Use this free Toronto mortgage calculator to estimate your monthly payment, total qualification amount, and closing costs — all in one place. Built specifically for Toronto and GTA buyers, this calculator accounts for Ontario land transfer tax, Toronto’s municipal land transfer tax, and first-time buyer rebates so you get numbers that actually reflect your situation. Toronto Mortgage Calculator — What to Expect Most online mortgage calculators give you a simplified monthly payment and stop there. This one goes further. Enter your purchase price, down payment, amortization period, and interest rate to see your estimated mortgage payment. The closing cost section then breaks down land transfer taxes, legal fees, title insurance, and other expenses so you’re not caught off guard on closing day. Toronto buyers face two layers of land transfer tax — one provincial (Ontario) and one municipal (Toronto). For a $900,000 home, those taxes combined can easily exceed $28,000. First-time buyers qualify for a rebate on both, which this Toronto mortgage calculator applies automatically when you check the first-time buyer box. How to Use the Calculator Start with your estimated purchase price and down payment. A minimum 5% down is required for homes under $500,000, and 10% on the portion between $500K and $999,999. For properties $1M and above, 20% is required (no CMHC insurance available). Once you have a monthly payment in mind, connect with Cag to talk through what lenders are actually offering right now — rates change frequently and the posted rate is rarely the best rate. This calculator is a starting point, not a pre-approval. For official CMHC mortgage guidelines, visit the Canada Mortgage and Housing Corporation . For official mortgage qualification guidelines and insurance rules, visit CMHC (Canada Mortgage and Housing Corporation). For a proper affordability review, reach out directly and Cag can connect you with the right mortgage broker for your situation. You can also visit the Toronto real estate blog for guides on the buying process, or learn more about how Cag works with buyers before your first home search.