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

!!!Absolutely Stunning Semi Detached In Credit Valley.Fully Renovated 4Bd 4 Wash With Finished Basement.Main Flr With Combined. Liv.& Din. Spacious Family Room. Hardwood Floors, No Carpet. Brand New Kitchen, With Brand New Stainless Steel Applliances & Center Island O / L To Family With Walk Out To Backyard. Oak Stairs With Iron Pickets. Master With 4 Piece Ensuite & Walk-In Closet,Front Of School And Park, Close To All Highways And Plazas And Many More ..!!**** Extras **** Basement With Recreation Room, Bedroom & Full Wash.California Shutters, Pot Light Throughout. Stainless Steel Stove, Stainless Steel Fridge, Built-In D / With Washer And Dryer.Elf's,Front To School And Park. (Id:23934)
CALL1.877.896.6727
Property Price
$799,000
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,900
Mortgage Insurance ($)
$29,764
Mortgage Required ($)
$773,864
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
$71,236
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$67,236
Monthly Payment
$3,039
Welcome To Canyon Springs, Located Right By Prestigious Mississauga Rd. This Spacious 1110 Square Ft 2 Bedroom, 2-Bath Home Features A Large Foyer, Open Concept Living & Dining Room, Newly Renovated Eat-In Kitchen With Stainless Steel Appliances, And A Large Ensuite Laundry Room With Shelves For Additional Storage. This Beautifully-Maintained Building Offers An Indoor Pool, Hot Tub, 3-Hole Putting Green, Party Room, Exercise Room, Outdoor Gazebo & 24 Hr Concierge**** Extras **** Building Also Includes: Car Wash, Sauna & Bike Storage. Property Includes: Fridge, Stove, Built-In Dishwasher & Hood Range Fan, Stacked Washer & Dryer, Electric Light Fixtures, Window Coverings, Broadloom Where Laid, & Piano. (Id:23934)
CALL1.877.896.6727
Property Price
$659,900
Minimum Down Payment (%)
6.21%
Minimum Down Payment ($)
$40,990
Mortgage Insurance ($)
$24,756
Mortgage Required ($)
$643,666
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$9,673
Mortgage Insurance PST
$1,981
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$54,144
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$50,144
Monthly Payment
$2,528
Beautiful Opportunity To Live In Growing Alderwood Area. Over 9Ft Ceilings On All Floors Included. Basement. Open Concept Main Floor With Walk Out To Huge Deck & Backyard. Custom Kitchen With Granite Counter & Stainless Steel Appliances. Hardwood Floors Thru-Out, Coffered Ceilings On Main Floor, Pot Lights, Family Room With Gas Fire Place, Schools & Shopping. Over 3200Sqft Of Living Space. 2 Huge Skylights On 2Nd Floor, Finished Basement With Walkout Entrance & Potential In Listing Agent-Law Suite**** Extras **** All Stainless Steel Appliances Washer/ Dryer. All Electrical Lighting Fixtures Led Lighting, Rough In Security & Media System. Landscaped Yard With Lots Of Potential , Currently Rented To Nice Tenants At $6000 Per Month. Great Opportunity To Rent Or Live (Id:23934)
CALL1.877.896.6727
Property Price
$1,798,888
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$359,778
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,439,110
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$64,906
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$426,183
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$417,708
Monthly Payment
$5,652
. (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Mortgage Insurance ($)
$26,196
Mortgage Required ($)
$681,106
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$20,946
Mortgage Insurance PST
$2,096
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$69,532
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$61,057
Monthly Payment
$2,675
Stunning Executive Home With High Ceilings, Clean Lines And Ideal For Entertaining. Gorgeous Chef's Kitchen With High End Appliances, Waterfall Island And Custom Built In Table. Well Thought Out Views Of Trees Captured In Window Placement. Four Oversized Bedrooms Each With Their Own Full Bathroom. Incredible Offering You Won't Want To Miss.**** Extras **** Situated On One Of The Most Coveted Streets In Prestigious Woodbine Gardens Where Families Stay For Generations. Taylor Creek Park At Your Doorstep With Amazing Trails That Weave Throughout The City For Biking, Dog Walking & Enjoying Nature (Id:23934)
CALL1.877.896.6727
Property Price
$1,699,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$339,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,359,200
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$60,910
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$402,210
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$393,735
Monthly Payment
$5,338

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.