Mortgage payment calculator
The payment on a home purchase in Ontario, with the parts other calculators skip: the minimum down payment for the price, the mortgage insurance premium that is added to the loan below 20% down, and the sales tax on it that is due in cash at closing. Nothing you enter leaves your browser.
The purchase
The mortgage
Estimate · payment on $650,000
$3,271 a month
On a mortgage of $603,135 over 25 years at 4.3%. With 10% down the mortgage must be insured, and the premium is included in that figure.
Estimate based on the information entered, using Canadian semi-annual compounding. It does not include property tax, condo fees, home insurance, land transfer tax or closing costs. Most mortgages are renewed every few years at the rate of the day, so the interest total is illustrative. For informational purposes only; a lender or broker confirms the real figures.
How the estimate works
The payment
The payment is the amount that pays the mortgage off exactly over the amortization, using Canadian semi-annual compounding. It assumes the rate holds throughout, which in practice it rarely does: most mortgages renew every few years at the rate of the day.
The down payment
The minimum is 5% of the first $500,000 and 10% of the part up to $1.5 million. At $1.5 million or more it is 20% of the price, because mortgage insurance isn't available there.
Mortgage insurance
Below 20% down, the premium is a share of the loan set by the down payment, from 2.8% to 4%, and 0.20% more for a 30-year amortization. It is added to the mortgage, so the payment includes it. Ontario's 8% sales tax on the premium is paid in cash.
What it leaves out
Property tax, condo fees, home insurance, land transfer tax and closing costs. The affordability calculator brings property tax and heating in, because lenders count them when they test your income.
Common questions
- How is a mortgage payment calculated in Canada?
- The payment is the amount that pays the mortgage off exactly over the amortization at the interest rate. Canadian fixed-rate mortgages compound interest twice a year rather than monthly, which makes the payment slightly lower than an American-style calculation at the same rate. The calculator uses the Canadian method.
- What is the minimum down payment in Canada?
- 5% of the first $500,000 of the price and 10% of the part from $500,000 up to $1.5 million. At $1.5 million or more, 20% of the whole price. On a $650,000 home that is $25,000 plus $15,000, or $40,000.
- How much is mortgage insurance, and who pays it?
- With less than 20% down, the mortgage must be insured. The premium is a share of the loan that depends on the down payment: 4% with 5 to 9.99% down, 3.1% with 10 to 14.99% and 2.8% with 15 to 19.99%. It is usually added to the mortgage rather than paid up front. In Ontario, 8% sales tax on the premium is paid in cash at closing.
- Can I get a 30-year amortization?
- With 20% or more down, many lenders offer 30 years. With less than 20% down, a 30-year amortization is available to first-time buyers and buyers of newly built homes, and adds 0.20% to the insurance premium. A longer amortization lowers the payment but increases the interest paid over time.
- Does paying biweekly save money?
- A regular biweekly payment is the yearly total split into 26 payments, so it changes very little. An accelerated biweekly payment is the monthly payment divided by two, which adds up to one extra monthly payment a year and can take a few years off a 25-year mortgage. Our article on payment frequency works through the numbers.
More on schedules: weekly, biweekly or monthly, and what actually changes.
Related calculators
- How much house can we afford?Applies the stress test, debt limits and down payment rules to your income and savings, and estimates the price they could support.
- How much land transfer tax will I pay in Ontario?Ontario and Toronto land transfer tax, with first-time buyer refunds.
- How much sooner could I be mortgage-free?Shows what lump sums and higher payments save in interest and years, within typical prepayment limits.
Rules last reviewed 28 September 2026. An estimate, not a quote or a pre-approval. Add a simplified version to your website.