Mortgage Help

Down Payment

The minimum down payment depends on the home price:

5% on the first $500,000
10% on the portion between $500,000 and $999,999
20% for homes priced at $1 million or more
Putting down less than 20% means your mortgage will require mortgage default insurance (through CMHC or another insurer).

Mortgage Term & Amortization

Amortization: the total length of time to pay off the mortgage (commonly 25 or 30 years)
Term: how long your interest rate and conditions are locked in (often 5 years)
Your chosen term and amortization will impact your interest rate and monthly payments, so it’s worth crunching the numbers before committing.

 
Mortgage Type

Fixed-rate mortgages: Your interest rate stays the same for the entire term. Stable, predictable, and great if you like knowing exactly what’s coming out of your account each month.
Variable-rate mortgages: The rate can move up or down based on the lender’s prime rate. These often start lower than fixed rates but can change over time—great when rates drop, less fun when they don’t.

 
Interest Rate
This calculator may be pre-filled with an average Canadian mortgage rate. Your actual rate will depend on factors like your credit score, down payment amount, mortgage type, and lender. In other words—this is a solid estimate, not a pinky promise.

 
Property Taxes
Property taxes in Ontario are set by the municipality and are based on the home’s assessed value. The calculator includes an estimated amount, which you can adjust in the advanced options if you know the exact figure.

 
Home Insurance
Lenders in Ontario typically require home insurance before finalizing your mortgage. This protects both you and the lender in case of damage or loss. You can update this estimate in the calculator’s advanced options.

 
Condo Fees (Maintenance Fees)
If the property is a condo or part of a managed community, you’ll likely pay monthly condo or maintenance fees. These usually cover things like building maintenance, snow removal, landscaping, and shared amenities. Fees vary.