Toronto Mortgage Calculator
Free Toronto mortgage calculator with Ontario land transfer tax, Toronto municipal LTT, and GTA housing data. Calculate monthly payments for Toronto, Mississauga, Brampton, Markham, and all GTA cities.
Input Mortgage Details here. Results will update instantly.
Variable: Your rate moves with the Bank of Canada prime rate — historically lower, but payments may change if prime changes.
Rate locked for the full term — stable, predictable payments
How long your rate is locked in before renewal
Total time to fully pay off the mortgage
At End of 5 Years Term
💡 After your 5 Years term, you will renew the remaining $771,230 balance at the rate available at that time. Shopping for the best renewal rate can save you thousands.
🔒 Fixed Rate — Stress Test
🏛️ The federal mortgage stress test requires you to qualify at the higher of your contract rate + 2% or 5.25%, regardless of your actual rate. This ensures you can handle future rate increases.
Full Amortization Breakdown
<ins> tagToronto Housing Market Data
Toronto Property Tax & Transfer Tax
Property Tax Rate: Approximately 0.67% of assessed value annually (avg. $7,200/year on average home). Ontario Land Transfer Tax applies plus Toronto Municipal Land Transfer Tax (double LTT). On a $1M home, total LTT is approximately $32,950. First-time buyers get a rebate up to $8,475 (provincial) + $4,475 (municipal).
Toronto first-time buyers can access the Ontario First Time Home Buyer Incentive and the federal First Home Savings Account (FHSA) for up to $40,000 in tax-free savings.
Toronto Homebuyer Guide
Toronto Housing Market Overview
The Greater Toronto Area (GTA) is Canada's largest real estate market with over 6 million residents. The City of Toronto proper has some of the highest prices, while the 905 region (Mississauga, Brampton, Markham, Vaughan) offers more affordable options. Condos dominate the Toronto core, while detached homes are more common in the suburbs.
Toronto's Double Land Transfer Tax
Toronto is unique in Canada for charging both provincial Ontario Land Transfer Tax AND a Municipal Land Transfer Tax. On a $1 million home, you'll pay approximately $16,475 (provincial) + $16,475 (municipal) = $32,950 in total land transfer taxes. First-time buyers receive rebates of up to $8,475 (provincial) and $4,475 (municipal).
Toronto Mortgage Qualification
Toronto's high prices mean many buyers need larger down payments or co-signers. The federal stress test requires qualifying at 5.25% or your rate + 2%. Consider the First Home Savings Account (FHSA) for tax-deductible contributions up to $8,000/year ($40,000 lifetime). The RRSP Home Buyers' Plan allows up to $35,000 per person.
Toronto Neighbourhoods by Price
Most affordable: Scarborough, North York, Etobicoke, and the 905 suburbs. Mid-range: East York, Leslieville, The Danforth, and Mimico. Premium: Forest Hill, Rosedale, The Annex, and Yorkville. Condo hotspots: Downtown Core, Liberty Village, King West, and Distillery District.
Toronto Property Tax
Toronto's property tax rate is 0.67% of assessed value (MPAC assessment), one of the lowest rates in the GTA but applied to very high property values. A $1 million home pays approximately $6,700/year. The City also charges a Municipal Accommodation Tax and various development charges for new builds.
Toronto First-Time Buyer Programs
Programs available to Toronto first-time buyers include: Federal First Home Savings Account (FHSA), RRSP Home Buyers' Plan ($35,000/person), Ontario First Time Home Buyer Incentive (shared equity with government), and the Toronto Affordable Home Ownership Program for eligible buyers.
<ins> tagToronto Closing Cost Estimator
Estimate your total closing costs including land transfer tax, legal fees, title insurance, and more — with first-time buyer rebate support.
Related Calculators & Resources
About Our Toronto Mortgage Calculator
Our free Toronto mortgage calculator uses current Canadian mortgage standards including semi-annual compounding as required by the Bank Act. Enter your home price, down payment, interest rate, and amortization period to instantly calculate your monthly, bi-weekly, or weekly mortgage payments.
The calculator automatically accounts for CMHC mortgage insurance if your down payment is less than 20%, which is required for all insured mortgages in Canada. It also allows you to include Toronto's property taxes and home insurance for a complete picture of your monthly housing costs.
Disclaimer: All calculations are estimates for informational purposes only. Actual mortgage terms, rates, and payments will vary based on lender requirements, credit profile, and market conditions. Consult a licensed mortgage professional for personalized advice. No data entered on this site is collected or stored.