,116
$952
$0
Lawyer Fee
+
$1,000
$1,000
$1,000
$1,000
Title Insurance
+
$500
$500
$500
$500
Land Transfer Tax
+
Total Cash Needed
=
$28,020*
$52,616*
$77,457*
$101,500*
* Plus Land Transfer Tax, please select Ontario city to calculate Land Transfer Tax

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Ontario Mortgage Examples

Beautiful And Spacious 3 Bedroom Executive Townhouse In The Woods Of Joshua Creek! Elegant Open Concept Kitchen, Dining, And Living Room With No Wasted Hall Space. Kitchen Has Stainless Steel Appliances With Granite Counters And Island! Large 16' X 10' Private Deck, Great For Family Get Togethers!! Double Garage (2Nd Bay Is 15'4') With A Double Driveway, Master Bedroom With Open Balcony, 2 Sided Gas Fireplace, And Large Ensuite. 2Nd Flr Laundry.**** Extras **** New Furnace(2018), New Front Door (2019), Newly Renovated First Floor (2018). Stove, Microwave Hood, Fridge, Washer, Dryer, Central Air Conditioning, All Electrical Lighting Fixtures, All Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$829,000
Minimum Down Payment (%)
6.98%
Minimum Down Payment ($)
$57,900
Best Mortgage Rate (%)
2.19%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$13,055
Mortgage Insurance PST
$2,468
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$74,923
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$70,923
Monthly Payment
$3,470
Borgeous Home In Desirable Weston Downs, Spacious Principal Rooms With Loads Of Natural Light, Updated Kitchen With Built In Appliances And Granite Countertops, Walk Out To Patio And Large Fenced Yard With Hot Tub. Open Concept Staircase From Basement To 2Nd Flr, Separate Entrance To Basement From Laundry Room With Extra Kitchen, Theatre Room & Recreation Room With Fireplace, In Floor Heating In Master And Basement Bathroom, Triple Garage With Loads Of Storage Space,**** Extras **** Many Pot Lights Inside And Out, Air Conditioner & Furnace 2 Yrs New, Window Coverings, 2 Fridges, 2 Stoves, Washer, Dryer, Dishwasher, Microwave, Central Air And Central Vac. (Id:23934)
CALL1.877.896.6727
Property Price
$1,599,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$319,800
Best Mortgage Rate (%)
2.19%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$28,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$349,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$345,755
Monthly Payment
$5,535
Unbelieve Monarch Neighbood. Walk To Historic Main St, Toogood Pond,Shops, Unionville. Fabulous Monarch Home Apprx 3,532 Square Feet Excluding Lower Level. Backing To Amazing Ravine. Note Triple Car Garage. 3Rd Storey Loft Suitable For Nanny / Inlaws With Living Room, Bedroom And 4 Piece Bath. Wonderful Master Suite With Sitting Area Suitable For Privacy. Mins To Go Train To Toronto & 407.Top Ranking Schools& Parks Nearby. Home Sold As Is. No Conditions Accepted.**** Extras **** Stainless Steel Fridge, Washer, Built-In Dishwasher, Interlock Patio With Gazebo, All Elf's, California Shutters, Security System, 3Rd Story Loft, Furnace (Approximate. 5Yrs). Elevator As Is Condition, Central Vac, Sprinkler System, Dryer.) (Id:23934)
CALL1.877.896.6727
Property Price
$1,498,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$299,600
Best Mortgage Rate (%)
2.19%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$26,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$327,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$323,535
Monthly Payment
$5,185
Large 4 Bedroom Detached Home With Double Car Garage Backing Onto Park In High Demand Lisgar Area. Separate Living, Dining And Family Rms. Large Eat-In Kitchen With Center Island. (((Separate Side Entrance To Basement With 2 Additional Bedrooms, Recreation Room, Kitchen, Laundry & Washroom))). Laundry On Main Flr And 2Nd Laundry In Basement. Great Potential As Nanny Suite Or Potential Income. Roof Sept 2019, Newer Laminate On 2Nd Flr.**** Extras **** 2 Fridges, 2 Stoves, Dishwasher, 2 Washers And 2 Dryers, All Electrical Lighting Fixtures, All Window Coverings, Garage Door Opener, Central Vac, Central Ac. Hot Water Tank Rental (Id:23934)
CALL1.877.896.6727
Property Price
$949,900
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$69,990
Best Mortgage Rate (%)
2.19%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$15,473
Mortgage Insurance PST
$2,816
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$89,779
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$85,779
Monthly Payment
$3,959
2815 Square Feet ## Approx 5 Yrs New ## 4 Bedrooms Plus 3 Bedrooms Basement Appartment, Total 6 Washrooms, Big Lot , No Side Walk, Separate Entrance, 5 Cars Parking Driveway (Id:23934)
CALL1.877.896.6727
Property Price
$1,200,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$240,000
Best Mortgage Rate (%)
2.19%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$20,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$261,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$257,975
Monthly Payment
$4,154

Mortgages In Ontario

What makes Ontario so special is its ability to offer people in-depth diversity, no matter where in this province you may be! Armed with areas that host very large cities, provincial parks & forests, the great lakes and farmlands, there really is potential to live any lifestyle here that one chooses. The housing stock and real estate market is as diverse as the province itself, catering to the uber-urbanite, the farmer, the country-folk, the cottage-lifer, and even the opportunity to combine lifestyles! Another great point of interest that sets this province apart from other provinces in Canada is the vast array of activities and the opportunity to reach out to the west coast or the east coast from this centralized location. After reviewing the MLS listings for this province and having a few properties & homes pull your interest, you can use an Ontario mortgage calculator to see (on a monthly basis) how much each home would cost if you take out a mortgage loan to purchase one of them. Found on any website, a basic mortgage calculator will work out the breakdown of a mortgage loan for you, saving you time and providing you with the chance to compare mortgages.
Comparing mortgages and mortgage types is a highly valuable strategy to execute before approaching any lenders to see who can give you the best mortgage deal for your Ontario home. If you are unknowledgeable about the various kinds of mortgages, how they work and how you can negotiate great terms for yourself, then you are giving a lender the chance to 'snowball' you into something that you may not want at all. Think about your hard-earned money, you want to protect it and only invest it into a good situation. After using a mortgage calculator and other calculators that you have access to (prepayment calculator, amortization calculator, interest-only calculator & comparison calculator, just to name a few), you will have already seen that a mortgage loan is a bit more technical than you may have thought. You can recruit a mortgage specialist to help you in understanding the mortgage market and even do some research on your own to better prepare you for the leap of home ownership. From a financial side of things, you should be as prepared as possible before talking to any lender (money saved, as little debt as possible, steady & reliable income, a good credit rating and if self-employed, easy access to additional documentation).
Ontario is a fantastic province to invest in, but be careful, as lenders are sticky about loaning out money to buy a home in a place where it would be hard to resell it (if for some reason you defaulted on your loan and it got repossessed for resale). Another thing that lenders are not fond of is a home being flipped into a rental, for they are more reassured if the mortgagee is residing in the home instead of a stranger. You will find that the deeper your understanding of the mortgage market (using a mortgage calculator is just the beginning), the more complicated it may seem. It is a good decision to bring a mortgage advisor or mortgage broker on board with you to make sure you have an expert at the helm with you. A mortgage expert knows the market, the pros & cons of various types of mortgages, and what would work well with your personal finances. Brokers have access to several lenders, which could be the way to go if you do not feel that your regular banking institution will approve your mortgage loan application. Alternate lenders like private lenders are known to charge higher interest rates than major banks and credit unions, but are a bit more lenient with application approvals.