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?
Barrie1,105Belleville284Brampton1,252Brantford517Burlington953Caledon294Cambridge489Chatham253Clarington316Collingwood283
Etobicoke831Guelph568Hamilton2,056Innisfil400Kawartha Lakes376Kingston484Kitchener794London1,587Markham556Milton395
Option #1
Option #2
Option #3
Option #4
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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
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Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
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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
4.59 %
4.64 %
4.64 %
4.74 %
4.79 %
4.99 %
5.09 %
5.14 %
5.14 %
5.39 %
5.39 %
5.49 %
5.74 %
5.74 %
6.49 %
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
Location Is Everything! Large Detached 5-Level Backsplit. Over 2000 Square Ft Plus Finished Basement. Grand Foyer With High Ceilings. Bright And Open Layout With Large Living Spaces On All Levels. Hardwood And Tile Flooring Throughout. Fireplaces On Main Floor And Basement. Large Second Kitchen In Basement With Spacious Living Area, Makes Perfect In-Law Suite. Walk-Out To Large Backyard From Family Room. Highly Coveted Main Floor Laundry Room. Primary Bedroom With Ensuite Washroom. Top Ranking School District. Steps To Shops, Grocery, Ttc, Go, 404, Parks And More. This Property Is A Gem!**** Extras **** Fridge '22, Stove, Hood Fan, Dishwasher '22, Microwave, Washer & Dryer '15. Basement Fridge '15 & Gas Stove. Main Flr Gas Fireplace, Bsmnt Fireplace Insert. All Window Covers, All Elf's. Gas Furnace, Central Air, Garage Dining Room Opener. Hot Water Tank (Rental) Id:23934)
CALL1.877.896.6727
Property Price
$1,488,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$297,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,190,400
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$52,470
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$351,570
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$343,095
Monthly Payment
$6,648
One Of The Larger Floor Plans In The Building With 2 Oversized Bedrooms And Open Concept Living Room / Dining Room Floor Plan. A Bright South Facing Unit With Large Windows In The Living Area That Floods Natural Light Throughout. This Great Location Is Walking Distance To All Amenities (Loblaws, Lcbo, Shoppers Drugmart, Restaurants, Coffee Shops) And Easy Access To The 417 Or Bus Routes. The 16Th Floor View Offers Beautiful Across Downtown With A Large Balcony For Relaxing Or Entertaining. Enjoy The Indoor Pool, Sauna, Gym And Party Room For Hosting Friends And Family. An Extra Bonus Is This Home Offers A Large Storage Room With An Abundance Of Closet Space For Ease Of Organization. One Of The 2 Front Hall Closest Is Fully Shelved For Use As A Large Pantry Or Additional Storage. Book Your Showing Today. (Id:23934)
CALL1.877.896.6727
Property Price
$299,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,950
Mortgage Insurance ($)
$11,362
Mortgage Required ($)
$295,412
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,960
Mortgage Insurance PST
$909
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,319
First Time Home Buyer
Land Transfer Tax Credit
-$2,960
Cash Needed
$17,359
Monthly Payment
$1,650
This Charming 2.5 Storey Home Is Located In The Heart Of Westdale’S Sought-After Westdale South Neighbourhood. This 4-Bedroom, 3.5-Bathroom Home Welcomes You From The Moment You Enter; Both Character And Charm Are Prevalent Throughout This Beautiful Century Home. The Main Floor Features; A Stunning Entryway Complete With Hardwood Floor Throughout; Elegant Living Room Boasting French Doors And Large Windows Which Fill The Main Floor With Beautiful Natural Light; A Large, Modern Kitchen With Clean White Cabinetry, Butcher Block Countertops, And Apron Sink. The Second Storey Features 3 Generous Sized Bedrooms And The Modern Main Bathroom Suite. The 3Rd Storey Boasts The Luxurious Master Retreat With Spectacular Spa-Like En-Sutite With Walk-In Glass Shower And Walk-In Closet. The Fully Fenced Yard Offers Privacy And Ample Opportunity For Entertaining With A Nicely Manicured Lawn And Beautiful Interlock Patio. Located In Hamilton’S Most Sought-After Neighborhoods, Close To Churchill Park, Princess Point Trails And Walking Distance To Both Westdale Village And Mcmaster University. (Id:23934)
CALL1.877.896.6727
Property Price
$1,749,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$349,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,399,200
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$31,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$382,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$378,755
Monthly Payment
$7,814
Gorgeous Turn Key Sidesplit In Barrie's Sought After Allandale On An 80' Mature Lot With A True Backyard Oasis. This Entire Home Has The Benefit Of The Mature Family Friendly Neighbourhood But Has Been Meticulously Updated Throughout For Ease Of Mind. The Main Floor Interior Walls Were Removed Leaving An Open Concept Living, Dining And Kitchen Are Flooded With Natural Light. Nothing Has Been Overlooked In The Kitchen Renovation That Includes Custom Cabinetry, Professional Appliances And Quartz Countertops. The Home Has Seen New Windows, Roof And Fully Updated Insulation All Done In The Last Few Years. Three Bedrooms And A Renovated Five Piece Bath Can Be Found In The Upper Level And An Additional Bedroom And Three-Piece Bath In The Lower Level Along With The Family Room That Boasts A New Gas Fireplace And Custom Built-Ins. The Incredible Back Yard Features Many Entertaining Spaces Along With The In-Ground Salt Water Pool Without Sacrificing Green Space For The Kids Or Pets. This Home Is The Best Of Both Worlds, Mature Neighbourhood With A Like-New Home. (Id:23934)
CALL1.877.896.6727
Property Price
$999,900
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,990
Mortgage Insurance ($)
$36,996
Mortgage Required ($)
$961,906
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$16,473
Mortgage Insurance PST
$2,960
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$95,923
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$91,923
Monthly Payment
$5,372
Beautiful Victorian Home In The Heart Of Weston Village With Huge Income Potential. Too Many Rooms To List. Must Be Seen To Be Appreciated. Has 4 Kitchens, 5 Full Bathrooms, 4 Separate Entrances. Great For Extended Family. 5 Bedrooms Above Ground Plus 2 More In Basement With Kitchen And Bathroom. Attention: Investors: Nice Private Yard. 5 Min To Weston Go Station. Seller Does Not Make Legal Representation Of Basement Apartment.**** Extras **** Existing Appliances: 4 Fridges, 4 Stoves, Central Air, Roof (2018) Furnace (2017), Listing Agent Is Also Owner Of Property. (Id:23934)
CALL1.877.896.6727
Property Price
$1,465,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$293,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,172,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$51,550
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$346,050
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$337,575
Monthly Payment
$6,545
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.