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

Stunning Luxury 3 Level Freehold Townhome In 9Ft Ceilings On Main, Laminate Floors On Main, Large Kitchen With Granite Countertops And Breakfast Area, Large Family Room With Fireplace And And Walk-Out To Deck,Finished Ground Level With Bedroom And 4 Piece And Walk-Out To Backyard That Could Serve As A In-Law Suite, Access To Garage From Home, Close To Hwy, Synagogue, Go Train, Shopping, Steps To Lebovic Campus.**** Extras **** Fridge, Stove, Microwave, Dishwasher, Washer, Dryer, Existing Window Coverings, Rentals, Hot Water Tank And Water Filtration ($30 / Month) (Id:23934)
CALL1.877.896.6727
Property Price
$888,888
Minimum Down Payment (%)
7.19%
Minimum Down Payment ($)
$63,889
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$14,253
Mortgage Insurance PST
$2,640
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$82,282
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$78,282
Monthly Payment
$3,839
1 Year New Luxury Modem Semi-Detached In A High Demand Area & Great School District. Premium Corner Lot, More Privacy. More Natural Lights In, Functional Open Concept Layout, More Than 2500 Square Feet (Excluded Basement). Lots Of Upgrades & Features,10' Ceiling On 1St Floor, 9'Ceilings On 2Nd Floor. Spacious Living Room With Fireplace, Gourmet Kitchen With Cntr Island,Extra Family Room On 3Rd Floor, Spa Inspired Bthrms & More! All Built With Superior Materials & Craftsmanship.**** Extras **** Stainless Steel Fridge, Range Hood, Stove, Stainless Steel Built-In Dishwasher, Washer & Dryer, All Elf's, All Existing Window Curtains Or Coverings, Hot Water Tank(R). Tarion New Home Warranty.Close To Public Transit, Best School District, Parks, Shopping & Amenities! (Id:23934)
CALL1.877.896.6727
Property Price
$1,080,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$216,000
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,075
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$235,575
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$231,575
Monthly Payment
$3,866
Beautifully Reno'd Bungaloft On River Side Drive Steps To Dt Oakville, The Lakefront & Kerr Village. John Wilmott Modern Design With A Contemporary / Transitional Twist Offering An Open Concept F / P With A Chef's Kitchen. Ft. A Huge Central Island Open To The Cozy Family Room With Frpl, Vltd Ceilings & Lrg Wndws. Din Open To Both Kitchen & Family Room. Walk-Out To The South Facing Backyard Makes Entertaining A Breeze In The Summer. Main Flr Bedroom Offers A Walk-In Closet & Spacious Enst.**** Extras **** 2Nd Flr Bedroom Offers An Enst Too. Lwr Level Offers A Light Filled 3Rd Bedroom, Flooring Is Polished Cement With Radiant Heat Adding Contemporary Flair & Warmth. Lrg Recreation Room Offers Great Overflow For Entertaining While A 3Rd Bath & Bright Lndry Room. (Id:23934)
CALL1.877.896.6727
Property Price
$1,379,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$275,800
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$24,055
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$301,355
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$297,355
Monthly Payment
$4,936
Location! Location & Very Hot Location! Gorgeous Brand New Never Lived In 3603 Square Ft With Walk Out Basement & Separate Entrance To Basement Stone (Id:23934)
CALL1.877.896.6727
Property Price
$1,329,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$265,980
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$23,073
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$290,553
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$286,553
Monthly Payment
$4,761
716 Square Feet + 286 Square Feet=1002 Square Ft. Corner Unit 1 Bedroom+Den With 1.5 Washrooms. 9 Ft Ceiling.***Large Bright Den With Big Window And Door*** Den Can Be Used As Bedroom. A Huge 286 Square Ft Wrap Around Balcony. Modern Dark Hardwood Floors Throughout All Area & Matching Kitchen Cabinets. Beautiful Granite Countertop. **New Paint In Entire Unit** Nice Views From Every Room.**** Extras **** Existing Fridge, Stove, Built-In Dishwasher, Built-In Microwave, Washer / Dryer. One P2 Parking & One P2 Locker. The Building Is Located Right In Heart Of Mississauga City Centre, Square One Mall. Walk To Bus & Sheridan College..... (Id:23934)
CALL1.877.896.6727
Property Price
$466,666
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,333
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,808
Mortgage Insurance PST
$1,419
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$32,060
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$28,060
Monthly Payment
$2,063

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.