Understand the True Cost of Your New Home
This tool helps you look beyond the purchase price. Enter your details below to calculate not just your mortgage payment, but all the associated upfront and ongoing costs of homeownership in Canada.
1. Core Mortgage Calculator
Start here by entering your potential home’s details. This section calculates your basic mortgage payment (Principal & Interest) and lets you explore how different payment frequencies can impact your total interest paid and how quickly you pay off your loan.
Down Payment Amount: $0.00
Your Calculated Payment
$0.00
Principal vs. Interest Over Time
This chart illustrates how your payments are allocated over the life of the loan. Initially, a larger portion goes towards interest. As you pay down the principal, this shifts, and more of your payment goes towards your equity.
2. Upfront Costs (Closing Costs)
Beyond your down payment, you’ll face several one-time costs when you buy your home. These typically range from 1.5% to 4% of the purchase price. This section helps you estimate two of the largest: mortgage default insurance and land transfer tax.
Mortgage Default Insurance (CMHC)
This insurance is mandatory in Canada if your down payment is less than 20%. It protects the lender, and the premium is usually added to your total mortgage amount.
Estimated Premium
$0
A 20% or greater down payment means no CMHC insurance is required.
Land Transfer Tax (LTT)
This provincial and sometimes municipal tax is paid upon closing. Rates vary significantly across the country. Select your province to estimate the cost.
Estimated LTT
$0
Other Closing Costs
Remember to budget for other essential one-time fees. These are estimates and can vary based on your situation and location.
- Legal Fees: $1,500 – $2,500 (For lawyer services, title search, etc.)
- Home Inspection: $400 – $700 (Highly recommended before purchase)
- Appraisal Fee: $300 – $500 (Often required by the lender)
- Title Insurance: $250 – $400 (Protects against title fraud or errors)
3. Ongoing Monthly Costs
Your mortgage is just one part of your monthly housing expense. Use this section to add other recurring costs to see a more realistic picture of your total monthly financial commitment. This is often called P.I.T.H. (Principal, Interest, Taxes, Heat).
A common guideline is to save 1% of the home’s value annually.
Total Estimated Monthly Cost
$0