Mortgage Calculator
Estimate your monthly payment and full monthly carrying cost for a GTA home, using Canadian semi-annual compounding plus current down-payment, insurance, and stress-test rules.
Understanding the numbers
Down payment minimums
In Canada the minimum is 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5M. The property value must be below $1.5M to qualify for mortgage default insurance, so homes priced at $1.5M or more need at least 20% down.
Mortgage default insurance
With less than 20% down, your mortgage must be insured. The calculator estimates the premium using CMHC's published schedule (2.8% to 4% of the loan, plus 0.20 percentage points for an insured 30-year amortization). The premium is added to your mortgage. Ontario also charges 8% PST on that premium, payable in cash on closing. Your lender may use a different insurer.
30-year amortization
On an insured mortgage, up to 30 years is available when at least one borrower is a first-time buyer or the home is newly built and the price is under $1.5M. With 20% or more down, it may be available depending on the lender and product.
Stress test
Federally regulated lenders generally qualify newly underwritten mortgages at the higher of your rate plus 2% or 5.25%, even though the real payment is lower. It checks that you could handle rate increases at renewal.
Total monthly carrying cost
What it actually costs to own this home each month: mortgage, property tax, insurance, condo fees, and utilities. Ontario property tax is billed on the MPAC assessed value, not the purchase price, so enter the annual tax from the listing or tax bill. This total is the number to compare to your take-home pay, not the mortgage payment alone.