Down payment
Minimum
+ Mortgage insurance
$29,800
$22,320
$19,040
Not needed
= Total mortgage
$774,800
$742,320
$699,040
$640,000
Amortization
Mortgage rate
Payment frequency
= Mortgage payment
$4,327.16per month
$4,145.76per month
$3,904.05per month
$3,628.12per month
Stress-test payment
$5,232.14monthly at 6.59%
$5,012.80monthly at 6.59%
$4,720.54monthly at 6.59%
$4,380.40monthly at 6.74%
Rates are the lowest published by lenders that lend in Ontario, read from each lender’s own site in the last 7 days. Your rate depends on your credit, the property and the lender.
Land transfer tax
First-time home buyer?
- Ontario land transfer tax
- $12,475
- Toronto municipal land transfer tax
- $12,475
- Land transfer tax
- $24,950
Source: City of Toronto: Municipal land transfer tax rates ↗
Cash needed to close$85,084
- Down payment
- $55,000
- Land transfer tax
- $24,950
- Sales tax on mortgage insurance (8%)
- $2,384
- Lawyer or notary fees
- Title insurance
- Home inspection
- Appraisal
- Cash needed to close
- $85,084
Fees are typical estimates you can change. Sales tax on mortgage insurance is charged in Ontario, Quebec and Saskatchewan and can’t be added to the mortgage.
Monthly expenses$5,364
- Mortgage payment
- $4,327
- Property tax
- $667
- Utilities (heat, hydro, water)
- Home insurance
- Other debt payments
- Phone, internet and other
- Monthly expenses
- $5,364
Property tax starts at an estimate of 1% of the price a year. Enter the real amount from the listing or the city.
Interest rate risk
- Mortgage today
- $774,800
- Principal paid off over the term
- $93,544
- Balance at renewal
- $681,256
Your payment at renewal on that balance, depending on rates then:
| Rate at renewal | Payment |
|---|---|
| 2.59% -2 points | $3,635.32 |
| 4.59% same rate | $4,327.16 |
| 6.59% +2 points | $5,079.78 |
| 9.59% +5 points | $6,307.48 |
Amortization schedule
| Year | Total paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 2026 | $51,926 | $17,050 | $34,876 | $757,750 |
| 2027 | $51,926 | $17,842 | $34,084 | $739,908 |
| 2028 | $51,926 | $18,670 | $33,256 | $721,237 |
| 2029 | $51,926 | $19,537 | $32,389 | $701,700 |
| 2030 | $51,926 | $20,444 | $31,482 | $681,256 |
| 2031 | $51,926 | $21,393 | $30,533 | $659,863 |
| 2032 | $51,926 | $22,387 | $29,539 | $637,476 |
| 2033 | $51,926 | $23,426 | $28,500 | $614,050 |
| 2034 | $51,926 | $24,513 | $27,412 | $589,537 |
| 2035 | $51,926 | $25,652 | $26,274 | $563,885 |
| 2036 | $51,926 | $26,842 | $25,083 | $537,043 |
| 2037 | $51,926 | $28,089 | $23,837 | $508,954 |
| 2038 | $51,926 | $29,393 | $22,533 | $479,561 |
| 2039 | $51,926 | $30,757 | $21,169 | $448,804 |
| 2040 | $51,926 | $32,185 | $19,741 | $416,619 |
| 2041 | $51,926 | $33,680 | $18,246 | $382,939 |
| 2042 | $51,926 | $35,243 | $16,683 | $347,696 |
| 2043 | $51,926 | $36,879 | $15,046 | $310,817 |
| 2044 | $51,926 | $38,592 | $13,334 | $272,225 |
| 2045 | $51,926 | $40,383 | $11,543 | $231,842 |
| 2046 | $51,926 | $42,258 | $9,668 | $189,583 |
| 2047 | $51,926 | $44,220 | $7,706 | $145,363 |
| 2048 | $51,926 | $46,273 | $5,653 | $99,090 |
| 2049 | $51,926 | $48,421 | $3,505 | $50,669 |
| 2050 | $51,926 | $50,669 | $1,257 | $0 |
The highlighted row is the end of your term. Later years assume you renew at the same rate, which may not be possible.
Calculator by WalletReturn