Ontario Mortgage Calculator
?
Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Barrie1,125Belleville290Brampton1,752Brantford622Burlington880Caledon355Cambridge503Clarington348Collingwood390Etobicoke767
Fort Erie360Guelph556Hamilton2,099Innisfil411Kawartha Lakes410Kingston600Kitchener1,040London1,631Markham669Milton547
Option #1
Option #2
Option #3
Option #4
?
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
–
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
+
$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)
=
$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
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Select
Select
Select
Select
5.64 %
5.74 %
5.74 %
5.79 %
5.84 %
5.84 %
5.89 %
5.89 %
5.90 %
6.04 %
6.04 %
6.34 %
6.39 %
6.84 %
STEP 3
Select one of the mortgage
rates currently available
?
Please select how often you would like
to make your mortgage payments.
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
–
–
–
–
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
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
+
–
–
–
Select City to get Land Transfer Tax Rate
Total Cash Needed
=
$28,020*
$52,616*
$77,457*
$101,500*
* Plus Land Transfer Tax, please select Ontario city to calculate Land Transfer Tax
Ontario Mortgage Calculator Examples
Premium 712 Square Ft Corner Unit With Open Balcony. 2 Full Bedrooms (Not A 1+1 Bedroom Unit) 2 Bathroom With 1 Parking And 1 Locker Included. Cn Tower View, Island In Kitchen, Walkin Closet In Master Bedroom. Skyview Fitness Center, Stackable Washer / Dryer, Quartz Countertop, Resort Like Amenities, Sky Deck Lounge, Concierge, Skyview Fitness Center. Ttc At Door Steps, Min Drive To Lrt Within 2 Km, Both Bath With Lit / Heat Mirrors, D / Wash, Microwave. (Id:23934)
CALL1.877.896.6727
Property Price
$629,000
Minimum Down Payment (%)
6.03%
Minimum Down Payment ($)
$37,900
Mortgage Insurance ($)
$23,644
Mortgage Required ($)
$614,744
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,110
Mortgage Insurance PST
$1,892
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,402
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$50,927
Monthly Payment
$3,803
Expansive 3-Bed 4 Bath Executive Home On 49'X214' Lot Backing Onto The West Creek Trail And Ep Lands. Luxe Primary Suite With Absolutely Massive 5 Piece Ensuite Bath And Walk In Dressing Room, Gas Fireplace In Main Floor Family Room, Eat-In Kitchen, Huge Yard With Heated Pool & Beachcomber Hot Tub. Finished Basement With Electric Fireplace, Lots Of Storage And 2 Bonus Bedrooms! (Id:23934)
CALL1.877.896.6727
Property Price
$1,099,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$219,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$879,200
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 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
$5,438
This Unique Mid-Century Home (Over 2200 Square Ft Living On Main) By Renowned Architect Charles Greenberg In Highly Sought Alta Vistas Faircrest Heights. Newly Designed & Renovated In 2019. This Stunning Residence Features 5 Beds And 5 Baths (2 Ensuites) With A Private Legal Secondary Dwelling, This Is Perfect For Multi Generational Living. From The Moment You Step Inside The Foyer You Are Uplifted By The Natural Light Throughout. Windows And Floors Are A Wow. The Gourmet Kitchen, Liv & Din, Office, Seamlessly Flow Together, Creating An Open Floor Plan That Effortlessly Integrates Indoor & Outdoor Living Connecting You With Nature. 146B Offers A 1Bed With Full Bath, Liv&Kitchen, Laundry, And A Private Terrace And Private Entry. A Stunning Cedar Fence & Trees Ensure Privacy While You Entertain On Your Deck Or In Your Pavilion. Walk To The River, Parks, Hospitals, Schools-Embrace The Sophistication & Style. Don't Miss This Rare Opportunity To Own A Truly Exceptional Home With A Legal Secondary Dwelling (Id:23934)
CALL1.877.896.6727
Property Price
$1,899,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$379,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,519,200
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$34,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$415,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$411,755
Monthly Payment
$9,397
Welcome To Your Tranquil Retreat! Step Into This Immaculate, Smoke-Free Townhome Featuring 3 Bedrooms, 3 Baths, And A Fully Finishedbasement. With 9-Foot Ceilings On The Main Floor, Pot Lighting Throughout, And A Stylish Kitchen Island, Open Concept Layout With Plenty Of Natural Light. Aperfect Design For Modern Living. Direct Garage Access Into The Home. Enjoy Outdoor Bliss With A Gas Line For Your Barbeque And A Motorized Retractable Awningon The Back Patio. Perfect For First-Time Buyers Or Downsizers. Discover Serenity In The Heart Of The Niagara Escarpment!This Unique Complex Is Nestled Inthe Heart Of The Chedoke Golf Course's Kirkindale Neighborhood Blending Perfectly With Nature And To Top It Off, This Unit Overlooks A Spacious Wellmanicured Courtyard And Verdant Greens The Location Is Great! Just A Mere 10-Minute Drive To Hamilton's Vibrant Downtown, Mcmaster University Andmohawk College And A Swift Access To Hwy 403 Making It A Coveted Location! (Id:23934)
CALL1.877.896.6727
Property Price
$740,000
Minimum Down Payment (%)
6.62%
Minimum Down Payment ($)
$49,000
Mortgage Insurance ($)
$27,640
Mortgage Required ($)
$718,640
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,275
Mortgage Insurance PST
$2,211
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$63,986
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$59,986
Monthly Payment
$4,445
Recently Renovated Bungalow Set On A Quiet Paddington Ave Just A Stroll West Of Wortley Village Is A Must See! Over 1300 Square Feet Of Living Space And Featuring 3 Bedrooms & 2 Full Bathrooms, As Well As A Sprawling Lower Living Level And A Western Exposed Private Fully Fenced Rear Yard With Sundeck And Garden Shed. The Entire Exterior Has Been Updated Featuring Board & Batten Vinyl, Shingled Roof, Black Metal Downspouts / Eaves, And Newer Vinyl Windows. Updates Further Include: 100 Amp Electrical + Copper Wiring, Plumbing, Air Conditioner, Water Proofed Lower. Come Enjoy Your Own 4 Walls And A Lovely Personal Backyard Oasis With Pets, Family And Friends! Located Near Schools, Cafes, Grocery Shops, And The Meadows Of Euston Park! Also On A Main Bus Route And Just Around The Corner From The Sought After Area Of Wortley Village. Easy View. Book Your Appointment Now! (Id:23934)
CALL1.877.896.6727
Property Price
$449,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,495
Mortgage Insurance ($)
$17,096
Mortgage Required ($)
$444,501
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,473
Mortgage Insurance PST
$1,368
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,836
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,836
Monthly Payment
$2,750
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.