Ontario Mortgage payment calculator

Kitchener / Waterloo Mortgage Calculator

When calculating your mortgage amount and monthly payments, you need to take into account various regulations, taxes, and fees. Some of these variables are the same across Canada, while others can vary depending which province you are buying your home in.


Regulations, taxes and fees consistent across Canada

Canada-wide mortgage regulations are set by the Ministry of Finance to help protect home buyers and lenders. These regulations include guidelines on minimum down payment, maximum amortization period, and CMHC insurance or mortgage default insurance. These are included in the Toronto mortgage calculator and their details are listed below as follows:

The minimum down payment in Canada is 5% for homes under $1,000,000 or 20% for homes of greater value.

The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.

Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. 

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