Toronto 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
+
$12,950
$12,950
$12,950
$12,950
Total Cash Needed
=
$40,970
$65,566
$90,402
$114,450
First time home buyers in Toronto are eligible for a Land Transfer Tax rebate of up to $8,475

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Toronto Mortgage Calculator Examples

Welcome To Wellesley On The Park, The Landmark Condo In The Core Of Downtown Toronto! Beautiful Corner Suite With 270 Degree City & Lake View! Den With Large Window And Can Be Easily Converted As 2Nd Bedroom! Modern Kitchen, Grant Counter Top With Built-In Appliances! Laminate Floor Throughout! Steps To U Of T Campus, Uhn Hospitals, Financial District, Subway Station, Yorkville Shopping, Supermarket And Restaurants, World Class Amenities And Much More!**** Extras **** Integrated Fridge, Stainless Steel Stove, Dishwasher, Microwave, Range Hood, Front Load Washer & Dryer, Existing Window Covering And Elf. (Id:23934)
CALL1.877.896.6727
Property Price
$788,000
Minimum Down Payment (%)
6.83%
Minimum Down Payment ($)
$53,800
Mortgage Insurance ($)
$29,368
Mortgage Required ($)
$763,568
Best Mortgage Rate (%)
2.10%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$24,470
Mortgage Insurance PST
$2,349
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$82,119
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$73,644
Monthly Payment
$3,270
Land Mark Community By Tridel. The Alto Tower. High Floors. Beautiful Unobstructed East View Of The City. Enjoy The Sun Rise. Practical Floor Plan(Attached). Upgraded Kitchen. Upgraded Granite Counter Top. 9' Ceiling. Approx.740 Square Feet. According To Builder. State Of The Art Amenities, Including Training Pool, Exercise Room, Party Room, And Much More. Amazing Location. Direct Bus To Don Mills Subway Station. Close To A Plaza, Short Drive To Fairview Mall And Hwy 404. Professionally Designer Painted. Deep Cleaned. Beautiful Unit, Just Move In And Enjoy.**** Extras **** Stainless Steel (Fridge, Built-In Dishwasher, Cooktop Stove,Built-In Oven & Hood Fan), White Washer And Dryer. All Electrical Light Fixtures, All Window Coverings. One Parking Included. (Id:23934)
CALL1.877.896.6727
Property Price
$785,800
Minimum Down Payment (%)
6.82%
Minimum Down Payment ($)
$53,580
Mortgage Insurance ($)
$29,289
Mortgage Required ($)
$761,509
Best Mortgage Rate (%)
2.10%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$24,382
Mortgage Insurance PST
$2,343
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$81,805
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$73,330
Monthly Payment
$3,261
Live In Grandeur At The Iconic King Edward Private Residences. Meticulously Restored & Renovated With Modern Luxury Conveniences, This Architectural Landmark Is A Jewel In The Heart Of The City. Enjoy Access To 5-Star Hotel Amenities While Relishing In An Elegant 1Bedroom +Den Corner Suite Boasting Spacious Rooms, 10' Coffered Ceilings With Crown Moulding, Hardwood Flooring & Upgraded Natural Stone Throughout. Steps To Ttc,Financial District,Restaurants & Shops.**** Extras **** Liebherr Fridge / Freezer, Kitchenaid Oven&Stovetop, Faber Rangehood, Asko Dishwasher, Washer&Dryer. All Electrical Lighting Fixtures & Window Coverings. Hotel Amenities Included Concierge, Room / Housekeeping Service, Fitness Centre, Meeting / Event Rooms,Salon,Spa & More. (Id:23934)
CALL1.877.896.6727
Property Price
$975,000
Minimum Down Payment (%)
7.44%
Minimum Down Payment ($)
$72,500
Mortgage Insurance ($)
$36,100
Mortgage Required ($)
$938,600
Best Mortgage Rate (%)
2.10%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$31,950
Mortgage Insurance PST
$2,888
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$108,838
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$100,363
Monthly Payment
$4,020
Beautifully Updated Unit With Amazing Panoramic Views Of Ravine And Lake. Close To Amenities, Shops, Transit And Lrt. Kitchen Featuring Pantry And Stainless Steel Appliances, Quartz Counters And Modern Backsplash. Open Concept Living Dining + Den. Great Amenities. 5K Trail Nearby. (Id:23934)
CALL1.877.896.6727
Property Price
$849,900
Minimum Down Payment (%)
7.06%
Minimum Down Payment ($)
$59,990
Mortgage Insurance ($)
$31,596
Mortgage Required ($)
$821,506
Best Mortgage Rate (%)
2.10%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$26,946
Mortgage Insurance PST
$2,528
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$90,964
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$82,489
Monthly Payment
$3,518
Spectacular Condo In Prime Location ! One Of The Biggest Unit In This Complex. 2 Bdrms Plus Den, 2 Baths ,2 Parking ,Over 900 Square F Plus Huge 300 Square F Balcony, Tons Of Upgrades! Bright & Spacious Layout With High Ceilings . Open Concept Living Area, Walks Out To Huge Balcony. Upgraded Kitchen With Thick Quartz Counters , Customized Cabinetry & Backsplash. Large Walk In Closet. Vinyl Laminate Floor . Locker. Direct Access To T.T.C & Close To Shopping, Parks, Hiking, Biking Trails & The Gardiner**** Extras **** Stainless Steel Appliances ,Fridge, Stove, Microwave Hood, Dishwasher, Washer, Dryer, Huge Balcony, Roof Top Terrace With Barbeque. All Electrical Lighting Fixtures & Window Coverings, Discovery Trail, Humber River ,Ravines, Parks, Lake Ontario. (Id:23934)
CALL1.877.896.6727
Property Price
$870,000
Minimum Down Payment (%)
7.13%
Minimum Down Payment ($)
$62,000
Mortgage Insurance ($)
$32,320
Mortgage Required ($)
$840,320
Best Mortgage Rate (%)
2.10%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$27,750
Mortgage Insurance PST
$2,586
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$93,836
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$85,361
Monthly Payment
$3,599

