Calculator
Mortgage payment calculator
Compare down payments side by side with today’s published lender rates, and see your land transfer tax, the cash you need to close, monthly costs and the full amortization schedule.
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
- 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.
How this calculator works
Enter a price and location, and the calculator shows four down payments side by side: the minimum, then 10%, 15% and 20%. Change any percentage or dollar amount, amortization, rate or payment frequency and every number updates as you type.
Rates start at the lowest rate published by lenders that lend in your province, for the term and type you choose, read from each lender’s own site in the last 7 days. Insured rates apply only below 20% down. Change any rate to another lender’s or your own. Your actual rate depends on your credit, the property and the lender.
Canadian fixed-rate mortgages state their rate compounded half-yearly, so the calculator converts your rate to the payment frequency you pick. With less than 20% down, it adds CMHC’s premium to the mortgage. Land transfer tax uses your province’s and city’s official rates, including first-time buyer rebates. The stress-test row shows the monthly payment at the higher of 5.25% or your rate plus 2 percentage points, which lenders use to check whether you qualify.
Questions people ask
How is a mortgage payment calculated in Canada?
Fixed-rate mortgages in Canada state their rate compounded half-yearly, as the Interest Act requires. The calculator converts that rate to your payment frequency and spreads the mortgage over the amortization, so each payment covers that period’s interest plus some principal.
How much is CMHC mortgage insurance?
With less than 20% down, the premium is 2.80% to 4.00% of the mortgage, depending on your down payment, and it’s usually added to the mortgage. A 30-year amortization adds 0.20 percentage points. In Ontario, Quebec and Saskatchewan, provincial sales tax on the premium is paid at closing.
What is the minimum down payment in Canada?
5% of the first $500,000, plus 10% of the part between $500,000 and $1.5 million. Homes priced at $1.5 million or more need 20% down.
Do accelerated payments save money?
Yes. Accelerated biweekly pays half your monthly payment every two weeks, which adds up to one extra monthly payment a year. That extra goes to principal, so you pay off the mortgage sooner and pay less interest.
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Rules checked on official government pages on . Estimates only, not a quote or approval. WalletReturn doesn’t arrange mortgages and isn’t paid by lenders for this section.Interest Act, section 6 ↗FCAC: Down payment ↗CMHC: Mortgage loan insurance premiums ↗CMHC: 30-year amortization premium surcharge ↗OSFI: Minimum qualifying rate for uninsured mortgages ↗Finance Canada: qualifying rate for insured mortgages ↗FCAC: Buying a home ↗