Ontario Mortgage Calculator

Use this page to price a mortgage on a home anywhere in Ontario, with worked figures for Ottawa and Hamilton further down. Ontario’s MLS HPI benchmark price was $745,400 in August 2026, and whether an Ontario household earns enough to carry that price is the subject of the Ontario mortgage affordability page. The steps behind every figure here are on the mortgage payment calculator page.

Paying for the Ontario benchmark home

With the minimum down payment of $49,540 (6.6% of the price), the mortgage has to be insured. A premium of $27,834 (4.00% of the loan) is added, so the amount borrowed comes to $723,694. Repaid over 25 years at 4.05%, the Bank of Canada’s average rate on new insured 5-year fixed mortgages (July 2026), that is $3,826 a month.

Putting 20% down instead, $149,080, removes the premium and leaves a loan of $596,320. At the Bank’s uninsured average of 4.49%, the monthly payment is $3,297.

Lenders test the payment at a stricter rate under the mortgage stress test. On that basis, with property tax at 1% of the price a year, $150 a month for heat and zero debt payments besides the mortgage, the income needed to buy a home at this price is about $166,900 a year with the minimum down payment, or $146,500 with 20% down. Lender offers in the province are compared on Ontario mortgage rates.

Ottawa

The Ottawa Real Estate Board put the city’s composite benchmark at $637,700 in August 2026. An Ottawa buyer making the minimum down payment, $38,770, would borrow $622,887 once the insurance premium is included and pay $3,293 a month at the same insured rate.

Ottawa sits on the Quebec border. A home on the Ontario side pays the Ontario land transfer tax, while one across the river in Gatineau pays Quebec’s welcome tax instead, worked out on the Quebec land transfer tax calculator; Gatineau payments are on the Quebec mortgage calculator page. Prices by home type are on the Ottawa housing market page, and the city’s tax rates on Ottawa property tax.

Hamilton

For the Hamilton-Burlington area, the Cornerstone Association of REALTORS reported a benchmark of $728,400 in August 2026. Financing that home with 20% down ($145,680) means a $582,720 mortgage and a monthly payment of $3,222 at 4.49%. The Hamilton housing market page tracks the board’s monthly figures, and Hamilton property tax covers the city’s rates.

Buying in Toronto

A home inside the City of Toronto carries a second, municipal land transfer tax on top of the provincial one. The Toronto mortgage calculator works through a payment at Toronto prices and the extra purchase costs that come with it.

Ontario purchase costs

• Land transfer tax. Ontario charges a tiered tax on the purchase price; the Ontario land transfer tax calculator applies the brackets, and the other provinces’ taxes are on the land transfer tax calculator.
• First-time buyer refund. Ontario refunds up to $4,000 of provincial land transfer tax to a first-time buyer who is at least 18, has never owned a home or an interest in one anywhere in the world (and whose spouse hasn't owned one anywhere in the world while they were the buyer's spouse), moves in as a principal residence within 9 months, and is a Canadian citizen or permanent resident (or becomes one within 18 months); with a co-buyer who doesn't qualify, the refund is limited to the qualifying buyers' share. First-time home buyers in Ontario covers how to claim it.
• Closing costs. Legal fees, title insurance and the property tax adjustment are added up on closing costs in Ontario.

The payment above covers the mortgage alone. Property tax, insurance, utilities and upkeep are listed on monthly carrying costs for homeowners.

Related pages

• Ontario mortgage rates
• Quebec mortgage calculator
• Manitoba mortgage calculator
• Ontario housing market