Financial Calculators
Estimate your monthly mortgage payments, land transfer tax, and total closing costs in one place. Explore different scenarios and plan your next move with confidence. It's simple.
Mortgage Payment Calculator
Get a quick estimate of your monthly payments. Adjust the sliders to explore different scenarios, then talk to Jimmy for a personalized plan.
Your Scenario
Estimated Monthly Payment
Mortgage Amount
$640,000
Total Interest
$453,840
These are estimates only. For a personalized mortgage plan tailored to your situation, talk to Jimmy.
Get a Personalized PlanLand Transfer Tax Calculator
Land transfer tax is one of the biggest closing costs buyers face in Ontario. Use this tool to estimate yours, and see how first-time buyer rebates can help.
Your Purchase
Toronto buyers pay both the provincial Ontario LTT and the municipal Toronto MLTT, effectively doubling the tax.
Tax Breakdown
% of Purchase Price
3.12%
Before Rebates
$24,950
Land transfer tax is due on closing day. Jimmy can help you plan for all closing costs so there are no surprises.
Plan Your Closing CostsWhat Is Land Transfer Tax?
Land transfer tax is a one-time tax paid when you purchase property in Ontario. It's calculated as a percentage of the purchase price using progressive brackets, similar to income tax. The tax is due on closing day and is typically handled by your lawyer.
Toronto's Double Tax
If you're buying in Toronto, you pay two land transfer taxes: the provincial Ontario LTT and the municipal Toronto MLTT. The brackets are nearly identical, which effectively doubles your tax. This is one of the biggest reasons closing costs in Toronto are higher than surrounding areas.
First-Time Buyer Rebates
First-time home buyers can claim a rebate of up to $4,000 on Ontario LTT (covering homes up to $368,000) and up to $4,475 on Toronto MLTT (covering homes up to $400,000). You must be a Canadian citizen or permanent resident and occupy the home as your principal residence within 9 months.
Total Cash Needed on Closing Day
No surprises. This is everything you'll need to have ready when you pick up the keys. Adjust the sliders to match your situation.
Your Scenario
Total Cash Needed
$191,200
$160,000 down payment + $31,200 closing costs
20% of purchase price
Land Transfer Tax
Other Closing Costs
Lawyer/notary fees
Protects against title defects
Pre-purchase inspection
Lender requirement
Partial year adjustment
Estimated average
These are estimates. Jimmy can give you a personalized breakdown based on your exact situation, so there are no surprises on closing day.
Get Your Personalized BreakdownAll figures are estimates for educational purposes only. Actual costs may vary based on your specific situation, lender requirements, and market conditions. CMHC insurance premiums shown may be added to your mortgage balance rather than paid upfront. Consult with Jimmy for a personalized closing cost analysis.
Understanding Your Mortgage
A few things every Canadian buyer should know before making their biggest financial decision.
Canadian vs. US Mortgages
In Canada, mortgages use semi-annual compounding instead of monthly compounding used in the US. This means your effective rate is slightly lower than the posted rate. Our calculator uses the correct Canadian formula so your estimates are accurate.
Down Payment Rules
For homes under $500,000, the minimum down payment is 5%. For the portion between $500,000 and $999,999, it's 10%. Homes at $1M or above require 20% minimum. If your down payment is less than 20%, you'll need CMHC mortgage insurance.
Property Tax Estimates
Property taxes in the GTA typically range from 0.6% to 1.2% of your home's assessed value annually. Toronto has one of the lowest rates in Ontario at around 0.67%, while surrounding municipalities tend to be higher.
Beyond the Monthly Payment
Your total cost of homeownership includes more than just the mortgage. Budget for land transfer tax, closing costs, home inspection, and maintenance. Jimmy can walk you through every cost so there are no surprises.
Ready for a Personalized Plan?
A calculator gives you a starting point. A conversation with Jimmy gives you a complete strategy. Book your free, no-obligation consultation today.
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