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 Calculator Examples

Location! Location! Upgraded Town Home In The Heart Of Ionview. Upgraded Kitchen, With Granite Counter Tops, Laminate Flr. Renovated Washrooms With Granite Top Vanity, Pot Lights. Garage Parking #22. Owned Locker #4. Easy Access To Ttc, Subway, Shopping. Parks, Schools.**** Extras **** Stainless Steel: Fridge, Stove, Built-In Dishwasher. Washer And Dryer. Garage Door Remote. Window Covering, Hot Water Tank Rental. (Id:23934)
CALL1.877.896.6727
Property Price
$668,000
Minimum Down Payment (%)
6.26%
Minimum Down Payment ($)
$41,800
Mortgage Insurance ($)
$25,048
Mortgage Required ($)
$651,248
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$19,670
Mortgage Insurance PST
$2,004
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$64,974
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$56,499
Monthly Payment
$2,573
Spectacular Rare Find 5 Level Backsplit On Huge Lot In Prestigious Sought After Area Of Toronto With Homes On Street Valued Over 2Mil. Separate Side Entrance 2 Kitchens, Perfect For Investment Or Large Family. 3 + 1 Beds, Large Driveway And Dbl Car Garage. A Must See, This Hot Property Will Not Last!!!**** Extras **** All Existing Appliances, Window Coverings And Light Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$1,300,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$260,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,040,000
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$44,950
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$306,450
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$297,975
Monthly Payment
$4,109
Fabulous 4 Bedroom End Unit! Tucked Away In A Mature Neighbourhood Surrounded By Towering Trees, Trails, And Walk To Schools, Shops And Restaurants. Easy Commuter Access To Major Highways, And Public Transit Make This A Special And Sought After Location. Extra Windows Let The Sun Shine In! Freshly Painted T / O In Neutral Tones. Brand New Broadloom On 3Rd Level. Laminate Flooring And A Gas Fireplace On The Main Floor. White Kitchen. Mostly Finished Walkout Basement, Just Needs Your Final Touch On The Flooring. Single Car Garage With Shelving. Gas Hot Water Tank (Rental) And Gas Line For Barbeque. Take Advantage Of Record Low Interest Rates! Great For First Time Home Buyers With Lots Of Room For Home Office, Young Family Or Even Investors. It Won't Last! Status Certificate Available. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,473
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,771
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,771
Monthly Payment
$2,321
Wonderful Opportunity In 'Beyond The Sea' Condos. One Bedroom Plus Balcony. Unobstructed West Facing, Sunset, City, And Lake View From Balcony. Open Concept Hardwood Floor Throughout, Granite Counter & Centre Island. One Parking & One Locker Included. Across From Humber Bay Park. Close To Public Transit, Parks, And Shopping. (Id:23934)
CALL1.877.896.6727
Property Price
$600,000
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$35,000
Mortgage Insurance ($)
$22,600
Mortgage Required ($)
$587,600
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$16,950
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$55,258
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$46,783
Monthly Payment
$2,321
Beautiful 2-Storey Townhome Unit In Northwest London With Walkout Basement And Spectacular Views Of Whetherfield Park Overlooking Walking Trails, Pond And Nature At Its Best. Located In The Area Of Deer Ridge Close To Shopping, Costco, Western U And So Much More. Outstanding Floorplan Offers Open Concept Living / Dining / Kitchen With 9-Foot Ceiling , Lots Of Natural Light, Open-Concept Kitchen With Breakfast Bar & Patio Door To Deck Overlooking Nature. Unit Offers Full Lower Level Walkout With Spacious Family Room Easy Access To Pond & Park. Convenient 2Nd Floor Laundry, Attached Single Car Garage And Close Proximity To Visitor Parking & Playground Equipment In The Complex. Don't Wait Long And Call For A Private Showing Today! (Id:23934)
CALL1.877.896.6727
Property Price
$585,000
Minimum Down Payment (%)
5.73%
Minimum Down Payment ($)
$33,500
Mortgage Insurance ($)
$22,060
Mortgage Required ($)
$573,560
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,175
Mortgage Insurance PST
$1,765
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$44,940
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$40,940
Monthly Payment
$2,266

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.