With less than 20% down, mortgage default insurance may be added to your loan. The premium affects your payment.
Mortgage Payment Calculator
Get a clear estimate of your potential monthly payments and other home buying costs.
See what changes your payment
See how your down payment, rate and repayment period change the numbers.
More cash upfront means a smaller mortgage on the same home.
A $600,000 home with 20% down leaves a $480,000 mortgage.
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Review my purchaseUnderstanding your mortgage
Four costs to keep in mind beyond the mortgage payment.
Plan for provincial land transfer tax and any applicable city tax. First-time buyer rebates may reduce the amount.
Keep cash aside for legal fees, adjustments and other closing costs, separate from your down payment.
Property tax, heating and condo fees add to your monthly costs. Keep home insurance in your budget too.
FAQ
Frequently Asked Questions
Questions about your estimate? Get clear answers before your next step.
What is a mortgage calculator?
A mortgage calculator helps estimate your monthly payments for a home loan. It considers factors like home price, down payment, interest rate, and loan length (amortization) to give you an idea of costs.
How much down payment do I need in Ontario?
For a home priced at $500,000 or less, the minimum is generally 5%. Between $500,000 and $1.5 million, it is 5% of the first $500,000 plus 10% of the rest. At $1.5 million or more, you generally need at least 20%. Lenders may require more based on your application.
What is mortgage insurance (CMHC)?
Mortgage default insurance protects the lender if you cannot repay. It is generally required for an eligible purchase with less than 20% down; homes priced at $1.5 million or more are not eligible for it. The premium can usually be added to the mortgage, but Ontario sales tax on it is paid separately at closing.
What are land transfer taxes in Ontario?
Ontario charges land transfer tax on all home purchases, calculated as a percentage of the purchase price. Toronto has an additional municipal land transfer tax. First-time buyers may qualify for rebates up to $4,000 provincially and $4,475 in Toronto.
Fixed vs variable mortgage rate - which is better?
Fixed rates stay the same for your term (typically 5 years), providing payment stability. Variable rates fluctuate with the prime rate and may offer lower initial rates but can increase. Your choice depends on your risk tolerance and market conditions.
Can I get a mortgage if I'm self-employed?
Yes. Self-employed applicants can qualify, but lenders may ask for tax returns, financial statements or other income records. Documentation and criteria vary by lender and product.
What is the mortgage stress test in Canada?
Federally regulated lenders generally assess a new uninsured mortgage at the higher of your contract rate plus 2 percentage points or 5.25%. Other mortgage products and lenders can have different rules. The calculator's income estimate is a planning guide, not an approval decision.