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

Magnificent 4 Bed + Loft/ 4 Bath, 2 Storey Executive Home On Premium Corner Lot In Cold Creek Estates. Grand Foyer, Impeccably Designed & Textured Walls. Luxe Kitchen Upgraded Quartz Countertops, High-End Appls. Spacious Principal Rms, Huge Master Retreat, His & Hers Vanities & Closet. Irrigation System On Property, And High-Tech Security System. Epoxy Garage Flrs With Car Hoist. Close To Schools & Amenities Must See!!! (Id:23934)
CALL1.877.896.6727
Property Price
$1,999,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$399,980
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$36,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$437,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$433,953
Monthly Payment
$6,767
Iconic Building. Award Winning Builder. Very Spacious Crystal Model. Approx 2142 Square Ft Of Total Space Included. Outdoor Area. Open Concept Layout. 3 Bedroom, 2 Wr. Breath-Taking Panoramic Ne + Nw Views. State Of The Art Amenities (Fitness / Basketball Court / Games Room / Terrace / Lounge / Library / Party Room / Barbeque Area). Sought-After Location. Top Ranking School District. Near Erin Mills Town Center, Credit Valley Hospital, Restaurants, Nature Trails, New Go Stop, And Highways**** Extras **** All Electric Light Fixtures, Stainless Steel Appliances (Stove, Built-In Dishwasher, Fridge, Microwave), White Washer And Dryer, Upgraded Roll-Down Blinds Throughout, 2 Parking Spots, 1 Locker. $$$ Spent On Upgrades. (Id:23934)
CALL1.877.896.6727
Property Price
$874,888
Minimum Down Payment (%)
7.14%
Minimum Down Payment ($)
$62,489
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$13,973
Mortgage Insurance PST
$2,600
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$80,561
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$76,561
Monthly Payment
$3,574
Fabulous Brick Bungalow That Sits On A Large 50 X 120 Ft Lot. 3 Bedroom, 2 Bathroom Home With A Finished Basement. Oversized Detached Garage With Plenty Of Room For Additional Storage. Closed In Backyard Patio That Is Great For Summer Dinners. Excellent Location The Maple Leaf Community. Close To Everything! 401 & 400 Hwys, Shopping, Restaurants.**** Extras **** Existing Fridge, Stove, Dishwasher, Washer , Dryer, Basement Fridge. Basement Has Rough In For A Kitchen And Has A 3Pcs Bathroom. (Id:23934)
CALL1.877.896.6727
Property Price
$929,900
Minimum Down Payment (%)
7.31%
Minimum Down Payment ($)
$67,990
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$30,146
Mortgage Insurance PST
$2,758
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$102,394
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$93,919
Monthly Payment
$3,791
Welcome To This Incredible Oakville Neighborhood! Sought After Community With Great Schools, Parks And Amenities. This Home Hosts A Rare Addition Allowing For Additional Main Floor Family Room Entertainment Area. An Open Concept Kitchen With Floor To Ceiling Maple Cabinets! A Center Island With Bar Seating Overlooks The Dining Area With A Fireplace And Large Window. There Is A Main Floor Powder Room And A Mud Room From The Garage Access With Plenty Of Built In Storage Cabinets. The Manicured Backyard Is Private And Low Maintenance! A Fenced Yard And Beautiful Landscaping Surround The Patios.The Upper Level Has A Spacious Landing With 3 Bedrooms. The Master Suite Has Double Door Access, Walk In Closet And A Renovated Master Ensuite In Gorgeous White On White Theme With A Glass Panel Shower And Large Vanity. The Master Is Large With A Cozy Seating Area Available. There Are 2 Additional Bedrooms And A 4 Piece Bath. The Lower Level Is Finished With A 4Th Bedroom And A Roughed In 3 Piece Bath! Plenty Of Storage In The Lower Level With Floor To Ceiling Built Ins And Stacked Front Load Washer / Dryer (Id:23934)
CALL1.877.896.6727
Property Price
$949,900
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$69,990
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$15,473
Mortgage Insurance PST
$2,816
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$89,779
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$85,779
Monthly Payment
$3,871
Welcome To This Fabulous All Brick Ground Level Condo Where You Will Walk Out The Door To Your Own Front Lawn, Patio And Beautiful Lush Gardens. At The End Of The Day Come Home To Enjoy This Peaceful Setting And Then Have Coffee In The Morning On The Patio. This Unit Is In A Mature Area Of The Complex And Away From The Hustle And Bustle Of Essa Rd But Super Close To All The Amenities With Public Transit Just Steps Away. The Condo Has Been Well Maintained And Is Tastefully Decorated In Neutral Tones. The Open Concept Floor Plan Affords Easy Movement Throughout The Unit And A Beautiful Custom Fireplace Has Been Recently Installed In The Dining Room. The Galley Kitchen Leads To An In-Unit Storage Room Which Houses The Washer & Dryer As Well As Extra Storage Space. The Master Bedroom Features A Walk-In Closet And The Second Bedroom Is Bright & Cozy. All Floors Are Laminate Except For Laundry / Storage Room Which Is Tile. Includes Fridge / Stove, Washer / Dryer, Dishwasher, Air Conditioning, Easy To Maintain. Close To All Main Arterial Roads & 400 Hwy. Shows 10+ (Id:23934)
CALL1.877.896.6727
Property Price
$305,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$15,250
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,050
Mortgage Insurance PST
$927
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,727
First Time Home Buyer
Land Transfer Tax Credit
-$3,050
Cash Needed
$17,677
Monthly Payment
$1,275

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.