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

Location! Location! Location! Stunning 1 Bedroom Plus Den. Two Full Upgraded Baths. Open Concept Living / Dining Area With Walk-Out To Balcony. 1 Parking And Locker. Modern Kitchen With Granite Counter & Upgraded To Laminate Floor. En-Suite Laundry! Minutes To U Of T Scarborough & 2 Centennial College Campuses. Easy Transit Access (Mccowan Ttc & Scarborough Go Stn), Shopping & 401**** Extras **** All Existing Appliances, Fridge, Stove, Built-In Dishwasher,Built-In Microwave, Stackable Washer And Dryer, All Electrical Light Fixtures. Locker & Ground Parking 24Hr Concierge, Bike Strg, Gym, Outdoor Pool, Party / Meeting / Game Room & Visitor Parking (Id:23934)
CALL1.877.896.6727
Property Price
$599,000
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,900
Mortgage Insurance ($)
$22,564
Mortgage Required ($)
$586,664
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$16,910
Mortgage Insurance PST
$1,805
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$55,115
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$46,640
Monthly Payment
$2,687
Absolutely Stunning With An Open Concept Functional Floor Plan =>Convenient Main Floor Suit Offering Two Separate Entrances To The Unit =>A Surface Parking Spot # 60 Located Right Outside The Back Unit Entrance =>Chef's Kitchen With Granite Counter Tops, Backsplash And A Designer Breakfast Bar With Lime Stone Decor =>Walking Distance To Mount Pleasant Go Station, Village Square, Library, Schools, Shopping, Recreation Center, Transportation, Parks & Trails =>This Is An Ideal Investment Property Or A Perfect Opportunity For A First Time Home Buyer. Truly A 10+ Unit**** Extras **** Fridge, Stove, Built-In Dishwasher, Hood Fan, Washer & Dryer. Electric Light Fixtures, Window Coverings =>One Parking & One Locker Is Included In The Purchase Price =>Please Follow Covid 19 Guidelines (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,473
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,771
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,771
Monthly Payment
$2,691
Great Family Home Or Investment Opportunity! Rare Wide 37Ft Lot In A Quiet Cul-De-Sac! Bright, Sun-Filled 3+1 Bedroom Home, Features: Open Concept Living / Dining Room, Eat-In Kitchen, Gleaming Hardwood Floors Throughout & Wainscoting. Separate Entrance 1 Bedroom In-Law Suite Includes A Kitchen, Living / Dining Room (Potential 2Nd Bedroom), 3-Piece Bathroom, Spacious Recreation Room Including A Wet Bar & Wood Stove. Long Driveway With 6 Parking Spots. Large Backyard With Garden Shed. Close To Highway 400 And 407. Walking Distance To Public Transit & Schools.**** Extras **** 2 Fridges, 2 Hood Ranges, 2 Stoves, 1 Dishwasher (As Is). All Existing Window Coverings. All Existing Electrical Light Fixtures. Garden Shed. (Id:23934)
CALL1.877.896.6727
Property Price
$949,000
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$69,900
Mortgage Insurance ($)
$35,164
Mortgage Required ($)
$914,264
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$30,910
Mortgage Insurance PST
$2,813
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$105,123
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$96,648
Monthly Payment
$4,187
Attn Builders And Investors! Build Your Custom Dream Home Here! Premium Lot, 50 Frontage And Just Steps From Lake Ontario & Thirty Eighth Street Park. Many New Builds In The Area. Convenient Location, Close To All Amenities, Shopping, Banks, Coffee Shops, Grocery, Parks, Transportation, Transit, Go Station, And Major Highways. (Id:23934)
CALL1.877.896.6727
Property Price
$1,799,800
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$359,960
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,439,840
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$64,942
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$426,402
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$417,927
Monthly Payment
$6,594
Exceptionally Captivating Home With Urban-Country Vibe! Located In The Coveted Historic Area Of Caryndale This 2+2 Bedroom / 2Ba Property Delights With A Charming Front Porch And A Neatly Manicured Half-Acre Lot. Beautifully Fashioned For Modern Living, The Marvelously Maintained Interior Impresses With Hardwood Floors, A Stylish Color Scheme, And A Living Room With A Wood Burning Fireplace, Cathedral Ceilings, Bay Windows With Seat, And Built-In Shelving. Discover A Fully-Equipped Kitchen Featuring Stainless-Steel Appliances, Hickory Wood Cabinetry, And A Breakfast Area. Entertainment Opportunities Abound In The Backyard, Which Has A Massive Deck, Lush Greenery, Garden, And Firepit. All Bedrooms Are Abundantly Sized, While The Primary Bedroom Is Situated On The Main-Level With Close Access To An Upgraded Full Bathroom. A Separate Entrance To The Walk Out Lower Level Provides An Excellent Opportunity As An In-Law Suite Or Mortgage Helper. A Bright Family Room, 2 Bedrooms And A 3 Piece Bath Make A Comfortable Suite, And A Second Kitchen Could Be Easily Added Into The Laundry Room. Other Features: 1.5-Car Garage With Storage Below, Roughed-In Top-Level Laundry Area, Near Shopping, Doon, And 401, And More! (Id:23934)
CALL1.877.896.6727
Property Price
$949,000
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$69,900
Mortgage Insurance ($)
$35,164
Mortgage Required ($)
$914,264
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$15,455
Mortgage Insurance PST
$2,813
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$89,668
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$85,668
Monthly Payment
$4,187

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.