Annual household income
Before tax, including a co-applicant's income if you're buying together.
Monthly debt
Every dollar of debt payment comes straight off the income a lender will count. Card and line-of-credit balances are counted at 3% of the balance per month, which is how most lenders treat them.
Property tax
Don't know your property tax yet?
That's normal — you can't know it until you've chosen a property. Most homes fall between $4,000 and $7,000 a year depending on the area, so use $5,000 for now and refine it once you're looking at real listings. The baseline model assumes $3,750; anything above that comes off your qualifying income dollar for dollar.
Down payment
At 20% down there is no mortgage insurance premium and no Ontario PST on insurance. Below 20%, the premium is added to your mortgage and the PST is paid in cash at closing.
Amortization & rate
A fixed rate of 4.39% buys roughly 4% less than a 3.60% variable. A 30-year amortization carries a slightly higher insurance premium.
Your Estimated Monthly Payment
Also used for the land transfer tax estimate below.
Example rates as of November 9, 2026. Your lender's rate may differ.
Monthly payment
$2,988- CMHC premium
- $0
- Final mortgage amount
- $543,200
- Ontario PST on mortgage insurance (cash)
- $0
- Total interest over amortization
- $353,312
- Balance after the first 5 years
- $476,435
Monthly vs. accelerated bi-weekly
Monthly
Accelerated bi-weekly
Estimates only, for illustration. Actual payments depend on your lender, rate and terms. This is not financial advice.
Ontario land transfer tax
Calculated separately from your affordability estimate using the home price above.
Estimated cash needed at closing
A snapshot of the cash you should expect to have available. It does not affect your affordability result.
- Down payment
- $135,800
- Ontario land transfer tax
- $10,055
- Estimated legal fees
- $1,500–$2,500
- Estimated title insurance
- $300–$600
- Appraisal (if required)
- $300–$500
- Property tax / utility adjustments
- Varies
- Estimated total cash required at closing
- $147,955–$149,455
Other potential costs when purchasing a home
Informational only — these are not part of the affordability calculation.
- Home inspection
- $400–$700
- Moving costs
- Varies
- Parking fees (some condos)
- Varies
- Changing locks
- Varies
These are estimates only. Actual costs vary by property and service provider.
Important disclaimer: This calculator provides an estimate only and is intended for informational purposes. Results are based on a typical purchase of a single-family detached home in Ontario using the information you provide. Actual mortgage qualification and home affordability may vary due to factors including, but not limited to, credit history, debt obligations, employment type (including self-employed, contract, seasonal, or temporary work), income verification, lender policies, interest rates, property type, down payment source, and other financial circumstances. Results may vary by approximately 1% to 4% or more depending on your individual situation. This calculator is not a mortgage pre-approval, financing commitment, or guarantee of approval. Before making any real estate or financial decisions, consult a licensed mortgage professional to obtain a personalized mortgage assessment and pre-approval.