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

Supper Convenience Location With Library, Walking Clinic, Banks, Famous Chinese Super Markets, Many Different Restaurants Mcd.(24Hr), Top Ranked Schools: David Lewis P.S. & Dining Room. Norman Bethune Cl.(High School), With Large Parking Space 4 Outdoor. Nice In-Between Family Room, Walk Out To The Baconly.**** Extras **** Hot Water Tank (Rental) Existing: Stainless Steel Fridge, Stove, Range-Hood, Laundry Washer And Dryer, Electric Light Fixtures. Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$1,180,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$236,000
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$40,150
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$277,650
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$269,175
Monthly Payment
$3,993
Looking For A Fantastic Family Home, Then Look No Further. This One Has It All, Updated And Upgraded Kitchen With Stainless Steel Appliances. Main Floor Family Room With Fireplace And Sliding Glass Doors Out To Over-Sized Back Yard Looking Onto A Green Belt. Three Generous Sized Bedrooms With Updated Baths And Glass Shower Is More Than Comfortable For Families. The Unspoiled Basement Will Be Perfect To Create Your Family's Recreation Room.**** Extras **** Include: Fridge, Stove, Washer, Dryer, Dishwasher, Microwave, Central Vacuum (Id:23934)
CALL1.877.896.6727
Property Price
$549,888
Minimum Down Payment (%)
5.45%
Minimum Down Payment ($)
$29,989
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,473
Mortgage Insurance PST
$1,664
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,625
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$36,625
Monthly Payment
$2,287
Brand-New Modern Farmhouse Artistry In Sought After Courtland Park. Designed By Award-Winning Architect Rosaline J Hill & Constructed By Ethos Developments. Conveniently Situated A Short Walk From Hogs Back, Dows Lake, Mooneys Bay Beach & Neighbouring The Central Experimental Farm. This 3+1 Bed / 5 Bath Home Was Astutely Designed With Modernism & Functionality Appealing To All Buyers. Approx. 2,477Sq.Ft. On The Main & 2Nd Flr + Fully Finished Basement With Recreation Room, 4Th Bedroom & Full Bathrm. The Spacious Master Bedroom Features. A Unique Open Concept Walk-In.C. Leading Into A Luxurious Spa-Inspired Master Ensuite. 9 Ceiling On 1St & 2Nd Flr. Open Concept Kitchen, Dining Room & Living Room Make The Main Floor The Perfect Space For Entertaining! Main Flr Den Catering To Professionals Looking To Work From Home. This Home Has It All, Including A Full Tarion Warranty. Opportunity To Select Finishes. Includes All Appliances. Pre-Wired For Multi-Room Audio & Security. Driveway, Sod & Front Walk-Way Included. (Id:23934)
CALL1.877.896.6727
Property Price
$1,099,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$219,800
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$239,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$235,755
Monthly Payment
$3,719
Welcome To This 16 Year Old Semi 2 Storey. Totally Upgraded Into A Modern Style. 3 Generous Size Bedrooms, Main Floor Open Concept, New Kitchen With A Walk-Out To Patio. Basement Offers Loft-Style 1 Bedroom Apartment With Separate Entrance. 17 X 11 Foot Shed. Furniture Can Be Negotiated. Roof 2019. Tenant On Month-To-Month Basis.**** Extras **** All Elf's, All Blinds, Main Flr Kitchen Aid Fridge, Cooktop, Built-In Oven & Microwave, Built-In Dishwasher, Mini Fridge, Hood Range Fan, Basement: Fridge, Stove, Built-In Dishwasher, Washer, Dryer, Garage Door Open (1 Remote), Hot Water Tank (Rental), Electrical Fireplace. (Id:23934)
CALL1.877.896.6727
Property Price
$1,200,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$240,000
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$40,950
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$282,450
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$273,975
Monthly Payment
$4,061
*100% Sanitized And Vacant Home* Finally, Your Forever Home In The Highly Rated Iroquois Ridge School Catchment Is On The Market! Over 4000 Square Feet Of Total Living Space In This ""Builder Model-Home"" Includes 4 Bedrooms, Huge $$$ Spent In Renovations And A Pool Sized 45 X 42Ft Backyard! Everything Has Been Renovated, And Ready For An Effortless Move In; 100% Turn-Key. Ask For Full Features List!**** Extras **** Stove, Fridge, Dishwasher, With D, Electrical Lighting Fixtures, Window Coverings (Id:23934)
CALL1.877.896.6727
Property Price
$1,247,777
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$249,555
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$21,431
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$272,486
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$268,486
Monthly Payment
$4,222

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.