Mortgage Calculator
Plan your payoff, find out what you qualify for, see what happens to your payment at renewal, or explore the full cost of buying, including all the costs nobody talks about.
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Applied every 12 months (e.g. tax refund)
Lump sums at specific months
No one-time payments added.
Monthly payments, with interest compounded monthly, as on US mortgages.
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The Complete Guide to Mortgage Costs
Most first-time buyers focus on the down payment, but the full cost of buying a home is significantly higher. Here's what to know.
The 3-5% Closing Cost Rule
In the US, closing costs typically run 2-5% of the purchase price on top of your down payment. In Canada, budget 1.5-4% beyond your down payment (more in provinces with high land transfer taxes like Ontario and BC). First-time buyers are often blindsided by this, so plan for it early.
Why CMHC Insurance Exists (Canada)
Canada's CMHC mortgage insurance is mandatory when your down payment is under 20%. It protects the lender (not you) against default. The premium (2.8-4.0% of the mortgage) is added to your mortgage balance, meaning you pay interest on it for the life of the loan. Saving 20% down eliminates this entirely.
Land Transfer Tax Surprises
If you're buying in Toronto, you face two land transfer taxes: provincial AND municipal. On a $900,000 home, that's $28,950 in land transfer taxes alone ($14,475 provincial + $14,475 municipal). BC also has significant LTT. Alberta and Saskatchewan charge no LTT, representing a meaningful advantage for buyers in those provinces.
The Hidden Ongoing Costs
The mortgage payment is just the beginning. Budget for property taxes (0.3-2.5%/year), home insurance ($900-$3,500/year), and maintenance (1-2%/year). On a $700,000 home, that's potentially $15,000-$20,000 per year in costs beyond your mortgage - costs that renters simply don't have.