Mortgage Calculator

Wondering what that dream home is going to cost you per month? This calculator is perfect for giving you an idea of what your mortgage would look like. Contact us for exact figures and more information.

Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %

Not sure what home or property you can afford? Plug in your information here and this calculator will give you an indication of the price range you should be shopping in.

Ontario’s Land Transfer Tax is a provincial tax payable by the purchaser upon the acquisition of an interest in land by registered conveyance or unregistered disposition. Therefore, if you purchase a property or land you are responsible for paying Land Transfer Tax to the province at the time the transaction closes.

More Information on Land Transfer Taxes in Ontario and Toronto
Municipal Land Transfer Tax: City of Toronto
Provincial Land Transfer Tax: Ontario Government
Municipal Land Transfer Tax: Ontario Governemnt
Toronto Real Estate Board: Land Transfer Tax Overview

Mortgage default insurance, which is commonly referred to as CMHC insurance, is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%. Mortgage default insurance protects lenders, in the event a borrower ever stopped making payments and defaulted on their mortgage loan.

Although mortgage default insurance costs homebuyers 2.80% – 4.00% of their mortgage amount, it does allow Canadians, who might not otherwise be able to purchase homes, access to the Canadian real estate market. Without it, mortgage rates would be higher, as the risk of default would increase. Lenders are able to offer lower mortgage rates when mortgages are protected by mortgage default insurance, because the risk of default is passed along to the mortgage insurer.

There are some requirements you have to meet in order to qualify for mortgage default insurance:

  • The maximum amortization for insured mortgages is 25 years.
  • If the purchase price is between $500,000 – $999,999 a higher down payment is required. The minimum down payment is 5% of the first $500,000, and 10% of the remaining amount.
  • Mortgage default insurance is not available on homes purchased for more than $1 million; this means that a 20% down payment is required on these homes.

The above calculators are not guaranteed and should only be used for estimations. We accept no responsibility for any loss arising from any use or reliance on the information contained or produced herein.