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

Amazingly Located 3 Bedroom Huge Corner Unit In High Demand & Accessible Neighbourhood. Excellent Opportunity For First Time Home Buyers Or Investors. Low Property Taxes & Maintenance!! Steps From All Public Schools, Malls, Public Library, Ttc Transit At Doorstep, Big Grocery Stores!! Large Locker & Underground Parking!! Coming Soon Finch West Lrt Right At The Doorstep!! Construction Already Underway!! See It Today, Will Not Last!!**** Extras **** Fridge, Stove, All Elf's (Id:23934)
CALL1.877.896.6727
Property Price
$449,999
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,500
Best Mortgage Rate (%)
1.95%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$10,950
Mortgage Insurance PST
$1,368
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$36,318
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$27,843
Monthly Payment
$1,872
*Live Luxe @ Lambton Square!*Spectacular Unobstructed / Panoramic Humber River / Park Views * Be One With Nature * Ultra Premium 2 Bed 2 Bath Suite * Extra Large ""Centre Hall"" Floor Plan * 1279 Square Feet Including Massive Private / Independent Balcony * Renovated Top To Bottom With High Attention To Detail * Dazzling Open Concept Chef's Kitchen * Smooth Ceilings * Custom Wainscoting * Crown Mouldings * Spacious Live / Dine * Huge Master Retreat & 2Nd Bedroom * Two Spa Washrooms * H.U.R.R.Y***** Extras **** Stainless Steel:Fridge * Stove * Microwave * D / With Washer * Dryer * All Elf's * All Window Coverings * All Inclusive Maintenance Fee * Resort-Like Amenities * 1 Bus To Subway / Bloor West Village / Junction * Electric Barbeque's & Pets Allowed * Parking & Locker Included * See Virtual Tour* (Id:23934)
CALL1.877.896.6727
Property Price
$768,000
Minimum Down Payment (%)
6.74%
Minimum Down Payment ($)
$51,800
Best Mortgage Rate (%)
1.95%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$23,670
Mortgage Insurance PST
$2,292
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$79,262
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$70,787
Monthly Payment
$3,136
Custom Crafted Masterpiece In Prime Lawrence Park. Transitional Beauty With Quality Materials And Attention To Detail Throughout. Sensational Great Room & Custom Kitchen. Decor Panelled Walls, Plank Floors & Overall Cohesive Design Elements. Unparalleled Master Suite. Finished Lower Level With Radiant Floors, Incredible Natural Light. Bonus Mudroom And Heated Double Garage, Parking For 6 Cars. Natural Front Facade Boasting Soft Grey Brick With Limestone**** Extras **** Accents. Fully Landscaped And Incredible Greenery Offering Added Privacy. Best Lawrence Park Location With Exceptional Amenities In Close Proximity. See Feature Sheet For Inclusions And Exclusions (Id:23934)
CALL1.877.896.6727
Property Price
$5,295,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$1,059,000
Best Mortgage Rate (%)
1.95%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$237,700
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$1,298,200
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$1,289,725
Monthly Payment
$17,835
Gorgeous 2-Storey Townhouse In Canary District, Private Entrance, 9 Ft Ceilings, 3 Baths. Master Bedroom With Large Walk-In Closet And Picture Window, Modern Open Concept Kitchen With Integrated Appliances, Microwave And Quartz Countertop. Engineered Hardwood Floors. Steps To Distillery District, St. Lawrence, Ttc, Easy Access To Hwys.**** Extras **** Fridge, Dishwasher, Stainless Steel Stove And Hood Fan, All Electrical Lighting Fixtures, All Windows Covering ( Roller Blinds). (Id:23934)
CALL1.877.896.6727
Property Price
$1,039,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$207,980
Best Mortgage Rate (%)
1.95%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$34,546
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$244,026
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$235,551
Monthly Payment
$3,503
*Emerald City Dream Tower * Bright & Spacious Corner Unit, Two Bedrooms In The Separate Side* Steps To Subway & Fairview Shopping Mall * Minute Away From Highway 401 / 404 * Full Amenities : Indoor Pool, Whirlpool,Exercise Room, Party Room, Security, Etc *Very Convenient Location To Anywhere, Modern Life Is Here For You***** Extras **** *One Parking * Stainless Steel Fridge, Stove, Built-In Dishwasher, Washer, Dryer, Built-In Microwave* (Id:23934)
CALL1.877.896.6727
Property Price
$699,800
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,980
Best Mortgage Rate (%)
1.95%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$20,942
Mortgage Insurance PST
$2,095
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$69,517
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$61,042
Monthly Payment
$2,867

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.