Three free Ontario calculators below. All run client-side — no signup, no data sent anywhere. Numbers update as you type. Use as a quick reference; for your specific situation, the free 15-min call works through your exact numbers.

Frequently asked questions

How is a Canadian mortgage payment calculated?

Canadian mortgages use semi-annual compounding (not monthly), which differs from US conventions. The effective monthly rate is calculated as ((1 + annual/2)^(2/12)) – 1. Then monthly payment = principal × (r / (1 – (1+r)^-n)), where r is the effective monthly rate and n is the total number of monthly payments over the amortization period.

How is Ontario Land Transfer Tax calculated?

Ontario LTT uses marginal tiered rates: 0.5% on the first $55,000, 1.0% on $55,001-$250,000, 1.5% on $250,001-$400,000, 2.0% on $400,001-$2,000,000, and 2.5% on any portion above $2,000,000. Each rate applies only to the portion of purchase price within that band. Toronto purchases face an additional Municipal LTT at the same tiered rates, effectively doubling the bill.

What are typical closing costs in Ontario?

GTA closing costs typically run 1.5-4% of purchase price for buyers, primarily Land Transfer Tax. On a $1.2M Toronto purchase: approximately $46,000. Outside Toronto (905 municipalities) only Ontario LTT applies — typically $26,000 total on the same $1.2M purchase.

Do first-time buyers pay less Land Transfer Tax?

Yes. Ontario offers up to $4,000 LTT rebate; Toronto offers up to $4,475 Municipal LTT rebate. Combined maximum savings: $8,475. Toggle the “First-time home buyer” option in calculators 2 and 3 to see the impact.

How much is the mortgage stress test in Canada?

Under OSFI’s B-20 rules, mortgage applicants must qualify at the higher of: their contract rate + 2%, OR the qualifying rate (5.25% as of 2024+). This effectively reduces what most Ontario buyers can borrow by approximately 15-20% vs. their actual contract rate.