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

Gorgeous & Brand New Freehold Luxury Corner Townhome. Over 2360 Square Feet + 312Sqft Finished Basement+520 Square Feet Roof Terrace With B B Q Connection.Stained Oak Staircase & Hardwood Floors.Gourmet Kitchen With Granite Countertop, Over$56K Spent On Builders Upgrades. Mins To 401 / 427 / 407 / Airport. T T C Bus Stop At The Doorsteps, Right Beside The Future Subway Station(Eglinton Crosstown Ph2), 3 Car Parking Paved Driveway,The Biggest Lot And House In The Whole Complex.**** Extras **** Stainless Steel Fridge, Stainless Steel Gas Stove,Stainless Steel Dishwasher,Sleek Washer And Dryer,High-Quality Chandeliers& Elf (Spent$6000),Builder's Finished Basmt With A Full Bathroom & A Kitchen Rough-In.Option To Make An In-Law Suite With Separate Entrance (Id:23934)
CALL1.877.896.6727
Property Price
$999,000
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$32,910
Mortgage Insurance PST
$2,957
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$112,267
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$103,792
Monthly Payment
$4,300
Attention Investors & End Users! Location! Location! Beautiful 2 Bedroom, 2 Bath Condo Town, Over 800Sq Ft Not Including Terrace. Walking Distance To York University, New Subway Station, Shops And Much More. Very Well Managed With Low Maintenance Fees!**** Extras **** Fridge, Stove, Dishwasher, Washer / Dryer. All Existing Electrical Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$399,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$8,920
Mortgage Insurance PST
$1,213
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$31,583
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$23,108
Monthly Payment
$1,764
Rarely Offered, Bright And Spacious One Bedroom Co-Op Suite In Excellent Well Maintained Building. Large Balcony, Open L-Shaped Living / Dining Room, Custom Maple Kitchen, Good Sized Bedroom With Walk-In Closet. One Of Largest 1 Bedrooms In Building! Very Affordable Co-Op Building! Maintenance Fee Includes Almost Everything: Heat, Hydro, Water And Property Tax. Desirable Central Etobicoke Location: Listing Agent Rose Plaza, Park, Churches, Schools, One Bus To Royal York Subway**** Extras **** Fridge, Stove. Please Note: Taxes Are Included In Maintenance Fees!* Underground Parking Spot Is Available For 35.00 Per Month. Close To Ttc, Shopping Plaza, Parks, Schools. Pictures Were Taken A Couple Of Years Ago While Vacant. (Id:23934)
CALL1.877.896.6727
Property Price
$358,800
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,940
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,714
Mortgage Insurance PST
$1,091
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$28,245
First Time Home Buyer
Land Transfer Tax Credit
-$7,714
Cash Needed
$20,531
Monthly Payment
$1,586
Renovated Family Home With 2 Car Laneway Parking In Prime Roncesvalles Village. Contemporary Open Plan Main Floor With Refinished Hardwood, Cozy Fireplace, Exposed Brick Accent Wall & Pot Lighting. Renovated Kitchen With Stainless Steel Appliances, Granite Counters & Breakfast Bar With Pendant Lights. Upper Level Has 3 Bedrooms, 5 Piece Bath With Heated Floor And Refinished Hardwood Throughout. Lower Level Has 3 Piece Bath & New Laminate Flooring Throughout.**** Extras **** Safe & Sought After Neighbourhood, Short Walk To Subway & Up Stations, 30 Minutes From Downtown, And Just Down The Street From High Park. Close To Roncesvalles, Junction & Bloor West Shopping Districts. Top Rated Elementary & High Schools. (Id:23934)
CALL1.877.896.6727
Property Price
$1,198,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$239,600
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$40,870
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$281,970
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$273,495
Monthly Payment
$4,289
This Is Your Favourite Design Magazine Come To Life! Stylish & Upgraded 1 Bedroom + Versatile Den That Can Be Used As A 2Nd Bedroom And 2 Full Baths! Lift Your Spirits With Soaring 10Ft Exposed Concrete Ceilings. Sleek Contemporary Kitchen With Industrial Stainless Steel Sink, High-End Integrated Appliances & A Functional Island With Integrated Dining Table. Sun-Drenched Master Boasts Floor-To-Ceiling Windows & Spa-Like Ensuite. Tons Of Upgrades & Built-In Storage Solutions!**** Extras **** Abundance Of Breathtaking Views Inside And Out With South-Facing Balcony Offering Panoramic Downtown & Lake Views. Treat Yourself To This Unique And Sophisticated Condo In The Heart Of Roncesvalles. (Id:23934)
CALL1.877.896.6727
Property Price
$639,000
Minimum Down Payment (%)
6.09%
Minimum Down Payment ($)
$38,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,510
Mortgage Insurance PST
$1,920
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$60,830
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$52,355
Monthly Payment
$2,793

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.