Ontario Mortgage Calculator
Calculate your Ontario mortgage payment with CMHC premiums and land transfer tax.
Useful for home buyers in Toronto, Ottawa, Mississauga, Hamilton, London, and all of Ontario.
Useful for home buyers in Toronto, Ottawa, Mississauga, Hamilton, London, and all of Ontario.
Why use an Ontario Mortgage Calculator?
Ontario has a land transfer tax, and Toronto has an additional municipal land transfer tax. First-time buyers may qualify for a rebate. This calculator estimates your payment, CMHC premium, and closing costs.
Ontario has a land transfer tax, and Toronto has an additional municipal land transfer tax. First-time buyers may qualify for a rebate. This calculator estimates your payment, CMHC premium, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Ontario Land Transfer Tax: 0.5% on the first $55,000, 1% on $55,000–$250,000, 1.5% on $250,000–$400,000, 2% on $400,000–$2,000,000, and 2.5% above $2,000,000. Toronto buyers pay an additional municipal land transfer tax.
Average Home Prices in Major Ontario Cities (2024)
| City | Detached | Linked | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|---|
| Toronto | $1,600,000 | $1,200,000 | $1,100,000 | $900,000 | $750,000 |
| Ottawa | $900,000 | $700,000 | $650,000 | $600,000 | $450,000 |
| Mississauga | $1,400,000 | $1,000,000 | $950,000 | $800,000 | $650,000 |
| Hamilton | $950,000 | $750,000 | $700,000 | $650,000 | $500,000 |
| London | $800,000 | $600,000 | $550,000 | $500,000 | $400,000 |
Note: Prices are approximate averages for 2024 and may vary by neighbourhood and property features.
How Mortgage Rules Work in Ontario
- Land Transfer Tax: Ontario buyers pay a land transfer tax on home purchases. Toronto buyers pay an additional municipal land transfer tax. First-time buyers may qualify for a rebate on homes up to $368,000 (maximum $4,000 rebate). This applies whether you are buying in Toronto, Ottawa, Mississauga, Hamilton, London, or any other Ontario city.
- CMHC Insurance: If your down payment is less than 20%, you must pay a CMHC (mortgage default insurance) premium, which is added to your mortgage.
- Higher Closing Costs: Ontario's closing costs include land transfer tax, legal fees, and other expenses.
Example: On a $700,000 home with 10% down in Toronto, you pay a CMHC premium and both provincial and municipal land transfer taxes. First-time buyers may get a rebate if the home is under $368,000.
Frequently Asked Questions
Yes, Ontario has a land transfer tax on home purchases. Toronto buyers pay an additional municipal land transfer tax. First-time buyers may qualify for a rebate.
0.5% on the first $55,000, 1% on $55,000–$250,000, 1.5% on $250,000–$400,000, 2% on $400,000–$2,000,000, and 2.5% above $2,000,000. Toronto buyers pay an additional municipal land transfer tax at the same rates.
CMHC is mortgage default insurance required in Canada when your down payment is less than 20%. The premium is added to your mortgage.