Mortgage Calculator
Estimate your monthly payments, CMHC insurance, and land transfer tax. Get a clear picture before you buy.
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Estimated Monthly Payment
$2,336
or $1,168 bi-weekly
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* This calculator provides estimates for informational purposes only. Actual rates, payments, and costs may vary based on your specific situation, credit score, and lender policies. Contact Jordan for a personalized quote.
Frequently Asked Questions
What is CMHC insurance?
CMHC mortgage insurance is required in Canada when your down payment is less than 20% of the home price. It protects the lender if you default on your mortgage. The premium is added to your mortgage and ranges from 2.8% to 4% of your mortgage amount.
How much down payment do I need in Ontario?
The minimum down payment in Ontario is 5% for homes under $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remainder. Homes $1 million+ require 20% minimum.
What is land transfer tax in Ontario?
Ontario land transfer tax is a provincial tax paid when you purchase property. It's calculated on a sliding scale from 0.5% to 2.5% of the purchase price. First-time home buyers may qualify for a rebate of up to $4,000.