Calculators
Mortgage payment calculator
Estimate your mortgage payment, default insurance and the cash you'll need to close on a home in Ontario.
Monthly payment
$4,109per month
- Mortgage amount
- $742,320
- Default insurance
- $22,320 3.10%
- Total interest
- $490,242
- Paid off in
- 25 years
Cash needed to close
- Down payment
- $80,000
- Ontario land transfer tax
- $12,475
- Toronto land transfer tax
- $0
- Sales tax on insurance
- $1,786
- Closing costs
- $2,700
- Total
- $96,961
Doesn't include moving costs or closing adjustments such as prepaid property tax.
Monthly costs
- Mortgage payment
- $4,109
- Property tax
- $667 estimate
- Heating
- $167 estimate
- Condo fees
- $0
- Total
- $4,942
Your payments averaged out to a month.
Talk through your numbersCompare down payments
The same home, rate and amortization with different down payments. Under 20% down, default insurance is added to the mortgage.
| Down payment | Default insurance | Mortgage | Payment |
|---|---|---|---|
| $55,000 6.88% | $29,800 | $774,800 | $4,288 |
| $80,000 10% yours | $22,320 | $742,320 | $4,109 |
| $120,000 15% | $19,040 | $699,040 | $3,869 |
| $160,000 20% | None | $640,000 | $3,542 |
Amortization schedule
How each year's payments split between principal and interest, if the rate stayed the same for the whole amortization.
Show the year-by-year schedule
| Year | Payments | Principal | Interest | Balance at year end |
|---|---|---|---|---|
| 2026 | $49,302 | $16,542 | $32,760 | $725,778 |
| 2027 | $49,302 | $17,295 | $32,007 | $708,483 |
| 2028 | $49,302 | $18,082 | $31,220 | $690,400 |
| 2029 | $49,302 | $18,905 | $30,397 | $671,495 |
| 2030 | $49,302 | $19,765 | $29,537 | $651,730 |
| 2031 | $49,302 | $20,665 | $28,638 | $631,065 |
| 2032 | $49,302 | $21,605 | $27,697 | $609,460 |
| 2033 | $49,302 | $22,588 | $26,714 | $586,872 |
| 2034 | $49,302 | $23,616 | $25,686 | $563,256 |
| 2035 | $49,302 | $24,691 | $24,612 | $538,565 |
| 2036 | $49,302 | $25,814 | $23,488 | $512,751 |
| 2037 | $49,302 | $26,989 | $22,313 | $485,761 |
| 2038 | $49,302 | $28,217 | $21,085 | $457,544 |
| 2039 | $49,302 | $29,501 | $19,801 | $428,043 |
| 2040 | $49,302 | $30,844 | $18,459 | $397,199 |
| 2041 | $49,302 | $32,248 | $17,055 | $364,951 |
| 2042 | $49,302 | $33,715 | $15,588 | $331,236 |
| 2043 | $49,302 | $35,249 | $14,053 | $295,987 |
| 2044 | $49,302 | $36,853 | $12,449 | $259,134 |
| 2045 | $49,302 | $38,530 | $10,772 | $220,603 |
| 2046 | $49,302 | $40,284 | $9,019 | $180,320 |
| 2047 | $49,302 | $42,117 | $7,186 | $138,203 |
| 2048 | $49,302 | $44,033 | $5,269 | $94,169 |
| 2049 | $49,302 | $46,037 | $3,265 | $48,132 |
| 2050 | $49,302 | $48,132 | $1,170 | $0 |
How this is calculated
- Payments assume a fixed rate compounded semi-annually, which is how Canadian fixed-rate mortgages are quoted.
- Default insurance (CMHC or another insurer) is required with less than 20% down and is only available on homes under $1,500,000. Premiums run from 2.80% to 4.00% of the mortgage, plus 0.20% for an amortization over 25 years, and are added to the mortgage.
- In Ontario, 8% provincial sales tax on the insurance premium is paid at closing and can't be added to the mortgage.
- Land transfer tax uses Ontario's rates and, for homes in the City of Toronto, the municipal rates in effect from April 1, 2026. First-time buyer rebates are up to $4,000 provincially and $4,475 in Toronto, if you qualify.
- With less than 20% down, a 30-year amortization is only available to first-time buyers and on newly built homes. With 20% or more down, most lenders offer up to 30 years.
- Accelerated payments are your monthly payment divided by two (bi-weekly) or four (weekly). Because that adds up to one extra monthly payment a year, the mortgage is paid off sooner.
These figures are estimates for illustration only and aren't a mortgage offer or approval. Your actual rate, payment and insurance premium depend on the lender, the property and your application.