Ontario Mortgage Calculators
Run your own numbers. Get a clear picture of your payments, affordability, and costs before you talk to us.
Mortgage Payment Calculator
Estimate your monthly or bi-weekly mortgage payments
Your Estimated Payments
How Much Can You Afford?
Estimate your maximum purchase price based on your income
Your Estimated Affordability
Amortization Schedule
See exactly how your mortgage is paid down year by year
Year-by-Year Breakdown
| Year | Principal Paid | Interest Paid | Balance |
|---|
Refinance Savings Calculator
See how much you could save by refinancing your mortgage
Your Potential Savings
Ontario Land Transfer Tax Calculator
Calculate your LTT including Toronto municipal tax and first-time buyer rebates
Land Transfer Tax Breakdown
CMHC Mortgage Insurance Calculator
Calculate your default insurance premium for down payments under 20%
CMHC Insurance Details
Home Equity Calculator
Find out how much equity you have and what you can access
Your Home Equity
HELOC Payment Calculator
Estimate your interest-only payments on a Home Equity Line of Credit
Your HELOC Payment Estimate
Debt Consolidation Calculator
See how much you could save by rolling high-interest debts into your mortgage
Enter up to 4 debts you're currently carrying. We'll compare your total monthly payments against a single consolidated mortgage payment.
Consolidation Comparison
Reverse Mortgage Estimator
Estimate how much tax-free cash you could access from your home equity
Your Reverse Mortgage Estimate
Bridge Financing Calculator
Estimate the cost of a bridge loan between your sale and purchase closing dates
Bridge Financing Cost
Mortgage Renewal Comparison
Compare your bank's renewal offer against what you could get by shopping around
Renewal Comparison
Fixed vs Variable Rate Comparison
See the payment difference and breakeven point between fixed and variable rates
Fixed vs Variable Comparison
Mortgage Penalty Estimator
Estimate the penalty for breaking your mortgage early
Estimated Penalty
How to Use These Mortgage Calculators
Every calculator on this page uses Canadian mortgage math. That means semi-annual compounding, not monthly compounding like you'd see on American mortgage sites. The difference matters because most online calculators are built for the US market and will give you slightly wrong numbers for a Canadian mortgage.
Our affordability calculator applies the federal stress test automatically. That means it qualifies you at the higher of your contract rate plus 2%, or 5.25%, whichever is greater. This is the same test your lender will use, so the number you see here should be close to what you'd actually get approved for.
Which Calculator Should I Start With?
If you're buying your first home, start with the affordability calculator to see what you can qualify for, then use the land transfer tax calculator and CMHC insurance calculator to understand your closing costs. If you already own a home and want to know your options, the home equity calculator is a good starting point. And if your renewal is coming up, the renewal comparison calculator will show you exactly how much you're leaving on the table by signing your bank's offer without shopping around.
Understanding Canadian Mortgage Compounding
In Canada, fixed-rate mortgages are compounded semi-annually by law, not monthly. This is set out in the Interest Act and it means the effective rate you pay is slightly lower than a monthly-compounded equivalent. For example, a 5% rate compounded semi-annually works out to a lower effective monthly cost than 5% compounded monthly. All 14 calculators on this page account for this automatically. Variable rate mortgages in Canada are typically compounded monthly, but the difference in payment amounts is minimal.
GDS and TDS Ratios Explained
When you apply for a mortgage, lenders look at two ratios. Your Gross Debt Service (GDS) ratio measures housing costs (mortgage payment, property tax, heating, and half of condo fees if applicable) as a percentage of your gross monthly income. Most lenders want this under 39%. Your Total Debt Service (TDS) ratio adds all other debt payments (car loans, credit cards, student loans, lines of credit) on top of your housing costs. Lenders typically want TDS under 44%. Our affordability calculator uses both of these limits, plus the stress test, to give you a realistic maximum purchase price.
| Ratio | What It Measures | Maximum |
|---|---|---|
| GDS | Housing costs / Gross income | 39% |
| TDS | (Housing + all debts) / Gross income | 44% |
Mortgage Penalties: What to Know Before You Break Your Term
If you need to break your mortgage before the term is up, whether to refinance, sell, or switch lenders, you'll face a penalty. For variable rate mortgages, the penalty is almost always 3 months of interest, which is usually manageable. For fixed rate mortgages, the penalty is the higher of 3-month interest or the Interest Rate Differential (IRD), and the IRD can be substantial. For example, if you have a $400,000 balance at 5.49% and current rates have dropped to 4.49%, the IRD penalty on 36 remaining months could be over $12,000. Our penalty calculator gives you a rough estimate, but every lender calculates IRD slightly differently, so call us for an exact number before making any moves.
Frequently Asked Questions
How much do I need for a down payment in Ontario?
The minimum down payment in Canada is 5% of the purchase price for homes up to $500,000. For homes between $500,000 and $1,499,999, you need 5% on the first $500,000 and 10% on the remaining amount. For homes over $1,500,000, you need a minimum of 20% down. So for a $700,000 home, the minimum down payment would be $45,000 (5% on $500K + 10% on $200K).
What is the mortgage stress test in Canada?
The mortgage stress test requires you to qualify at the higher of your actual contract rate plus 2%, or the Bank of Canada's qualifying rate (currently 5.25%), whichever is greater. This applies to all insured and uninsured mortgages at federally regulated lenders. It reduces how much you can borrow compared to your actual payment, which is why the purchase price in our affordability calculator may be lower than what you'd expect based on your income alone.
How is land transfer tax calculated in Ontario?
Ontario land transfer tax is calculated on a sliding scale: 0.5% on the first $55,000, 1% from $55,001 to $250,000, 1.5% from $250,001 to $400,000, 2% from $400,001 to $2,000,000, and 2.5% above $2,000,000. If you're buying in Toronto, there's an additional municipal land transfer tax on top. First-time buyers get a rebate of up to $4,000 on the provincial tax and up to $4,475 on the Toronto municipal tax.
Should I choose a fixed or variable rate mortgage?
It depends on your risk tolerance and where you think rates are headed. Fixed rates give you certainty because your payment won't change for the entire term. Variable rates are typically lower at the start and fluctuate with Prime, so your payment can go up or down. Variable rate mortgages also come with a smaller penalty if you need to break the term early (3-month interest vs IRD). There's no universally right answer, which is why we offer a comparison calculator to help you see the numbers side by side.
Can I use these calculators for a mortgage renewal?
Yes. At renewal, you're essentially getting a new mortgage on your remaining balance. Use the renewal comparison calculator to compare your bank's offer against better rates available through a broker. Then use the payment calculator with your remaining balance and new rate to see your exact payment. Most people don't realize they can switch lenders at renewal with zero penalty.
How do I qualify for a mortgage with bad credit in Ontario?
Bad credit doesn't automatically disqualify you. With a credit score below 600, you likely won't get approved at a major bank, but alternative lenders (sometimes called B lenders) and private lenders work with borrowers in exactly that situation. Rates are higher, typically 1-3% above prime lender rates for B lenders and 8-12% for private lenders, but it gets you into a home or allows you to refinance. We work with over 40 lenders across the full spectrum. Learn more about bad credit mortgages.