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

Offered Live / Work Unit With 2 Bedrooms & 2 Bathrooms, Steps To Bus, Walk To Subway. Attractively Prepared With Laminate Floors, Paint And Kitchen Including Quartz Counters / Breakfast Bar. Lots Of Natural Light, 9 Ft Ceilings Plus Private Garden Courtyard For Barbeque. Close To Yorkdale, Lawrence Square, Highway Access, Parks & Schools. Move In Ready. 6 Mins Walking Distance From Lawrence West Subway, Costco, Grocery Stores & Restaurants. **** Extras **** New Windows (2020) (Id:23934)
CALL1.877.896.6727
Property Price
$678,800
Minimum Down Payment (%)
6.32%
Minimum Down Payment ($)
$42,880
Mortgage Insurance ($)
$25,437
Mortgage Required ($)
$661,357
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$20,102
Mortgage Insurance PST
$2,035
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$66,517
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$58,042
Monthly Payment
$3,786
Hold Onto Your Seats Because We Have A Spectacular Home To Here! Nestled In The Serene North East End Of London, Ontario, At 9 - 1161 Blackwell Blvd, This Stunning 2-Story Condo Is More Than Just A Homeits A Sanctuary. Imagine Waking Up Each Morning To Breathtaking Views Of A Picturesque Park And A Tranquil Pond Right From Your Window. Yes, You Heard That Right! This Home Offers Unparalleled Privacy And A Serene Escape From The Hustle And Bustle Of Daily Life. With 3 Spacious Bedrooms, 2.5 Luxurious Bathrooms, And A Fully Finished Recreation Room In The Basement, This Home Is Perfect For Families Of All Sizes. And Lets Not Forget About The Locationjust A Quick 10-Minute Drive To One Of Londons Best Shopping Destinations, Masonville Mall, And With Easy Access To The Highway, Youre Always Well-Connected To Everything This Vibrant City Has To Offer. Dont Miss Your Chance To Experience This Slice Of Paradise. Contact Me Today And Lets Make This Dream Home Your Reality! (Id:23934)
CALL1.877.896.6727
Property Price
$620,000
Minimum Down Payment (%)
5.97%
Minimum Down Payment ($)
$37,000
Mortgage Insurance ($)
$23,320
Mortgage Required ($)
$606,320
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$8,875
Mortgage Insurance PST
$1,866
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$49,241
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$45,241
Monthly Payment
$3,471
***Power Of Sale*** This Home Is Not To Miss! A Beautiful Four Bedroom Home In The Highly Sought - After Credit Valley Neighbourhood. This Spacious Home Also Has Three Additional Bedrooms Located In The Basement With Not Only A Fully Equipped Kitchen But A Separate Entrance As Well! This Home Has Stainless Steel Appliances, 9 Ft Ceilings, Spacious Bedrooms & Enclosed Private Backyard! Conveniently Situated Close To Transit, Mount Pleasant Go Station, Grocery Stores, Parks & Much More! **** Extras **** Motivated Seller!! This Is A Buy As Is Property Under Power Of Sale. (Id:23934)
CALL1.877.896.6727
Property Price
$1,350,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$270,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,080,000
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$23,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$294,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$290,975
Monthly Payment
$6,183
Newly Renovated, Spacious, And Bright Bungalow In High Demand Malvern Community. Open Concept Kitchen (2023) With Backsplash And Stainless Steel Appliances With Lovely Living Room And Dining Area. Four Bright And Spacious Bedrooms. Large Hallway In Basement With A Full Washroom. Laundry Room With Ample Storage. Attached Garage With Plenty Of Storage. Long Front Yard, New Garage Door (2023), Porch (2018), Tile Backyard, And Pathway (2018), Very Close To Tdsb, Tcsb Schools, Hospital, Library, Malvern Recreation Center, Pan-Am Center, Malls, And Two Minutes To Highway 401. (Id:23934)
CALL1.877.896.6727
Property Price
$819,000
Minimum Down Payment (%)
6.95%
Minimum Down Payment ($)
$56,900
Mortgage Insurance ($)
$30,484
Mortgage Required ($)
$792,584
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$25,710
Mortgage Insurance PST
$2,439
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$86,549
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$78,074
Monthly Payment
$4,538
Discover Luxury Living In This Meticulously Maintained Home Nestled In A Coveted Location Just Minutes From The Serene Lakeside. Boasting 4 Bedrooms And 5 Bathrooms, This Spacious Yet Inviting Residence Offers An Ideal Blend Of Elegance And Comfort. Double Door Entry To A Foyer That Sets The Tone For The Rest Of The Home. The Main Level Features A Chef's Kitchen, Recently Upgraded With Stainless Steel Appliances Appliances And Finishes, Perfect For Culinary Enthusiasts And Entertaining Alike. The Second Floor Houses The Bedrooms, Including A Lavish Master Suite With A Spa-Like Ensuite Bathroom. The Third Floor Loft, Complete With Its Own Full Bathroom, Offers Versatility As A Guest Suite Or Entertainment Area. The Property Is Surrounded By Lush Greenery And Offers Easy Access To Walking Trails, Parks, And Children's Play Areas. Recent Upgrades, Totaling Over $150,000, Include New Windows And Casings, As Well As Hardwood Flooring Throughout, Except For The Cozy Loft On The Third Floor. (Id:23934)
CALL1.877.896.6727
Property Price
$2,225,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$445,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,780,000
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$42,100
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$488,600
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$484,600
Monthly Payment
$10,191

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.