Ontario Mortgage Calculator
Estimate your monthly mortgage payments for properties in Toronto and Ontario. Calculate CMHC insurance, land transfer taxes, and stress test scenarios.
Mortgage Details
Payment Summary
monthly Payment
Did you know?Buying pre-construction often allows you to spread your down payment over 2-4 years, making it easier to save up the 20%.
Understanding Your Mortgage
Amortization Period
The total length of time it takes to pay off your mortgage loan. In Canada, the standard amortization for insured mortgages (less than 20% down) is 25 years. For uninsured mortgages (20% or more down), you can extend this up to 30 years to lower monthly payments.
Payment Frequency
Monthly: 12 payments per year.
Bi-Weekly: 26 payments per year.
Accelerated Bi-Weekly: 26 payments per year, but each payment is half of a monthly payment. This effectively results in one extra monthly payment per year, paying off your mortgage faster.
CMHC Insurance
If your down payment is less than 20% of the purchase price, you must purchase mortgage default insurance (often called CMHC insurance). This protects the lender in case you default. The premium is added to your mortgage balance.
- 5-9.99% Down: 4.00% Premium
- 10-14.99% Down: 3.10% Premium
- 15-19.99% Down: 2.80% Premium
Important Disclaimer
This calculator is provided for informational and educational purposes only. The results are estimates based on the information you provide and standard calculation formulas. They do not constitute financial, legal, tax, or real estate advice.
Actual costs, payments, taxes, and fees may vary based on your specific circumstances, lender requirements, government policies, and other factors not accounted for in this calculator. Interest rates, tax brackets, rebate amounts, and insurance premiums are subject to change without notice.
Before making any financial decisions, we strongly recommend consulting with qualified professionals including a licensed mortgage broker, real estate lawyer, accountant, or financial advisor who can assess your individual situation and provide personalized advice.
PreconFactory Inc. makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of this calculator. Any reliance you place on the results is strictly at your own risk. We shall not be liable for any loss or damage arising from the use of this calculator.