Find out what your monthly payments and interest will be. Built for Canadian rules: semi-annual compounding, CMHC tiers, Ontario LTT, and federal stress test.
Down payment + LTT + estimated legal/title + CMHC PST (if applicable). Doesn't include moving costs or inspection.
A regular mortgage is called conventional. You get one when your down payment is at least 20% of the home's price. Because your loan is 80% or less of the home's value, you do not need mortgage insurance.
If you put down less than 20%, it is a high-ratio mortgage. You are borrowing more than 80% of the home's price, so the lender is taking on more risk. You have to pay for mortgage insurance — usually between 0.6% and 4.5% of the loan amount. There is also a maximum home price you can buy under this option.
If you already have a mortgage but need more money, you can take a second mortgage against your home. It uses your home as security, just like the first one. If you stop paying, the lender can force a sale of the property. The first mortgage always gets paid back first, so the second lender is at higher risk — that is why second mortgages usually charge higher interest.
Every lender is different. Each one lets you customize the terms of your loan. Here are the features worth asking about before you sign.
A prepayment right lets you pay extra toward the loan on top of your regular monthly payments. This is great if you get bonuses or your income changes month to month. An open mortgage lets you pay the whole thing off any time — no penalty. A closed mortgage limits how much extra you can pay each year (usually 10–20%). Extra payments go straight to the principal, so you finish the loan faster.
If you like your current interest rate and do not want to lose it, ask for portability. It lets you move your existing mortgage — same rate, same terms — over to a new home when you move. Very useful when today's market rates are higher than the rate you originally locked in.
When you sell your home, an assumable mortgage means the buyer can take over your existing loan. This is a big selling point when your rate is better than today's market. Warning: if the buyer stops paying, you can still be held responsible. Make sure the lender formally approves the new buyer so you are fully released.
An expandable mortgage lets you add more money to your loan later without starting from scratch. Your new rate will be a blend of your current rate and the market rate at that time. This is useful if you know large expenses are coming — a renovation, a wedding, tuition, or a second property.
Not sure which features fit your situation? I work with mortgage brokers who can walk you through this. Get in touch.
Mortgage payment + property tax + heating + condo fee. The full monthly carrying cost per scenario.
Principal vs. interest paid each year, plus remaining balance. Pick which scenario to view.
| Year | Principal paid | Interest paid | Total paid | Balance remaining |
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What if rates rise when you renew? Monthly payment for Scenario A at the contract rate, +1%, +2%, +3%.
For illustrative purposes only. Canadian mortgages compound semi-annually. CMHC premiums shown are standard rates (4.00% / 3.10% / 2.80%) for owner-occupied homes. Federal stress test rule uses the greater of (contract rate + 2%) or 5.25%. Actual rates and lender approvals vary. Consult a licensed mortgage professional before committing.
I work with a few mortgage brokers I trust. Tell me your situation and I'll connect you with the right person.