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Home / Calculators

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Five Ontario calculators to help you plan, from what you can afford to what closing will cost. They give estimates; I’ll confirm the exact figures for your situation.

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Ontario calculators

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Payment

Affordability

Closing costs

Equity

Compare rates

Mortgage payment

Your payment with default insurance and your choice of payment frequency.

Home price ($)Down payment (%)Interest rate (%)Use your own estimateAmortizationPayment frequency

$4,026

estimated monthly payment

Down payment$80,000

Default insurance$22,320

Total mortgage$742,320

Minimum down payment$55,000

Over the full amortization

Principal $742,320Interest $465,603

Includes default insurance at 3.10% of the mortgage, added to the loan.

How much can I afford?

An estimate of your maximum price using the lender ratios and the stress test.

Household income ($/year)Monthly debt payments ($)Car loans, cards, lines of creditDown payment ($)Interest rate (%)Property tax ($/month)Heating ($/month)Condo fees ($/month)Amortization

$737,548

estimated maximum purchase price

Maximum mortgage$657,548

Qualifying (stress test) rate6.30%

Monthly payment at your rate$3,567

Limited byHousing costs (GDS 39%)

Uses the stress test: qualifying at the higher of your rate + 2% or 5.25%.

Closing costs

Ontario and Toronto land transfer tax, first-time buyer refunds and other costs to budget for.

Purchase price ($)

I’m a first-time home buyerThe home is in the City of TorontoLegal fees ($)Ask your lawyer for a quoteOther costs ($)Title insurance, inspection, appraisal

$15,975

estimated cash for closing, on top of your down payment

Ontario land transfer tax$12,475

Toronto land transfer taxNot applicable

First-time buyer refunds$0

Legal and other costs$3,500

Share of price2.0%

Default insurance premiums carry 8% Ontario sales tax, paid at closing.

Home equity

How much you could access through a refinance or a home equity line of credit.

Home value ($)Mortgage balance ($)

$270,000

estimated equity available by refinancing to 80%

Maximum total borrowing (80%)$720,000

Available as a HELOC (65%)$135,000

Current loan-to-value50.0%

Before any penalty, legal or appraisal costs.

Compare two rates

See what a lower rate is worth each month and over your term.

Mortgage amount ($)AmortizationRate A (%)Rate B (%)Term

$140

monthly difference

Payment at rate A$2,880

Payment at rate B$2,740

Difference over 5 years$8,399

Payments only; excludes fees and penalties.

Estimates for planning only; not a mortgage approval or rate offer. Interest is compounded semi-annually, as on Canadian fixed-rate mortgages. Insurance premiums use standard rates. Affordability uses 39% GDS and 44% TDS ratios and the minimum qualifying rate; lenders may differ. Land transfer tax uses current Ontario and Toronto residential rates. All mortgages are subject to lender approval.

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