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

Great Opportunity - Ideal For First Time Home Buyer / Investor!! 1 Bedroom Condo Th Unit Conveniently Located Near Islington / Finch. Laminate Floors In Living & Dining Area, Open Concept, Newly Painted, Large Master Bedroom, 4Pc Bath, Walk-Out To Large Balcony. 24 Hr Ttc, Close To York University And Humber College. Minutes To Shopping & All Amenities (Including Lrt Finch West Under Construction Opening 2023). Bring In Your Best Offer!!**** Extras **** Stainless Steel Appliances: Fridge, Stove, And Dishwasher. Washer And Dryer. One Parking And One Locker. (Id:23934)
CALL1.877.896.6727
Property Price
$399,999
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$20,000
Mortgage Insurance ($)
$15,200
Mortgage Required ($)
$395,199
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,950
Mortgage Insurance PST
$1,216
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$31,666
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$23,191
Monthly Payment
$1,552
Excellent Location.Great Opportunity To Own This Well Maintained End Unit Townhouse.Warm & Inviting Living Room.Family Size Eat-In Area In Kitchen.Large Pantry.Renovated Powder Room.Upper Level Boasts 3 Good Size Bedrooms.Master Has A Large Wall To Wall Closet.Renovated Main Bathroom.Finished Basement With Walk-Out To Private Yard With No Neighbours Behind.Upgraded Electrical Panel.Pot Lights.Close To Bramalea City Centre.Parks.Easy Access To Hwys.Go & Transit.**** Extras **** All Existing Appliances; Fridge, Stove, Built-In Dishwasher, Washer & Dryer, All Existing Window Coverings, All Existing Light Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$639,900
Minimum Down Payment (%)
6.09%
Minimum Down Payment ($)
$38,990
Mortgage Insurance ($)
$24,036
Mortgage Required ($)
$624,946
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$9,273
Mortgage Insurance PST
$1,923
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$51,686
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$47,686
Monthly Payment
$2,454
Sensational Fun-Packed Home On Premium Erin Mills Court With Treed Resort-Style Backyard: Saltwater Pool, New Hot Tub, Cabana, Sauna, Home Theatre Basement & Amazing Landscaping Front And Back! Hdwd Flrs, New Bdlm In Bdrms, 3 Baths, Upgrd Siding, Windows, Cedar Fence. Finished Basement With Home Theatre Recreation Room, Office & Bthrm. Pool Has Waterfall, Deck Jets. Hot Tub 2 Yrs New! Extensive Outdoor Lighting, Sprinkler System, 6 Car Parking. Walk To Park & Miles Of Trails!**** Extras **** Fabulous Court & Awesome Neighbours!! Included: All Appliances, Electrical Lighting Fixtures, Window Covs, 75"" Tv & High End Home Theatre Surround Sound System Included, Ask For Complete List Of Features. (Id:23934)
CALL1.877.896.6727
Property Price
$1,399,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$279,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,119,920
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$24,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$305,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$301,953
Monthly Payment
$4,399
Beautiful Bridlewood!!!!Fabulous Split/ Bungalow On Georgeous Landscaped Lot!!! With Huge Upper Family Room!Sun Filled Home Has Been Lovingly Maintained! *Excellent School District*, Spacious Master Retreat With 3Pcs Ensuite Bath, Large Principal Rms! Re One Of The Most Sought Floor Plans!! Meticulously Maintained!!!! Move In Condition!! Playground / Park, Steps To Ttc, Golf, Ez Commute To Dwtn!**** Extras **** Air Conditioning, Fridge Stove Dishwasher Washer Dryer, Window Coverings Main Floor And Family All Hardwood Floors. Hot Water Tank Rent. Buyer / Buyer's Agent To V.Erify Taxes, Measurements And Maintenance Fees. (Id:23934)
CALL1.877.896.6727
Property Price
$1,088,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$217,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$870,400
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$36,470
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$255,570
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$247,095
Monthly Payment
$3,419
Immaculately Stunning Executive End Unit (1 Of Largest Unit) Th. Beautifully Appointed Thru-Out. 9 Ft Ceilings. Upgraded Gourmet Kitchen. Granite Countertop & Contrast Backsplash. Walk-Out To Large Deck. Gleaming Hardwood Floors. Huge / Wide Living / Lounging Area Overlooked By Den. 3 Large B / Rs, Master + Ensuite & Walk-In.C. Entertainer's Dream. Walk Out From Family. Room To Private Fenced Garden / Interlock Patio. Imagine Relaxing With A Glass Of Prosecco In This Tranquil Setting.**** Extras **** West Woodbridge, Near Market Lane. Fenced Back Garden, Front & Back Landscaped With Strada Nova Stone. Stainless Steel Fridge, Stove, Built-In D / With Hood Fan. C / Vac.Central Air Conditioning. Zebra Blinds. Exc. 2 Chand + 2 In Kids Room. Must See. ""Lets Make A Bond"" (Id:23934)
CALL1.877.896.6727
Property Price
$799,007
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,901
Mortgage Insurance ($)
$29,764
Mortgage Required ($)
$773,871
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$12,455
Mortgage Insurance PST
$2,381
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$71,237
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$67,237
Monthly Payment
$3,039

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.