Calculator
Mortgage Payment Calculator
Estimate payments, CMHC insurance, and affordability, all in one place.
Estimated Payment
$3,436.11
per month
- Mortgage before insurance
- $585,000
- Default insurance(3.10%)
- +$18,135
- Total mortgage
- $603,135
- Balance after a 5-year term
- $532,041
- If you renew at 1% higher
- $3,727 per month
- If you renew at 2% higher
- $4,028 per month
- Total interest over 25 years, if the rate never changed
- $427,698
Cash Needed at Closing
- Down payment
- $65,000
- Ontario land transfer tax
- $9,475
- Sales tax on the insurance (8%)
- $1,451
- Legal fees (typical)
- $1,500 to $2,000
- Estimated total
- $77,426 to $77,926
Plus property tax and utility adjustments, title insurance, a home inspection and moving costs. Toronto has an extra municipal land transfer tax; Barrie and Simcoe County do not.
Mortgage Default Insurance Required
With less than 20% down, your mortgage needs default insurance. The premium of $18,135 is added to your mortgage. Ontario also charges 8% sales tax on the premium ($1,451), which you pay at closing. Insured mortgages can run up to 25 years, or 30 years for first-time buyers and new builds (the premium is 0.20% higher over 25 years).
Affordability Check
Optional. A rough check of your debt ratios, not an approval. Lenders test you at the stress test rate (6.8% here: your rate plus 2%, or 5.25% if higher). Insured mortgages allow up to 39% GDS and 44% TDS; other lenders set their own limits. Approval also depends on your credit, income documents and the property.
Before tax, all borrowers.
Car, student and other loans.
Total owing. Lenders usually count 3% of it as a monthly payment.
Check the listing or tax bill.
If any. Half is counted.
Disclaimer: This calculator gives estimates only and is not financial advice or a mortgage approval. Rates, insurance premiums and qualifying rules vary by lender, and your lender may calculate payments slightly differently. Payments assume semi-annual compounding, the standard for Canadian fixed-rate mortgages. Insurance premiums use CMHC's published rates as of October 2026 and may change.