Mortgage payment calculator
The asking price, or the offer you have in mind.
Example5.00% is a worked example, not a quote. Type the rate you were quoted.
Twelve payments a year.
Accelerated bi-weekly clears it in 21.5 years, 3.5 years early, and saves $84,118 in interest.
Estimated payment
Worked example at 5.00 per cent. Monthly payment $4,047.53. Mortgage amount $695,925, down payment $75,000.
A worked example at 5.00%. Replace it with the rate you were quoted.
Where each year’s payments go
- Mortgage amount
- $695,925
- Down payment
- $75,000 10%
- Interest over the life
- $518,335
- Total of payments
- $1,214,260
What you need on closing day
Starts at Yes. It sets both land transfer tax rebates, and on an insured mortgage it decides whether 30 years is available at all — answered No, a 30-year request is written at 25, on a different CMHC premium and a higher payment. Anyone who has owned before and leaves this on Yes is reading figures that flatter them.
Toronto charges a municipal land transfer tax, and a registration fee, on top of the provincial tax — on every property in the city. That is all six municipalities amalgamated on 1 January 1998: the old City of Toronto, East York, Etobicoke, North York, Scarborough and York.
$84,149
- Down payment$75,000
- Land transfer tax$7,475
- PST on the premium$1,674
Lawyer’s fees, title insurance, the home inspection and the adjustments are on top of this, and so are home insurance, which a lender requires before it advances, and condominium fees where they apply. Those are quotes rather than rates, so budget for them separately.
A mortgage payment is not the monthly cost of a home. Property tax is the other half of it, and it is charged on the MPAC assessed value — not on what you pay for the house. Ontario’s valuation date is still January 1, 2016, so the assessment is usually well below today’s price.
On your MPAC Property Assessment Notice or your tax bill. Not your purchase price — entering that overstates the tax.
Enter an assessed value to see the property tax.
Brampton residential rate 1.253381%, 2026 — the total on the bill, the municipal portion and the provincial education portion combined. Source. Condo fees, where they apply, are on top of this.
Rates read 4 September 2026: Financial Consumer Agency of Canada (down payment), Canada Mortgage and Housing Corporation (premiums), Ontario Ministry of Finance (land transfer tax and the 8% premium tax), and City of Toronto (municipal land transfer tax, on the schedule in force since 1 April 2026). An estimate, not a quote — your lawyer confirms the closing figures.
What each down payment costs you every month, and what it takes to get to the table. Worked at 5.00% over 25 years.
A larger deposit lowers the payment twice over: less borrowed, and at 20% no mortgage insurance premium at all. It also asks for more cash on the day. The column that is easiest to reach is rarely the cheapest to own, and that trade is the decision — not the rate.
How this is calculated
Interest is compounded semi-annually, not in advance — the convention Canadian fixed-rate mortgages are quoted on. A calculator that divides the annual rate by twelve is using the American convention and will overstate your payment: $500,000 at 5.00% over 25 years is $2,908.02 a month calculated this way, and $2,922.95 calculated the American way.
The Interest Act is often given as the reason, and that is not what it says. Section 6 sets a disclosure rule rather than a compounding frequency: on a mortgage whose payments blend principal and interest, no interest is chargeable at all unless the mortgage “contains a statement showing the amount of the principal money and the rate of interest chargeable on that money, calculated yearly or half-yearly, not in advance”. Yearly is permitted by those same words. Half-yearly is what lenders quote, so half-yearly is what this calculates.
This is an estimate for budgeting, not a quote or an approval — only a mortgage professional can give you either. Mortgage default insurance, the land transfer taxes and the cash needed at closing are worked out in the panel above, each against the issuing authority’s own published rates. Property tax and condo fees are NOT included in the payment — Ontario still assesses property on the January 1, 2016 valuation date, so an estimate taken from today’s purchase price would overstate the tax rather than help you. Every figure is calculated on the rate you type; the 5.00% it opens on is a worked example you can clear in one press.
Robin will work through pre-approval, the deposit, land transfer tax and closing costs against a real purchase price — in Gujarati, Hindi or English.