Compare up to 4 mortgage scenarios with detailed breakdown of payments, closing costs, CMHC insurance, land transfer tax, and complete affordability analysis.
How to get the most from our Ontario mortgage calculator
National Home Realty built this Ontario mortgage calculator to reflect how lenders underwrite mortgages across the province. Update your purchase price, down payment, amortization, and payment schedule to see instant changes to your mortgage payment, CMHC insurance, and cash needed to close. The numbers update in real time so you can plan confidently before you speak with a broker or submit an offer.
Ontario-specific assumptions
We model current Ontario mortgage rules, default CMHC insurance premiums, and the provincial land transfer tax. Toronto buyers automatically see the municipal land transfer tax added to their closing costs.
Scenario comparisons
Compare up to four mortgage scenarios side-by-side. Adjust interest rates, amortization, and payment frequencies to uncover savings and stress test your budget against future rate increases.
Affordability guidance
Use the monthly expense section to include property tax, insurance, utilities, and debt payments. The calculator shows your blended monthly housing cost, helping you prepare for OSFI affordability guidelines.
Model mortgage payments for Toronto, the GTA, Durham, Peel, York Region, Hamilton, Ottawa, and communities across Ontario.
See how increasing your down payment or switching to accelerated bi-weekly payments changes lifetime interest paid.
Review cash needed to close, including CMHC insurance, PST, and typical legal or appraisal fees before you meet your lender.
What information do I need to calculate my Ontario mortgage payment?
Enter the purchase price, down payment, mortgage term, amortization and interest rate in the Ontario Mortgage Calculator to see instant payment results. Optional fields let you add property taxes, utilities, and other debts for a complete monthly cost.
Does this calculator work for first-time buyers in Toronto?
Yes. First-time buyers can toggle rebates, and the calculator automatically applies CMHC insurance premiums and the Toronto municipal land transfer tax when applicable.
Does the calculator include CMHC insurance and land transfer tax?
The tool adds CMHC insurance based on your down payment and estimates Ontario land transfer tax, including Toronto's surcharge and first-time buyer rebates.
How can I lower my mortgage payment in Ontario?
Experiment with larger down payments, longer amortization periods, or accelerated bi-weekly schedules. The scenario comparison shows how each strategy lowers interest costs over time.
Disclaimer:
Our mortgage calculator is intended for research and informational purposes only. While it is designed to align with the general guidelines provided by the Office of the Superintendent of Financial Institutions (OSFI), actual mortgage terms, rates, and approval conditions may vary. Financial institutions and mortgage providers may offer different options tailored to individual circumstances. This tool does not replace professional financial advice or guarantee mortgage approval. For personalized assistance, consult a licensed mortgage broker or lender.