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

Experiencing Urban Living At The Heart Of Toronto, Brand New 3 Bedroom 2 Washroom Of Lvy Condo, South West View. Large Floor To Ceiling Windows With Natural Light And Sunshine. 9Ft Ceilings, Open Concept Layout, With Modern Kitchen. Minutes From Dundas-Yonge Square, Subway, Ttc, Eaton Shopping Centre, Top Tier Restaurants, Ryerson / Toronto Metropolitan University, Tmu, Financial District And More, Making It A Perfect Living Score. (Id:23934)
CALL1.877.896.6727
Property Price
$799,000
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,900
Mortgage Insurance ($)
$29,764
Mortgage Required ($)
$773,864
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$24,910
Mortgage Insurance PST
$2,381
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$83,691
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$75,216
Monthly Payment
$4,431
Great Location. Property Is Severed To Two Lots 54A And 54 B. Both Lots 54A And 54 B Will Sold Together. Close To Local Amenities & Quick Access To 401 Expressway. Bright Kitchen / Dinning Room Combination With Skylights And Picture Window. Back Half Of Yard Is Fenced With Large Garden / Storage Shed. **** Extras **** Lot 54 A Price $948000.00 Lot 54 B Sale Price $839,000.00 (Id:23934)
CALL1.877.896.6727
Property Price
$948,000
Minimum Down Payment (%)
7.36%
Minimum Down Payment ($)
$69,800
Mortgage Insurance ($)
$35,128
Mortgage Required ($)
$913,328
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$30,870
Mortgage Insurance PST
$2,810
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$104,980
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$96,505
Monthly Payment
$5,229
Welcome To This Never-Lived-In South West Exposure Low Floor, Large 1 Bedroom Unit. This 9' High Unit Is Bright, Spacious, And Gorgeous, With A Large Balcony. Low Maintenance And Ample Amenities. Up And Coming Neighbourhood That Is Well Connected Via Public Transit. 2150 Condos Phase 2'S Amenities Include A Pool, Party Room, Rooftop Deck And Jacuzzi. Shows Well! Appointments Anytime. **** Extras **** Maintenance Fees Include Heat & Water. 1 Parking & 1 Locker. Desirable Area With Huge Potential & Future Growth. (Id:23934)
CALL1.877.896.6727
Property Price
$499,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,950
Mortgage Insurance ($)
$18,962
Mortgage Required ($)
$493,012
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,910
Mortgage Insurance PST
$1,517
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,877
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$32,402
Monthly Payment
$2,823
Modern Luxury Living At X Condo * Rarely Offered With Stunning West View * Spacious 1 Bedroom & 1Bath Condo With 100 Square Feet Balcony * Bright & Well Designed Layout With Plenty Of Upgrades! * California Closets * Hunter Douglas Blinds * Open Concept * Eat-In Kitchen With Built-In Dining Table, Pantry & Centre Island * Master Bedroom With 2 Double Closets * 9Ft Ceilings * 1 Parking & Oversized Locker Combo * Close To Subway, Yonge / Bloor, Yorkville, Shopping, Restaurants And More (Id:23934)
CALL1.877.896.6727
Property Price
$699,000
Minimum Down Payment (%)
6.42%
Minimum Down Payment ($)
$44,900
Mortgage Insurance ($)
$26,164
Mortgage Required ($)
$680,264
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$20,910
Mortgage Insurance PST
$2,093
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$69,403
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$60,928
Monthly Payment
$3,895
Most Demanded Location!! Only Condo Adjacent To Uoft, Great Neighbor Amenities. What A Rare. Find Good Sized One Bedroom+Den In A Quite& Elegant Condo Complex. Den Can Be Used As 2Nd Bedrm, Open Concept Lv / Dn With Laminate Floor. Walk-Out To Balcony. Modern Kitchen With Corian Back Splash & Counter. Tops With Centre Island. 3Pc Bath, Great Building Amenities Including Exercise Room, Guest Suites, Roof Top Garden, Visitor Parking. , Roof Top Exercise Room, Library, Party Room, Sauna & 24 Hr. Concierge. Just Move In. Walking Distance To U Of Conveniently Close To Public Transits. **** Extras **** Miele Built-In Appliances Including Cooktop / Oven / Fridge / Dishwasher / Microwave; Washer & Dryer, All Existing Light Fixtures, All Existing Window Coverings (Id:23934)
CALL1.877.896.6727
Property Price
$930,000
Minimum Down Payment (%)
7.31%
Minimum Down Payment ($)
$68,000
Mortgage Insurance ($)
$34,480
Mortgage Required ($)
$896,480
Best Mortgage Rate (%)
4.84%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$30,150
Mortgage Insurance PST
$2,758
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$102,408
First Time Home Buyer
Land Transfer Tax Credit
-$8,475
Cash Needed
$93,933
Monthly Payment
$5,133

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.