Plan your budget
Ontario mortgage calculator
See your estimated monthly payment, down payment and insurance costs before you start house hunting.
Estimated monthly payment
$3,764 / month
- Mortgage amount
- $680,000
- Down payment
- $170,000
- Mortgage default insurance
- Not required
- Total interest over 25 years
- $449,085
Estimate only, assuming a fixed rate compounded semi-annually. Insurance premiums are added to the mortgage; in Ontario, provincial sales tax on the premium is due at closing. Confirm figures with your lender.
How this calculator works
Canadian mortgage interest
Fixed-rate mortgages in Canada compound interest semi-annually, not monthly. That's why a Canadian payment can differ slightly from a US calculator using the same rate.
Minimum down payment
- 5% of the first $500,000 of the purchase price
- 10% of the portion between $500,000 and $1.5 million
- 20% for homes priced at $1.5 million or more
Mortgage default insurance
With less than 20% down, your mortgage must be insured. The premium is a percentage of the mortgage amount, based on your down payment, and is added to your mortgage. In Ontario, sales tax on the premium is paid in cash at closing.
Remember closing costs
Budget for land transfer tax, legal fees, a home inspection and moving costs. First-time buyers may qualify for a land transfer tax refund.
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