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

Custom Dalzotto Built (Architect Fabiani) 3 Bedroom And 3 Bathroom Lofted Bungalow With Rare Main Floor Enormous Master Bedroom. Thoughtful Provisions Have Been Built-In At The Construction Stage By The Current Original Owners To Allow For Future Expansion Of The Existing Space If Needed To Accommodate A Larger Family. Approximately 3,149 Square. Ft. Of Luxury Living Space Plus Approximately 1,924 Square. Ft. Unfinished In The Basement With Larger Windows And A Rough-In For An Additional Bathroom. Premium 93 X 173 Private Lot With (Only One Neighbour) Backing And Siding On Woodlands And Trails Of 16 Mile Creek. Exclusive Enclave Of Custom Luxury Homes In Desirable West Oak Trails. An Abundance Of Natures Presence Is Felt Immediately Upon Stepping Out Onto The Huge Custom Deck With A Vine-Covered Pergola Perfect For Dining Al Fresco, Steps Down To The Lower Deck With A Gazebo, Lush Gardens And Plenty Of Green Space For The Kids To Play Or Put In A Pool, All Backing Onto The Dense Woodlands Of The Ravine Of 16 Mile Creek. 2Nd Floor Storage Room Is Designed To Easily Create A Passage Door To Access The Undeveloped Area Above The Garage. The Flooring Has Been Reinforced In The Garage Ceiling Area To Allow For A Future Extra-Large 2Nd Floor Bonus Room, Teenagers Hang Out Or 4Th Bedroom As Desired. The 3Rd Bedroom Currently Has A Walk-In Closet Already With Plumbing Installed For A Future Conversion To A 3Pc Bathroom. (Id:23934)
CALL1.877.896.6727
Property Price
$1,699,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$339,800
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$30,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$371,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$367,755
Monthly Payment
$6,082
A Fantastic Opportunity To Own 2 Bedroom With 2 Bath Unit At Luxury Eden Tower Building. Leed Building By Times Group. Lots Of Sun, Unobstructed View. 24Hrs Security. Building Amenities: Indoor Pool With Walk-Out Patio, Sauna, Theatre Room, Gym, Party Room, Library, Games Room. Mins To 407 / 404 & Public Transit At Doorstep. Walk To Plazas, Shopping Centre.**** Extras **** Stainless Steel Appliances, 1 Parking (Can Fit Two Large Cars) + 1 Locker, Washer & Dryer,All Electric Light Fixtures & All Window Coverings, (Id:23934)
CALL1.877.896.6727
Property Price
$499,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,455
Mortgage Insurance PST
$1,517
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,422
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$30,422
Monthly Payment
$2,206
Tao Boutique Condo On Bayview. Floor Plan ""Stone"", 684 Square Ft Plus 85 Square Ft Balcony, This Chic 1 Plus Den Has The Perfect Layout To Use. Soaring 10Ft Ceiling, Over 10K In Upgrades Including: Upgraded Appliance Package, Breakfast Island, Backsplash, Pantry, Granite Countertops, Mirrored Closet Doors And Much More. *Large Den Can Be Used As 2Nd Bedroom* Meticulously Cared For By The Original Owner. Don't Miss Out On This Beauty.**** Extras **** Stainless Steel Fridge, Stove, Build-In Dishwasher, Hood Fan, Stacked Front Load Washer And Dryer, Blinds, All Existing Lighting Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$489,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,255
Mortgage Insurance PST
$1,487
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$33,692
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$29,692
Monthly Payment
$2,162
Excellent Location, Very Beautiful House 4 Bdrms And 4 Wshrms, 9' Ceiling On Main Floor, Granite Countertops In The Kitchen With High End Aplncs, Basement Is Finished With Separate Entrance, Lots Of Pot Lights, One Bedroom, 3Pc Bath, Recreation Room & Kitchenette Area, House Located In A Quite Neighbourhood With Stone And Stucco Elevation, Professionally Painted And Loaded With Pot Lights And Crown Mouldings. Main Floor Laundry & Access To Garage, Large Deck At The Backyard.**** Extras **** All Elf,Stainless Steel / S Fridge, Stainless Steel Stove, Stainless Steel Dishwasher, Washer & Dryer, All Blinds, Window Coverings. Central Air Conditioning (Id:23934)
CALL1.877.896.6727
Property Price
$1,188,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$237,600
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$20,235
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$259,335
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$255,335
Monthly Payment
$4,253
Stunning 4 Bedroom Home On The End Of Court. Built By Desantis -Augustus Model Offering 2280 Square Ft Of Living Space. Original Owners! Features Include: Lg Eat-In Kitchen With Maple Cabinets And Stainless Appliances, Cozy Great Room With Gas Fireplace, Main Floor Laundry / Mudroom With Entrance From Garage, 9Ft Ceilings On Main Floor, Bright Master Bedroom With 4 Piece Ensuite And Walk-In Closet, Custom Finished Basement With Large Recreation Room And Rough-In For Bath.**** Extras **** Inclusions: All Elf's, Wc, Blinds, Garage Door Opener, Stainless Steel Fridge, Stove, Dishwasher, Washer & Dryer, New Central Vac System Exclusions: Basement Fridge & Hallway Mirror (Id:23934)
CALL1.877.896.6727
Property Price
$789,900
Minimum Down Payment (%)
6.84%
Minimum Down Payment ($)
$53,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,273
Mortgage Insurance PST
$2,355
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$70,118
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$66,118
Monthly Payment
$3,425

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.