Mortgages In Toronto

Toronto is the go-to city for richly diverse real estate in Canada, from eclectic heritage conversion hard lofts to affluent skyscrapers to executive & stately townhomes to high-end condominiums, and everything in-between! This city offers a countless smorgasbord of neighbourhoods that lie within enticing districts, each having a big personality that is distinctly unique! When it comes to the realty in this city, home buyers that are considering a mortgage loan have plenty of mortgage products at their disposal through various lenders, some conventional lenders, and some private lending entities. Homebuyers have fantastic tools at their fingertips to help aid in working out the financials regarding a new home, such as Toronto mortgage calculator. A mortgage calculator breaks down all the pertinent information needed to derive that bottom line that home buyers need in order to know where their affordability is with purchasing a new home. What home buyers want to achieve is to know how much of a payment would be required each month in order to purchase and maintain a new home and this type of online calculator can do just that! Using a free online calculator that is for working out a mortgage only requires a bit of information such as the interest rate, the mortgage loan amount, and the anticipated amortization period.
The fun part of using a mortgage calculator is that the financial information can be altered several times so a home buyer can really get a feel for their personal affordability level for a mortgage loan. Typically, home buyers understand that the larger the down payment is, the better the mortgage loan terms; in other words, before really getting started on where you stand financially for a new home, it is wise to know exactly how much you can put down against it (up to 20% of the property value is considered a good down payment). There is quite a bit of real estate in Toronto that is more than affordable for those home buyers that want to live the urbanite lifestyle without crazy price points attached to it. A mortgage calculator will help to work out the numbers, but what about the mortgage loan product itself? Which one is ideal for your individual finances? It is easier than ever to understand which mortgage product would be right for you and your individual financial circumstances. Knowing in advance that there are pros & cons to every mortgage type will help home buyers steer clear of getting 'roped into' an undesirable mortgage agreement with a lender.
A mortgage calculator is more precise with its bottom line when more information can be entered, so knowing four key points of information will help even more (the principal amount, the interest rate, the taxes and the insurance if applicable). The types of mortgage loans in Toronto that are generally available to home buyers depends on their financial standing. For home buyers that want to lower the percentage of their down payment, Canada has options through the government (Federal Housing Administration - FHA). The FHA ensures the loan, so lenders have that 'backup' in case the home buyer defaults on their mortgage loan. Conventional mortgages do not have the FHA back up, so the lender considers the home buyer a higher risk and must meet stricter criteria to be approved for a mortgage loan. An adjustable/variable-rate mortgage fluctuates with the market, so the rate will go up and down. A fixed-rate mortgage interest rate is locked in for only a term, not for the whole duration of the mortgage loan. An open mortgage allows the borrower to pay off the mortgage loan at any time without any penalty, and a closed mortgage comes with stiff stipulations that cannot be altered or paid off through the life of the loan.