Mortgage Calculator
Substitute your figures for the figues showing under Mortgage Parameters
These calculations do not include an allowance for Mortgage Insurance premiums
which may be required for any mortgage in excess of 75% of the purchase price:
- Up to and including 65%, the premium is 0.50% of the purchase price;
- Up to and including 75%, the premium is 0.65% of the purchase price;
- Up to and including 80%, the premium is 1.00% of the purchase price;
- Up to and including 85%, the premium is 1.75% of the purchase price;
- Up to and including 90%, the premium is 2.00% of the purchase price; and,
- Up to and including 95%, the premium is 3.25%
Ontario Land Transfer Tax Calculator
Generally, the largest extra cost on closing is for Ontario Land Transfer Tax.
You can calculate the tax by filling in the purchase price below, and clicking on "Calculate Tax" button. Ontario's Land Transfer Tax on residential property is the total of:
- 0.5% on the first $55,000
- plus 1.0% of the amount from $55,001 to $250,000
- plus 1.5% of the amount in excess of $250,001 to $400,000
- plus 2.0% of the amount in excess of $400,000 for land that contains at least one
and not more than two single family residences