CMHC insurance required below 20% down. Homes over $1.5M require 20% minimum.
Car loans, student loans, credit card minimums. Not utilities, food, or insurance.
Leave blank for GTA average (~0.7%/yr).
50% counts toward GDS per OSFI rules.
Toronto adds a municipal land transfer tax. First-time buyers get rebates up to $4,000 (Ontario) and $4,475 (Toronto). New builds may attract HST.
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details to generate the schedule. | ||||
Monthly payment
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enter a price to calculate
- Mortgage principal---
- CMHC premium---
- Total interest paid---
- Total cost---
Payment frequency
Maximum purchase price
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enter income to calculate
- Qualifying rate (stress test)---
- Monthly mortgage (P+I)---
- Property tax---
- Heat---
- Condo fee (50%)---
- Total PITH---
- Other debts---
Total cash needed
---
down payment + closing costs
- Down payment---
- Ontario land transfer tax---
- Toronto land transfer tax---
- FTHB rebate (Ontario)---
- FTHB rebate (Toronto)---
- Net land transfer taxes---
- Legal + disbursements---
- Title insurance$300
- Home inspection---
- Appraisal$350
- Moving costs---
Total interest paid
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over full amortization
- Monthly payment---
- Principal borrowed---
- Interest cost ratio---
Equity milestones
Estimates only. Property tax assumes a GTA average of 0.7% of value; heat $200/mo. Land transfer tax is calculated on gross purchase price. Figures are illustrative and not financial, legal, or tax advice. Confirm with a licensed mortgage professional and a real estate lawyer.
CMHC mortgage insurance
When your down payment is less than 20%, mortgage default insurance is required. The premium is added to your mortgage and amortized. Homes over $1,500,000 are not eligible.
| Down payment | Premium rate |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
| 20% or more | None |
Ontario land transfer tax
| Purchase price | Marginal rate |
|---|---|
| First $55,000 | 0.50% |
| $55,001 to $250,000 | 1.00% |
| $250,001 to $400,000 | 1.50% |
| $400,001 to $2,000,000 | 2.00% |
| Over $2,000,000 | 2.50% |
Toronto's municipal LTT mirrors these brackets and is charged in addition. First-time buyers receive rebates up to $4,000 (Ontario) and $4,475 (Toronto).
The mortgage stress test
Lenders qualify you at the greater of your contracted rate plus 2%, or 5.25%. At a 5.25% contract rate, your qualifying rate is 7.25%. At 4.0%, the qualifying rate is 6.0%.
GDS and TDS ratios
GDS (Gross Debt Service) is monthly housing costs divided by gross monthly income; lenders cap this at 39%. TDS (Total Debt Service) adds all other monthly debt payments; maximum is 44%.
PITH explained
Principal + Interest + property Tax + Heat. Lenders calculate GDS as PITH (plus 50% of any condo fee) divided by gross monthly income. Every line in the Qualify tab feeds this formula.
Additional closing costs
Budget roughly 1.5 to 4% of purchase price for closing costs on top of your down payment. The biggest variable is land transfer tax, which scales with price and doubles in Toronto.
Ready to move forward?
Get pre-approved by a GTA mortgage professional.
The HSR Team connects buyers with trusted GTA mortgage brokers who can run your actual numbers, issue a pre-approval, and help you lock in the right rate before you start shopping.