Free Tool
Mortgage Calculator
Monthly payment, land transfer tax, closing costs, and total cost over the term — all in one place. Plan your purchase before falling in love with a listing.
Estimated Monthly Payment
$4,249
Principal + interest, paid monthly over 25 years
Mortgage
$742K
CMHC
$22K
Interest
$532K
Period
25 yrs
At Closing
Cash Needed to Close
Government Fees
Land Transfer Tax
Real Monthly Cost
Total Monthly Ownership
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Let's walk through your specific numbers together.
Over the Full Term
Where the money actually goes
Total paid over 25 years — $1,274,757. Most of what you pay isn't principal.
Principal
$720,000
The amount you actually borrowed
Interest
$532,437
The bank's cut over 25 years
CMHC Insurance
$22,320
Default insurance premium (<20% down)
Pay-down strategy: Even a $200/month overpayment on a 25-year mortgage can cut total interest by tens of thousands and shave years off the amortization.
Understanding the Numbers
What every line actually means
Mortgage paperwork is full of jargon. Here's plain-English for the terms in this calculator.
Principal
The actual amount you borrow. Every payment includes some principal and some interest — early on, payments are mostly interest.
Interest
The cost of borrowing, charged as a % of your outstanding balance. Over 25 years, you often pay almost as much in interest as the home cost.
CMHC Insurance
Mortgage default insurance required when your down payment is under 20%. Premiums range from 2.8%–4% of the loan and get added to the mortgage.
Land Transfer Tax
Provincial (and Toronto municipal) tax paid when title changes hands. First-time buyers get rebates of up to $4,000 + $4,475.
Closing Costs
Everything else due at closing — legal fees, title insurance, inspection, appraisal, moving. Plan for 1.5–4% of the price.
Total Monthly Cost
Mortgage payment + property tax + insurance + utilities + maintenance. The real number — not just the mortgage payment alone.
Next Step
These numbers are estimates.
Yours don't have to be.
Want to know what you can actually afford, what your real monthly payment would be, and which programs you qualify for? Let's talk it through.