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 Alter, Tridel's Another Master Piece. 3 Year New Building. One Of Larger 1 Bedroom Unit. Laminated Floors Throughout. Open Concept Kitchen With Built-In Kitchen Appliances. 4 Piece Full Bath, Unobstructed East View. Great Amenities. Steps To Universities, Eatons, Restaurants And More. != Leased Until Aug 31 2021 At $1800 / M =!**** Extras **** Built In [Fridge, Cook-Top, Oven, Microwave With Range Hood], Stacked Front-Load Washer And Dryer, Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$16,946
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$55,244
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$46,769
Monthly Payment
$2,307
Well Maintained Detached Bungalow Condo In Guildwood Village. Less Than 10 Minutes To No Frills, Food Basics, Metro, Walmart, Asian Groceries, Medical Clinic, Canadian Tires, Home Depot And Other Food Stores And Restaurants. Walk To Schools (Sir Wilfred Laurier, Elizabeth Simcoe, St. Martin De Porres. 5 Minutes To Go Train, Steps To Ttc. Furnace (2013), Roof (2012), With 25 Years Warranty, Air Conditioner (2014), Brand New Balcony 2019. Close To Lake**** Extras **** Fridge, 2 Stoves, Dishwasher, Washer And Dryer. (Id:23934)
CALL1.877.896.6727
Property Price
$769,900
Minimum Down Payment (%)
6.75%
Minimum Down Payment ($)
$51,990
Mortgage Insurance ($)
$28,716
Mortgage Required ($)
$746,626
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$23,746
Mortgage Insurance PST
$2,297
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$79,533
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$71,058
Monthly Payment
$2,932
All Brick Detach Bungalow Minutes To 401/ Lake/ Surrounded By Million Dollar Homes. Lifetime Metal Roof, Updated Kitchen, Stainless Steel Appliances, Basement Income Separate Side Entrance To A 2 Bed Apartment With A Large Kitchen, Bath With Jacuzzi Tub. Lennox Furnace & Ca, Updated Bath, New Window Coverings Good Size 3 Bedrooms Upstairs. Highland Creek Park And Port Union Go Station Minutes Away. Close To Uoft Scarborough/ Centennial College. Get Vacant.**** Extras **** Stainless Steel Fridge, Stove, Otr Microwave, Wine Fridge, Basement Fridge & Clothes Washer, Central Air, Hot Water Tank (Owned), New Yard Shed & Gazebo, All New Window Coverings, All Elf (Except Kids Room) . Exclude- Fireplace, Yard Playgym, (Id:23934)
CALL1.877.896.6727
Property Price
$900,000
Minimum Down Payment (%)
7.22%
Minimum Down Payment ($)
$65,000
Mortgage Insurance ($)
$33,400
Mortgage Required ($)
$868,400
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$28,950
Mortgage Insurance PST
$2,672
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$98,122
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$89,647
Monthly Payment
$3,411
A Beautifully Built Home, Well Located In The South Of Scarborough (Within 5 Mins Drive To Scarb Buff), With A Gorgeous Contemporary Dark Bricks Front Facade. Faboulous Layout To Take Advantage Of The Sunlight From West Ending. Gracious Living Room And Dinning Room With Superb Sunlights. Stunning Custom Kitchen, And Open Concept With High Ceiling. Well Laidout Bedrooms And Second Floor Laundry Room. Thoughtful Storage And Open Concept Basement.**** Extras **** Custom Solid Wood Double Front Entrance Door. Interlocking Driveway. Deep Lot And Deep Back Yard. Walkout Basement Can Be Done Easily. (Id:23934)
CALL1.877.896.6727
Property Price
$1,350,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$270,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,080,000
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$46,950
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$318,450
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$309,975
Monthly Payment
$4,242
This Turnkey Detached Home Located In The Upper Beach,Ticks All The Boxes.An Open Concept Main Floor Featuring;Original Hardwood,Gas Fireplace,A French Door Walkout To The Yard & A Fully Renovated Kitchen.With Approx. 2000 Square Ft Of Total Living Space,The Finished Lower Level Offers A Bright & Spacious Media / Recreation Room & Work-At-Home Office Space.Other Perks Include;King-Sized Master Bedrm,Lower Level Bath With Glass Shower,Private Drive For 2 Cars,Landscaped....**** Extras **** ...Front & Back Yards & Single Car Garage(Great Potential For Man-Cave / She-Shack).All This On Great Tree-Lined Street Steps To Bowmore P.S.,Parks,Ttc,Beach & Leslieville!Offers Jan 27Th.Seller Reserves Right To Review Pre-Emptive Offers. (Id:23934)
CALL1.877.896.6727
Property Price
$1,439,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$287,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,151,200
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$50,510
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$339,810
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$331,335
Monthly Payment
$4,521

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.