SirLuckHomes Real Estate Brokerage · Ontario

Mortgage Calculator

Estimate your monthly payments and understand what you can afford. Get pre-approved with confidence.

Use the calculator below to model different purchase prices, down payments, and amortization periods—then speak with our team to turn the numbers into a real approval.

Understanding Your Mortgage Payments

Your monthly mortgage payment in Ontario is made up of several components. Use this guide to understand what the calculator is showing you.

Principal & Interest

The main portion of your payment goes toward paying off the loan amount (principal) and the interest charged by your lender.

Property Taxes

Ontario property taxes vary by municipality. As a rule of thumb, budget 0.5% to 1.5% of your home value annually and divide by 12 for a monthly estimate.

Insurance & Fees

Include home insurance, CMHC insurance premiums if your down payment is under 20%, and any condo fees or maintenance charges where applicable.

Ontario Mortgage Quick Facts

Key numbers every Ontario homebuyer should know before running the mortgage calculator.

Minimum Down Payment

5% on the first $500,000, 10% on the portion from $500,000 to $1.5M, and 20% for homes priced at $1.5M or more (insured mortgages require a purchase price under $1.5M).

Stress Test Rate

You must qualify at the higher of your contract rate + 2% or the benchmark rate (currently 5.25%).

Average Amortization

Most insured mortgages use a 25-year amortization, which is the maximum for high-ratio (insured) loans.

Land Transfer Tax

Ontario charges 0.5% to 2% on a sliding scale. Toronto buyers pay an additional municipal land transfer tax.

Getting Your Mortgage

Follow these four steps to move from running numbers to getting your keys in hand.

Step 1 · Get Pre-Approved

Know your budget before you start shopping so you can focus on homes within your true price range.

Step 2 · Find Your Home

Search with confidence, knowing what you can comfortably afford in your target neighbourhoods.

Step 3 · Make an Offer

Submit a competitive offer with financing already lined up, strengthening your position with sellers.

Step 4 · Close the Deal

Finalize your mortgage documents, pay closing costs and land transfer tax, and collect your keys.

Calculate Your Payments

Use our interactive mortgage calculator to estimate your monthly payments, see down payment comparisons, and understand your total costs based on real Ontario numbers.

Ready to Get Pre-Approved?

Speak with a SirLuckHomes mortgage specialist for tailored advice on rates, lenders, and approval strategies in Ontario.

Prefer email? Reach us at [email protected].

SirLuckHomes Real Estate Brokerage

Helping Ontario buyers and sellers make confident real estate decisions with clear numbers and expert guidance.

Contact

Office

Greater Toronto Area, Ontario
Serving buyers and sellers across the GTA and surrounding regions.

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