Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term

In Ontario, Canada, mortgage loan terms typically range from 6 months to 10 years, with the most common terms being 1 year, 2 years, 3 years, 4 years, and 5 years. After the term expires, borrowers often have the option to renew the mortgage for another term or pay off the remaining balance. 

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and Variable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Variable rate mortgages, often referred to as adjustable-rate mortgages (ARMs) in Canada, are a type of mortgage where the interest rate fluctuates based on changes in the lender's prime lending rate. These mortgages are available in Ontario, Canada, and provide borrowers with the potential for lower initial interest rates compared to fixed-rate mortgages. However, the interest rate on a variable rate mortgage can change over time, making monthly payments less predictable.

Interest Rate

Mortgage interest rates in Ontario, Canada, can vary depending on several factors, including the type of mortgage, the lender, your credit score, and current economic conditions.

It's important to note that interest rates can change frequently due to economic factors, so It's recommend to check with local lenders, banks, and mortgage brokers for the most up-to-date mortgage interest rate information in Ontario, Canada. Additionally, your individual creditworthiness and the terms of your mortgage agreement can also influence the specific rate you are offered.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

Additional Fees

"Condominium fees" or "common element fees"  is an amount of money that must be paid monthly by owners of certain types of residential properties. These fees are associated with the maintenance and operation of common areas and shared amenities within a condominium complex or certain planned communities.