Mortgage Calculator Ontario | Laura Brown & Kristina Kritikos — The Mother Daughter Team™
Buyer Planning Tool

Mortgage Calculator —
Estimate Your Monthly Payments

What will this home really cost per month? Go beyond the mortgage payment — see the full picture.

Serving Burlington · Hamilton · Waterdown · Ancaster · Dundas · Stoney Creek · Oakville & surrounding Ontario markets

For planning purposes only. Not a mortgage approval or lending commitment.

Home / Resources / Mortgage Calculator
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Property Details

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Down Payment Amount $170,000

Under 20% = high ratio, mortgage default insurance required · 20%+ = conventional, no insurance. Minimum down payment: 5% to $500,000, then 10% of the portion above, and 20% over $1.5M.

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Mortgage Terms

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Annual rate · Calculated using semi-annual compounding, the convention for fixed-rate Canadian mortgages

On an insured mortgage (under 20% down), a 30-year amortization is available only to first-time buyers or on a newly built home — set the toggles below. A conventional mortgage with 20%+ down is not subject to this rule.

Your rate stays the same for the entire mortgage term (typically 5 years). Predictable payments — no surprises. Most Canadian buyers choose fixed.

Accelerated bi-weekly pays half the monthly amount 26×/year — shortening your amortization

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Monthly Carrying Costs

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Burlington avg. ~$5,200–$7,500/yr · Hamilton avg. ~$4,800–$6,500/yr

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Recommended: 1% of home value per year

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Options

First-Time Buyer Applies Ontario FTHB land transfer tax rebate (up to $4,000), and allows a 30-year amortization on an insured mortgage
Newly Built Home New construction also allows a 30-year amortization on an insured mortgage
Property in Toronto? Adds Toronto Municipal Land Transfer Tax (MLTT) and separate FTB rebate up to $4,475. Brackets above $3M apply only to properties with one or two single-family residences.
Include CMHC Insurance Auto-applies if down payment is under 20% and price is under $1.5M
Monthly Mortgage Payment
$0
Total Monthly Housing Cost
Estimated Total $0
Mortgage (monthly equiv.) $0
Property Tax $0
Condo Fees $0
Heating & Utilities $0
Home Insurance $0
Maintenance Reserve $0
Conventional

No CMHC insurance required — your 20%+ down payment means no additional premium on your mortgage.

Upfront & One-Time Costs
Down Payment (0%) $0
Mortgage Default Insurance Premium N/A
Ontario Land Transfer Tax $0
Other Closing Costs (est.) Includes: legal fees, title insurance, home inspection, closing adjustments & moving costs $0 – $0
Total Cash Needed (est.) $0 – $0
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Enter your details to see your comfort note.

This tool provides estimates for planning purposes only — it is not lending, legal, or tax advice, and not a mortgage approval or lender commitment. Actual eligibility (including 30-year amortization and CMHC insurance) depends on your full financial picture and the property. Always consult a licensed mortgage professional, accountant, and real estate lawyer before making financial decisions.

Mortgage Pre-Approval

Get Pre-Approved with a Certified Mortgage Specialist

Know exactly what you can afford before you start your search. Our trusted partner Angie Alvarez at Capital Home Lending will guide you through the pre-approval process — no obligation, no pressure.

Get Your Pre-Approval

You'll be connected directly with Angie Alvarez at Capital Home Lending

Monthly Cost Breakdown

Where Your Money Goes Each Month

Mortgage $0
Property Tax $0
Condo Fees $0
Heating & Utilities $0
Home Insurance $0
Maintenance Reserve $0
Total Monthly $0
What Buyers Often Overlook

Most buyers focus on the mortgage.
These costs often come as a surprise.

Land Transfer Tax

In Ontario, you pay land transfer tax on every property purchase. On an $850,000 home that's approximately $13,475 — due on closing day. First-time buyers get a rebate of up to $4,000.

CMHC Mortgage Insurance

If your down payment is under 20%, CMHC insurance is required. The premium (2.80–4.20% of the mortgage, higher end for 30-year amortizations) is added to your loan — meaning you pay interest on it for the life of your mortgage.

Legal & Closing Fees

Legal fees, title insurance, home inspection, and closing adjustments typically add $3,500–$8,000+ to your closing day costs. Budget 1.5–3% of your purchase price above your down payment.

Maintenance Reserve

Industry rule of thumb: budget 1% of your home's value per year for maintenance. On an $850K home that's ~$708/month set aside — most first-time buyers don't account for this at all.

Heating & Utilities

Detached homes in Burlington and Hamilton typically cost $180–$350/month in heating alone. Add hydro, water, and internet and you're often looking at $400–$600/month total.

Home Insurance

Home insurance is required by lenders and ranges from $100–$250/month depending on coverage, location, and the age of the home. Older homes and homes near water typically cost more.

Ready for the Next Step?

Want help finding homes that actually fit your monthly comfort zone?

We can help you find homes that align with your budget, lifestyle, and real monthly carrying costs — not just your pre-approval. Laura and Kristina serve Burlington, Hamilton, Waterdown, Ancaster, Dundas, Stoney Creek, and surrounding markets.

We respect your privacy. Your information is never shared or sold.