$
Step 1
Enter property value and click Calculate

Down payment
A down payment is the amount of money you pay when purchasing a property. This amount is deducted the final purchase price of the property. For homes under $500,000 the minimum down payment is 5% then 10% on the amount between $500,000 and $999,999. Any homes over $1 million require 20% down payment.
Down payment
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%
%
%
$
$
$
$
Mortgage insurance
Mortgage default insurance is required if down payment is less than 20%. CMHC, Genworth and Canada Guarantee provide this type of product which protects the lender in case of a default. Mortgage insurance premium will be based on the amount of down payment. Typical premiums are between 0.6% and 4.50%.
Mortgage insurance
$
$
$
$
Total Mortgage Amount
$
$
$
$
Amortization period
Amortization period is amount of time it takes you to repay the mortgage. The highest amortization period for insured high-ratio mortgages is 25 years, however longer period is allowed on conventional mortgages with down payment of 20% or more.
Amortization period
Step 2
Select amortization period
Mortgage rate
Mortgage rate is the rate charged by the lenders on the total mortgage amount. In most cases the rate is determined on the term, type, location and client’s personal financial situation. To get most up to date rate please click "Check Rate".
Mortgage rate
Step 3
Select Mortgage Rate to estimate the payments
Mortgage type
There are variable and fixes types of mortgages with the term length between 1 to 10 years. The variable rate will fluctuate with the prime rate while fixed rate stays the same for the length or the term. Depending on the circumstances the fixed rate is usually a preferred option.
Mortgage type
Mortgage payment
Total mortgage payment is based on your above selections. For insured mortgages the gross debt service ratio is 35% and total debt service ratio is 42%. For conventional products the debt service ratio depends on the lender’s policy.
Total Mortgage Payment
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$
$
$
Land Transfer Tax:
$

Provincial
Provincial property transfer tax also known as land transfer tax is usually calculated on the total value of the property. The rate varies province by province and has to be paid when the title is transferred.
Provincial:
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Municipal
On top of the provincial tax, some municipalities charge municipal property/land transfer tax. In many cases it is calculated similar to the provincial tax.
Municipal:
$
Rebate
Some provinces and/or municipalities offer rebates for the first-time buyers or on newly built homes. This amount varies depending on where the property is located.
Rebate:
$
$

Property Location:
Step 4
Chose property location to estimate land transfer tax
I am a first-time buyer
I am purchasing a new build

The down payment is not the only cost you'll encounter when purchasing a home. Here are some other possible costs you need to consider:

Type of Dwelling:    
Upfront Cash Required
Scenario:   
Down payment $0
PST on mortgage insurance $0
Land Transfer Tax $0
Lawyer fees $1,000
Title insurance $0
Total Cash Required $0
Other expenses to consider
Home inspection fees $300 - $500
Appraisal fees $300
Expenses
Scenario:   
Mortgage payment $0
Property Tax
$
Monthly Debt Payments
$
Utilities
$
Property insurance
$
Phone
$
Cable
$
Internet
$
Total $0
Scenario:   
Year Total Paid Principal Paid Interest Paid Balance

View Legal Disclaimer

Different mortgage calculators will produce divergent results based on programming assumptions related to rounding, compounding and/or accrual. The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a mortgage professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for a mortgage. Qualification for mortgages or loans requires additional information such as income, credit score and existing debts which is not gathered in this calculator. All mortgage rates are subject to change without notice. Conventional and refinance rates may be higher. Some rates may not be available in all Provinces. All information such as interest rates, taxes, insurance, etc. are estimates and should be used for comparison only. OAC. E&OE.