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Free calculator · Ontario
Compare four down payments side by side and see your mortgage payment, CMHC insurance, Ontario and Toronto land transfer tax, the cash you need to close and your monthly costs.
Cash needed to close
Scenario 1: 6.67% down
Down payment
$50,000
+Land transfer tax
$11,475
+PST on CMHC insurance (8%)
$2,240
+Legal & closing costs
Cash to close
$65,715
Monthly carrying costs
Scenario 1, shown per month
Mortgage payment
$4,029
+Property tax
+Heat & utilities
+Condo fees
Total per month
$4,579
Homes up to $790,000
Ontario listings in this budget, including private sales
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Estimates for comparison only, not financial advice. Payments use Canadian semi-annual compounding. The rate is an example: enter the rate you’ve been quoted. Click a scenario heading to use it for cash to close and carrying costs.
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How the buyers list worksYour payment depends on four things: how much you borrow, the interest rate, the amortization (how many years you take to pay it off) and how often you pay. Canadian fixed-rate mortgages are compounded semi-annually by law, which this calculator uses. If you put down less than 20%, the mortgage insurance premium is added to what you borrow, so it raises your payment too.
5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million, and 20% for homes priced at $1.5 million or more.
With less than 20% down, your mortgage must be insured against default. The premium is a percentage of the mortgage and is added to it. In Ontario, 8% PST on the premium is paid in cash at closing and can’t be added to the mortgage. Insured mortgages are only available on homes under $1.5 million.
Every Ontario buyer pays provincial land transfer tax, from 0.5% on the first $55,000 up to 2.5% above $2 million. Buying in the City of Toronto adds a municipal land transfer tax at similar rates, and much higher rates above $3 million. First-time buyers can get up to $4,000 back from Ontario and up to $4,475 from Toronto.
Sources
Estimates only, not financial, tax or legal advice. Rates and rules last reviewed October 4, 2026.
