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

Luxury Condo In The Centre Of Markham (Warden / Hwy 7 ) . Over 1,000 Sf. Spacious And Bright With Large Balcony Facing South. 2 Bedroom + Den, Den Is Big Enough To Be An Extra Bedroom. Open Concept Kitchen With Granite Counter Tops. High Quality Laminate Floors Throughout. Smooth 10"" Ceiling. Close To All Amenities. Unionville High School Zone.Markham City Centre,Theater, Supermarket, Bus Route.**** Extras **** Stainless Steel Appliances ,Fridge, Stove, Dishwasher, Waher & Dryer, All Elf's. Window Covering. Buyer Agents To Verify All Measurements, Taxes, Maintenance, Descriptions. (Id:23934)
CALL1.877.896.6727
Property Price
$680,000
Minimum Down Payment (%)
6.32%
Minimum Down Payment ($)
$43,000
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$10,075
Mortgage Insurance PST
$2,038
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$56,613
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$52,613
Monthly Payment
$2,964
Stunning Freehold, 2 Bedroom Townhouse, In Highly Sought-After Ancaster Meadowlands. Upgraded Featuring 1.4 Bathrooms, Main Floor Laundry & Powder Room, Incredible Kitchen With Granite Counter Top & Breakfast Bar & Stainless Steel Appliances, Walkout Balcony From Living Room, Complex Entrance. Lots Of Visitors Parking, Public Transit.**** Extras **** Stunning Freehold, 2 Bedroom Townhouse, 1.5 Bathrooms, Main Floor Laundry & Powder Room, Incredible Kitchen With Granite Counter Top & Breakfast Bar & Stainless Steel Appliances, Walkout Balcony (Id:23934)
CALL1.877.896.6727
Property Price
$455,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,775
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,585
Mortgage Insurance PST
$1,385
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$31,245
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$27,245
Monthly Payment
$2,014
Highly Desirable Royal Oakville Club. Having A Designers Touch This Executive Family Home Offers Over 4,500 Sf Of Living Space. Over $300K Spent On Upgrades. Open Concept Main Floor Layout A Perfectly Defined Living & Dining Room With Picture Windows. Gorgeous Downsview Kitchen With High-End Appliances, Large Walk-In Pantry & Open To The Family Room With Gas Fireplace. 2Nd Floor Features Hardwood Flooring, 4 Bright Spacious Bedrooms & 2Nd Floor Laundry Room. Large Master With Walk-In Closet & 5Pc Ensuite. Professionally Finished Lower Level Having Family Room With 3Pc Bath & Office. Great Location Minutes To Appleby College & Many Other Schools, Shopping & Restaurants. Not To Be Missed! (Id:23934)
CALL1.877.896.6727
Property Price
$2,086,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$417,200
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$38,625
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$457,325
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$453,325
Monthly Payment
$7,467
Situated On A Private Street & Fronting Onto The Rideau River, This Spectacular Single Family Home Encompasses 2,934 Spacious Square Feet Of Living Space. Meticulously Designed & Crafted In Every Detail, It Starts On The Ground Floor With A Comfortable Den / Office Opening Onto A Private Patio, Along With Powder Room & Mudroom Offering Direct Access To The Garage. Second Floor Features Large Living-Dining Area With Warm & Welcoming Fireplace, Gourmet Kitchen With Center Island, Built-In Bench, & A Walk-Through Pantry / Wetbar Leading To The Dining Area. Two Separate Terraces Can Be Accessed By Living Room & Kitchen, Offering Ample Opportunities For Outdoor Living. Upstairs Await Three Generously Proportioned Bedrooms, Including A Fabulous Master Bedroom With A View Of The River, Huge Walk-In Closet & Beautiful Ensuite. Here You Will Enjoy Life In Luxurious Surroundings, Nestled In A Tranquil Setting With Downtown Ottawa Mere Minutes Away. Assoc. Fee For Lane Maintenance & Snow Removal. (Id:23934)
CALL1.877.896.6727
Property Price
$1,670,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$334,000
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$29,875
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$365,375
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$361,375
Monthly Payment
$5,978
Absolutely Gorgeous, Over Sized 1 Bedroom + Den / Office Suite Available In The Up-Coming Neighborhood Of Weston Village. Ensuite Laundry, Open Balcony With Parking & Locker. Excellent Location Close To The New Go Station, Recreation Centre, Ttc, Weston Go Train, Hwy 400, 401, Shopping Centre & Many Other Amenities.**** Extras **** Fridge, Stove, Built-In Dishwasher, Washer & Dryer. All Electrical Light Fixtures. All Window Coverings. Great Amenities Include Party Room,Gym,Card Room,Games Room,Visitor Parking. Condo Fee Includes All Utilities, Excluding Cable & Internet. (Id:23934)
CALL1.877.896.6727
Property Price
$379,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$8,347
Mortgage Insurance PST
$1,155
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$29,997
First Time Home Buyer
Land Transfer Tax Credit
-$8,347
Cash Needed
$21,650
Monthly Payment
$1,680

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.