Mortgage calculator for Ontario
Estimate your monthly payment on a home in Ontario. The calculator adds the default insurance premium to the mortgage when you put less than 20% down, and includes Ontario's land transfer tax, with the first-time buyer refund and Toronto's municipal tax if you buy in the city.
Calculator
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Monthly payment
$2,964.89
On a mortgage of $556,740
Land transfer tax
$4,475
After a first-time buyer refund or exemption of $4,000
| Item | Amount |
|---|---|
| Minimum down payment | $35,000 |
| Default insurance | $16,740 |
| Provincial sales tax on the premium (paid at closing) | $1,339 |
| Total interest over amortization | $332,728 |
| Down payment share | 10.0% |
Assumes the property contains one or two single family residences.
Estimate only, based on the published rules listed below. Lenders, insurers and tax authorities apply their own criteria.
Rules that are the same across Canada
- Minimum down payment: 5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million, and 20% at $1.5 million or more.
- Less than 20% down needs mortgage default insurance; the premium is added to the mortgage.
- Lenders qualify you at the greater of your rate plus 2 percentage points or 5.25%.
Other closing costs
Legal fees, a home inspection, title insurance and adjustments for prepaid property tax add to the cash you need on closing day.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-14.